In a recent transaction, the W.K. Kellogg (NYSE:) Foundation Trust sold 114,583 shares of Kellanova (NYSE:K) stock, for a total consideration of approximately $9.31 million. Shares were sold at an average price of $81.28 per share, near the stock's 52-week high of $81.39. InvestingPro The analysis indicates that the stock is currently trading above its fair value, after an impressive 46% gain over the past six months. Following this sale, the Trust, a major shareholder, now has 48,649,527 shares in the company with a market capitalization of $28 billion. These sales were executed pursuant to a prearranged trading plan, in compliance with Rule 10b5-1(c) of the Securities and Exchange Act of 1934. Notably, InvestingPro Data show that Kelanova has maintained its dividend for 54 consecutive years, demonstrating strong shareholder commitment. For deeper insights into Kellanova's valuation and 9 additional exclusive ProTips, visit InvestingPro.
In other recent news, Kinross Gold (NYSE:) The company declared a third-quarter dividend of $0.03 per share, scheduled to be paid to shareholders of record by November 28, 2024. This announcement underscores Kinross Gold's continued commitment to delivering shareholder value. Likewise, Kellanova, after its acquisition by Mars, Inc., announced For $83.50 per share in a deal valued at $35.9 billion, it reported a quarterly dividend of $0.57 per share. This marks the 400th instance of Kellanova paying dividends to its common shareholders, highlighting the company's dedication to generating shareholder returns.
These developments have prompted many analysts to adjust their expectations regarding the two companies. For Kellanova, Argus and DA Davidson downgraded the stock from buy to hold and neutral respectively, while BofA Securities upgraded the stock from neutral to buy. On the other hand, no revisions were mentioned by analysts for Kinross Gold stock.
Following these recent developments, both Kinross Gold and Kelanova continue to demonstrate financial discipline and commitment to shareholder value. It is worth noting that these updates reflect the companies' recent activities and investors should take them into consideration accordingly.
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