Kellanova shares sold by W.K. Kellogg Foundation Trust for $9.3 million

Published 14/01/2025, 23:40
© Reuters
K
-

In a recent filing with the Securities and Exchange Commission, the W.K. Kellogg (NYSE:K) Foundation Trust disclosed the sale of 114,583 shares of Kellanova (NYSE:K) common stock. The shares were sold at an average price of $81.42 per share, amounting to a total transaction value of approximately $9.3 million. The sale comes as Kellanova trades near its 52-week high of $81.58, following an impressive 46% surge over the past six months, according to InvestingPro data.

Following this transaction, the W.K. Kellogg Foundation Trust holds 48,534,944 shares of Kellanova, as noted in the filing. The sale was conducted under a pre-established trading plan compliant with Rule 10b5-1, which allows insiders to set up a predetermined plan for selling stocks in a manner that avoids concerns about insider trading. InvestingPro analysis indicates the stock currently trades above its Fair Value, with notably low price volatility.

The W.K. Kellogg Foundation Trust, a significant shareholder, continues to maintain a substantial stake in the $28 billion market cap company. Discover more insights about Kellanova's valuation and growth prospects in the comprehensive InvestingPro Research Report, along with 10+ additional ProTips available for subscribers.

In other recent news, Kinross Gold (NYSE:KGC) Corporation has declared a third-quarter dividend of $0.03 per common share, reinforcing its commitment to delivering shareholder value. This dividend is set to be paid to shareholders on record by late November 2024. Non-resident investors are reminded that received dividends will be subject to Canadian non-resident withholding taxes.

In parallel developments, Kellanova's acquisition by Mars, Inc. for $83.50 per share, a deal amounting to $35.9 billion, has been a significant event. This merger, slated to close in the first half of 2025, will merge two leading entities in the global snacking industry. Kellanova's robust financial performance, with net sales exceeding $13 billion in 2023, highlights its financial strength.

Reacting to these developments, several analyst firms have revised their outlooks on Kellanova. Argus, DA Davidson, and RBC Capital have downgraded Kellanova's shares, while BofA Securities upgraded the stock. Piper Sandler, Stifel, and Goldman Sachs have also provided their ratings in light of the recent merger.

Kellanova has also declared a quarterly dividend of $0.57 per share, marking the 400th instance of dividend payouts since 1925, underscoring the company's long-standing commitment to shareholder returns. These are some of the recent developments involving both Kinross Gold Corporation and Kellanova.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2025 - Fusion Media Limited. All Rights Reserved.