In a recent transaction, WK Kellogg (NYSE:) Foundation Trust sold 114,583 shares of Kellogg (NYSE:K) common stock, worth approximately $9.31M. Shares traded at an average price of $81.28 apiece, close to a 52-week high of $81.39. InvestingPro analysis shows 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, which is a significant shareholder, holds 48,649,527 shares in the $28 billion market capitalization company. These sales were made according to a prearranged trading plan, in accordance with Rule 10b5-1(c) of the Securities and Exchange Act of 1934. In particular, InvestingPro data shows that Kellanova has maintained dividend payments for 54 consecutive years, demonstrating strong shareholder commitment. For an in-depth look at Kellan’s assessment and 9 additional exclusive ProTips, visit InvestingPro.
In other recent news, Kinross Gold (NYSE: ) Corporation announced a third quarter dividend of $0.03 per share, which will be paid to shareholders through November 28, 2024. This announcement underscores Kinross Gold’s continued commitment to providing shareholder value. Similarly, Kellanova, after being acquired by Mars, Inc. for $83.50 per share in a deal valued at $35.9 billion, announced a quarterly dividend of $0.57 per share. This marks the 400th time Kellanova has paid dividends to its common shareholders, underscoring the company’s commitment to shareholder return.
These developments prompted various analyst firms to adjust their views on both companies. For Kellan, 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, analyst adjustments were not mentioned for Kinross Gold.
Following these recent events, both Kinross Gold and Kellanova 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 consider them accordingly.
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