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The W.K. Kellogg Foundation Trust has disclosed the sale of 114,583 shares of Kellanova (NYSE:K) common stock, valued at approximately $9.37 million. The shares were sold at an average price of $81.79 each, according to a recent SEC filing. Following this transaction, the Trust holds 46,701,616 shares. The sale comes as Kellanova, with a market capitalization of $28.4 billion, trades near its 52-week high of $83.22. According to InvestingPro analysis, the company currently shows good overall financial health.
The transaction was executed under a pre-existing 10b5-1 trading plan, which allows major shareholders to sell a predetermined number of shares at a predetermined time. The W.K. Kellogg Foundation is the sole beneficiary of the Trust, which is managed by trustees including LaJune Montgomery Tabron, Steve Cahillane, Richard M. Tsoumas, and The Northern Trust (NASDAQ:NTRS) Company. Notably, Kellanova has maintained dividend payments for 55 consecutive years, with a current dividend yield of 2.78%.
In other recent news, Kellanova, previously known as Kellogg Company, reported first-quarter earnings that did not meet analyst expectations. The company posted an adjusted earnings per share of $0.90, falling short of the consensus estimate of $1.01, and reported revenue of $3.08 billion, which was below the projected $3.18 billion. Despite these results, Kellanova’s CEO expressed optimism about growth in emerging markets and the snacks segment. In a related development, the company is undergoing an executive transition, with John Renwick appointed as the new Chief Financial Officer following the resignation of Amit Banati.
Meanwhile, analyst firms have maintained their current ratings on Kellanova’s stock. DA Davidson reaffirmed a Neutral rating with a price target of $83.50, noting the absence of future earnings guidance and a slowdown in organic net sales. Stifel also held its rating at Hold, with the same price target, while highlighting a slight increase in organic revenue due to pricing strategies. The anticipated acquisition by Mars has influenced these ratings, as Kellanova has not provided financial guidance amid the ongoing acquisition process. Both firms suggest a cautious approach, reflecting the pending acquisition and recent financial results.
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