In a recent transaction, a major insider of Kellanova (NYSE: K), the W.K. Kellogg (NYSE: K) Foundation Trust, has sold a significant number of shares. The sale, which took place on April 22, involved the sale of 77,800 shares at a price of $57.7556 each, amounting to a total value of over $4.49 million. This sale has adjusted the Trust’s holdings in the company, leaving them with a total of 51,920,038 shares.
The W.K. Kellogg Foundation Trust is known to be a ten percent owner of Kellanova, a company that specializes in grain mill products and has a historical name recognition in the industry. The sale was executed following pre-arranged trading instructions set by the Trust on February 14, 2023, designed to comply with Rule 10b5-1(c) under the Securities and Exchange Act of 1934, which allows insiders to trade their company’s stock at predetermined times to avoid accusations of insider trading.
The transaction details were disclosed in a Form 4 filing with the Securities and Exchange Commission, which is a requirement for insiders to report trades in their company’s stock. The shares were sold directly by the Trust, and following this transaction, the Trust’s holdings are managed by trustees including LaJune Montgomery Tabron, Steve Cahillane, Richard M. Tsoumas, and The Northern Trust (NASDAQ: NTRS ) Company, with the W.K. Kellogg Foundation being the sole beneficiary, as referenced in the footnotes of the filing. Craig R. Carberry, Associate General Counsel for The Northern Trust Company, signed the ownership document on behalf of the W.K. Kellogg Foundation Trust, using a Power of Attorney dated August 30, 2017.
This sale represents a noteworthy change in the ownership structure of Kellanova, and it is a transaction that investors and market watchers often monitor for insights into insider perspectives on the company’s future prospects.
