In a recent transaction, the W.K. Kellogg (NYSE:K) Foundation Trust sold 114,583 shares of Kellanova (NYSE:K) common stock, totaling approximately $9.31 million. The shares were sold at an average price of $81.28 each, near the stock's 52-week high of $81.39. InvestingPro analysis indicates the stock is currently trading above its Fair Value, following 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 cap company. These sales were executed under a pre-arranged trading plan, complying with Rule 10b5-1(c) of the Securities and Exchange Act of 1934. Notably, InvestingPro data shows Kellanova has maintained dividend payments 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:KGC) Corporation has declared a Q3 dividend of $0.03 per share, set to be paid out to shareholders on record by November 28, 2024. This announcement underscores Kinross Gold's ongoing commitment to delivering shareholder value. Similarly, Kellanova, after being acquired by Mars, Inc. for $83.50 per share in a deal valued at $35.9 billion, has declared 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 shareowner returns.
These developments have prompted various analyst firms to adjust their outlooks on both companies. For Kellanova, Argus and DA Davidson have downgraded the shares from Buy to Hold and Neutral respectively, while BofA Securities upgraded the stock from Neutral to Buy. On the other hand, no analyst adjustments were mentioned for Kinross Gold.
In the wake of these recent developments, both Kinross Gold and Kellanova continue to demonstrate financial discipline and commitment to shareholder value. It's worth noting that these updates reflect the companies' recent activities and should be considered by investors accordingly.
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