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The W.K. Kellogg Foundation Trust has sold a significant portion of its holdings in Kellanova (NYSE:K), according to a recent SEC filing. On February 21, the trust disposed of 114,583 shares of Kellanova’s common stock at an average price of $82.5005 per share, amounting to a total transaction value of approximately $9.45 million. The sale comes as Kellanova, with a market capitalization of $28.48 billion, trades near its 52-week high of $82.49, having delivered an impressive 51% return over the past year. According to InvestingPro analysis, technical indicators suggest the stock is currently in overbought territory.
Following this transaction, the W.K. Kellogg Foundation Trust holds 47,962,029 shares in the company. The sale was conducted under a pre-arranged trading plan, established on May 7, 2024, in compliance with Rule 10b5-1(c) of the Securities and Exchange Act of 1934. The trust’s actions were executed by The Northern Trust (NASDAQ:NTRS) Company, acting as a corporate trustee. For deeper insights into Kellanova’s valuation and 11 additional key investment tips, investors can access the comprehensive research report available on InvestingPro.
In other recent news, Kinross Gold (NYSE:KGC) Corporation reported its fourth-quarter 2024 earnings, showcasing a robust financial performance. The company exceeded earnings expectations with an earnings per share (EPS) of $0.92 compared to the forecasted $0.83. Revenue also surpassed projections, reaching $3.12 billion against a forecast of $3.11 billion. Kinross achieved record free cash flow of $1.3 billion, reflecting strong operational performance, particularly at the Tasiast and Paracatu mines. Looking ahead, the company has set a production guidance of 2 million ounces annually for 2025-2027, with plans for a share buyback in the second half of 2025.
Meanwhile, Kellanova’s fourth-quarter earnings also exceeded expectations, primarily due to reduced administrative expenses following its announced acquisition by Mars. The company’s organic net sales surpassed forecasts, driven by strong product volume growth in the Asia, Middle East, and Africa (AMEA) region. Despite these positive results, DA Davidson maintained a Neutral rating on Kellanova, with an unchanged price target of $83.50. The analyst noted that the financial results might not fully reflect the company’s operational strength due to the significant impact of reduced selling, general, and administrative expenses. Kellanova’s acquisition by Mars is reflected in the price target, aligning with the proposed acquisition price.
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