New England Asset Management Inc. Boosts Position in General Mills, Inc. (GIS)
New England Asset Management Inc. boosted its stake in shares of General Mills, Inc. (NYSE:GIS) by 18.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 45,900 shares of the company’s stock after buying an additional 7,100 shares during the period. New England Asset Management Inc.’s holdings in General Mills were worth $2,709,000 as of its most recent SEC filing.
Other institutional investors have also recently added to or reduced their stakes in the company. Morgan Stanley increased its position in General Mills by 29.4% in the first quarter. Morgan Stanley now owns 7,055,040 shares of the company’s stock valued at $416,318,000 after buying an additional 1,603,577 shares during the period. Bank of New York Mellon Corp increased its position in General Mills by 26.1% in the first quarter. Bank of New York Mellon Corp now owns 7,013,411 shares of the company’s stock valued at $413,862,000 after buying an additional 1,449,632 shares during the period. Renaissance Technologies LLC increased its position in General Mills by 146.2% in the first quarter. Renaissance Technologies LLC now owns 2,004,300 shares of the company’s stock valued at $118,274,000 after buying an additional 1,190,200 shares during the period. Schroder Investment Management Group increased its position in General Mills by 17.0% in the first quarter. Schroder Investment Management Group now owns 4,541,794 shares of the company’s stock valued at $268,283,000 after buying an additional 660,726 shares during the period. Finally, UBS Asset Management Americas Inc. increased its position in General Mills by 24.6% in the first quarter. UBS Asset Management Americas Inc. now owns 2,571,833 shares of the company’s stock valued at $151,764,000 after buying an additional 508,007 shares during the period. Institutional investors and hedge funds own 70.97% of the company’s stock.
General Mills, Inc. (GIS) traded up 0.71% during midday trading on Friday, reaching $56.69. The company’s stock had a trading volume of 1,381,871 shares. The company has a 50 day moving average price of $54.99 and a 200 day moving average price of $57.99. General Mills, Inc. has a 1-year low of $53.24 and a 1-year high of $71.96. The firm has a market cap of $32.72 billion, a price-to-earnings ratio of 20.47 and a beta of 0.61.
General Mills (NYSE:GIS) last issued its quarterly earnings results on Wednesday, June 28th. The company reported $0.73 earnings per share for the quarter, topping analysts’ consensus estimates of $0.71 by $0.02. General Mills had a return on equity of 38.97% and a net margin of 10.61%. The company had revenue of $3.81 billion for the quarter, compared to analyst estimates of $3.75 billion. During the same quarter in the prior year, the company posted $0.66 EPS. The business’s revenue for the quarter was down 3.1% compared to the same quarter last year. On average, equities research analysts expect that General Mills, Inc. will post $3.11 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 1st. Shareholders of record on Monday, July 10th were paid a dividend of $0.49 per share. This represents a $1.96 dividend on an annualized basis and a dividend yield of 3.48%. The ex-dividend date was Thursday, July 6th. This is a positive change from General Mills’s previous quarterly dividend of $0.48. General Mills’s dividend payout ratio is currently 70.76%.
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Several equities analysts have recently weighed in on GIS shares. Vetr upgraded General Mills from a “hold” rating to a “buy” rating and set a $58.98 target price on the stock in a research report on Monday, May 1st. Royal Bank Of Canada set a $62.00 target price on General Mills and gave the company a “hold” rating in a research report on Wednesday, August 2nd. Zacks Investment Research downgraded General Mills from a “hold” rating to a “sell” rating in a research report on Wednesday, May 24th. Credit Suisse Group restated a “neutral” rating and issued a $56.00 target price (down previously from $65.00) on shares of General Mills in a research report on Friday, May 19th. Finally, Morgan Stanley restated an “equal weight” rating and issued a $55.00 target price (down previously from $58.00) on shares of General Mills in a research report on Sunday, June 25th. Six investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and two have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $59.93.
About General Mills
General Mills, Inc is a manufacturer and marketer of branded consumer foods sold through retail stores. The Company is a supplier of branded and unbranded food products to the North American foodservice and commercial baking industries. The Company has three segments: U.S. Retail, International, and Convenience Stores and Foodservice.
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