In a recent transaction, the W.K. Kellogg (NYSE:K) Foundation Trust sold a significant portion of its holdings in Kellanova (NYSE:K). The trust disposed of 114,583 shares of common stock at an average price of $81.21 per share, resulting in a total sale value of approximately $9.3 million. The sale comes as Kellanova trades near its 52-week high of $81.34, with the stock showing remarkable strength, gaining over 63% in the past year. According to InvestingPro analysis, the stock appears slightly overvalued at current levels. Following this transaction, the trust now holds 49,222,442 shares.
This sale was conducted under a pre-established trading plan, adhering to Rule 10b5-1(c) under the Securities and Exchange Act of 1934. The W.K. Kellogg Foundation Trust, a major shareholder in Kellanova, continues to maintain a substantial stake in the company. The trust's trustees include LaJune Montgomery Tabron, Steve Cahillane, Richard M. Tsoumas, and The Northern Trust (NASDAQ:NTRS) Company, with the W.K. Kellogg Foundation as the sole beneficiary.
In other recent news, Kinross Gold (NYSE:KGC) Corporation announced a third-quarter dividend of $0.03 per share, demonstrating the company's commitment to delivering shareholder value. This dividend is scheduled for payment to eligible shareholders on record by November 28, 2024. Non-resident investors should note that dividends received will be subject to Canadian non-resident withholding taxes.
Turning to Kellanova, the company has been a focal point due to significant developments, including its acquisition by Mars, Inc. for $83.50 per share, a transaction valued at $35.9 billion. This merger, expected to close in the first half of 2025, will unite two major entities in the global snacking industry. Kellanova's robust financial performance, with net sales exceeding $13 billion in 2023, underscores the company's strength.
In response to these developments, several analyst firms have adjusted their outlooks on Kellanova. Argus and DA Davidson downgraded Kellanova's shares from Buy to Hold and Neutral respectively, while RBC Capital downgraded the company from Outperform to Sector Perform. Conversely, BofA Securities upgraded Kellanova's stock from Neutral to Buy.
Moreover, Kellanova has declared a quarterly dividend of $0.57 per share, marking the 400th instance the company has paid dividends to its common stock shareholders since 1925. This consistency of dividend payments highlights the company's long-standing commitment to shareowner returns. These are just a few of the recent developments involving Kellanova.
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