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Kellanova sees $9.24 million in stock sales by W.K. Kellogg Foundation Trust

Published 12/23/2024, 04:35 PM
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The W.K. Kellogg (NYSE:K) Foundation Trust has sold 114,583 shares of Kellanova (NYSE:K) common stock, amounting to approximately $9.24 million. The shares were sold at an average price of $80.6424 each, near the stock's 52-week high of $81.34. According to InvestingPro data, Kellanova has delivered an impressive 42% return over the past six months. Following this transaction, the Trust holds 48,878,693 shares of Kellanova, representing a significant portion of the company's $27.81 billion market capitalization. This transaction was executed as part of a pre-established trading plan under Rule 10b5-1, as per the Securities and Exchange Act of 1934. The Trust, with LaJune Montgomery Tabron, Steve Cahillane, Richard M. Tsoumas, and The Northern Trust (NASDAQ:NTRS) Company as trustees, continues to have the W.K. Kellogg Foundation as its sole beneficiary. The company maintains a solid 2.83% dividend yield and has consistently paid dividends for 54 consecutive years. For comprehensive analysis and additional insights, access the detailed Pro Research Report available on InvestingPro.

In other recent news, Kinross Gold (NYSE:KGC) Corporation declared a third-quarter dividend of $0.03 per share, a move that aligns with their commitment to delivering shareholder value. On another front, Kellanova, a major player in the global snacking industry, has been the subject of significant developments. The company's acquisition by Mars, Inc. for $83.50 per share, a transaction valued at $35.9 billion, is expected to close in the first half of 2025. This comes on the heels of Kellanova's robust financial performance, with net sales exceeding $13 billion in 2023.

In response to these developments, several analyst firms have revised their outlooks on Kellanova. Argus and DA Davidson downgraded Kellanova's shares, while RBC Capital also downgraded the company. However, BofA Securities upgraded Kellanova's stock. Additionally, Kellanova has declared a quarterly dividend of $0.57 per share, marking the 400th instance of dividend payments to its shareholders. These are just a few of the recent developments involving both Kinross Gold and Kellanova.

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