Huntington National Bank lowered its position in General Mills Inc. (NYSE:GIS) by 5.5% during the second quarter, Holdings Channel reports. The fund owned 156,889 shares of the company’s stock after selling 9,216 shares during the period. Huntington National Bank’s holdings in General Mills were worth $11,189,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Peapack Gladstone Financial Corp increased its stake in General Mills by 4.7% in the first quarter. Peapack Gladstone Financial Corp now owns 127,019 shares of the company’s stock worth $8,047,000 after buying an additional 5,671 shares during the last quarter. BlackRock Japan Co. Ltd increased its stake in General Mills by 33.7% in the first quarter. BlackRock Japan Co. Ltd now owns 1,014,976 shares of the company’s stock worth $64,299,000 after buying an additional 255,777 shares during the last quarter. BlackRock Institutional Trust Company N.A. increased its stake in General Mills by 8.2% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 19,026,634 shares of the company’s stock worth $1,205,337,000 after buying an additional 1,447,446 shares during the last quarter. BlackRock Fund Advisors increased its stake in General Mills by 5.4% in the first quarter. BlackRock Fund Advisors now owns 13,141,964 shares of the company’s stock worth $832,543,000 after buying an additional 673,941 shares during the last quarter. Finally, BlackRock Group LTD increased its stake in General Mills by 17.8% in the first quarter. BlackRock Group LTD now owns 6,924,092 shares of the company’s stock worth $438,641,000 after buying an additional 1,047,510 shares during the last quarter. Institutional investors and hedge funds own 70.09% of the company’s stock.
Shares of General Mills Inc. (NYSE:GIS) traded up 0.31% during trading on Wednesday, hitting $62.14. 2,254,039 shares of the stock traded hands. The company has a market cap of $36.75 billion, a PE ratio of 22.60 and a beta of 0.45. The firm has a 50 day moving average price of $66.29 and a 200-day moving average price of $66.31. General Mills Inc. has a one year low of $53.53 and a one year high of $72.95.
General Mills (NYSE:GIS) last released its earnings results on Wednesday, September 21st. The company reported $0.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.75 by $0.03. General Mills had a net margin of 10.33% and a return on equity of 33.82%. The company earned $3.91 billion during the quarter. During the same quarter in the previous year, the company earned $0.79 EPS. The firm’s quarterly revenue was down 7.3% compared to the same quarter last year. Analysts anticipate that General Mills Inc. will post $3.11 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 1st. Shareholders of record on Monday, October 10th will be given a $0.48 dividend. The ex-dividend date of this dividend is Wednesday, October 5th. This represents a $1.92 dividend on an annualized basis and a yield of 3.10%. General Mills’s payout ratio is 69.82%.
A number of research firms have recently commented on GIS. Goldman Sachs Group Inc. restated a “sell” rating and set a $61.00 price objective (up from $60.00) on shares of General Mills in a report on Friday, July 15th. Citigroup Inc. restated a “buy” rating and set a $83.00 price objective (up from $76.00) on shares of General Mills in a report on Friday, July 15th. Morgan Stanley restated a “hold” rating on shares of General Mills in a report on Sunday, July 17th. Zacks Investment Research upgraded General Mills from a “hold” rating to a “buy” rating and set a $81.00 price objective for the company in a report on Tuesday, July 5th. Finally, Credit Suisse Group AG restated a “hold” rating on shares of General Mills in a report on Thursday, July 14th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $68.22.
In other General Mills news, insider John R. Church sold 99,373 shares of the stock in a transaction that occurred on Monday, August 15th. The shares were sold at an average price of $71.17, for a total value of $7,072,376.41. Following the completion of the sale, the insider now owns 108,311 shares in the company, valued at approximately $7,708,493.87. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Michael D. Rose sold 10,000 shares of the stock in a transaction that occurred on Thursday, August 18th. The stock was sold at an average price of $71.11, for a total transaction of $711,100.00. Following the completion of the sale, the director now owns 79,954 shares of the company’s stock, valued at approximately $5,685,528.94. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by company insiders.
General Mills Company Profile
General Mills, Inc is a manufacturer and marketer of branded consumer foods sold through retail stores. The Company is also a supplier of branded and unbranded food products to the North American foodservice and commercial baking industries. The Company is organized into three operating segments: U.S.
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