Peapack Gladstone Financial Corp lessened its holdings in General Mills (NYSE:GIS) by 1.5% in the 1st quarter, HoldingsChannel.com reports. The firm owned 170,811 shares of the company’s stock after selling 2,558 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in General Mills were worth $7,697,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also made changes to their positions in the company. Avestar Capital LLC purchased a new stake in General Mills during the fourth quarter valued at approximately $100,000. Lee Financial Co lifted its position in General Mills by 178.2% during the first quarter. Lee Financial Co now owns 2,504 shares of the company’s stock valued at $113,000 after acquiring an additional 1,604 shares during the last quarter. Truewealth LLC purchased a new stake in General Mills during the fourth quarter valued at approximately $119,000. Financial Gravity Companies Inc. purchased a new stake in General Mills during the fourth quarter valued at approximately $131,000. Finally, Delpha Capital Management LLC purchased a new stake in General Mills during the fourth quarter valued at approximately $161,000. 74.65% of the stock is owned by hedge funds and other institutional investors.
In other General Mills news, CEO Jeffrey L. Harmening acquired 6,000 shares of the business’s stock in a transaction dated Wednesday, May 23rd. The shares were purchased at an average price of $42.18 per share, for a total transaction of $253,080.00. Following the completion of the purchase, the chief executive officer now directly owns 114,696 shares of the company’s stock, valued at $4,837,877.28. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 1.40% of the stock is owned by corporate insiders.
A number of equities research analysts recently commented on GIS shares. Jefferies Group reissued a “buy” rating and set a $63.00 target price on shares of General Mills in a research report on Friday, February 23rd. Zacks Investment Research upgraded shares of General Mills from a “hold” rating to a “buy” rating and set a $59.00 price target on the stock in a research note on Monday, February 26th. Citigroup cut their price target on shares of General Mills from $71.00 to $69.00 and set a “buy” rating on the stock in a research note on Tuesday, February 27th. Susquehanna Bancshares set a $50.00 price target on shares of General Mills and gave the company a “buy” rating in a research note on Monday. Finally, TheStreet lowered shares of General Mills from a “b-” rating to a “c+” rating in a research note on Monday, April 2nd. Two investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and seven have issued a buy rating to the company’s stock. General Mills currently has an average rating of “Hold” and a consensus price target of $52.82.
NYSE:GIS opened at $42.20 on Friday. The firm has a market capitalization of $24.06 billion, a PE ratio of 13.70, a price-to-earnings-growth ratio of 1.84 and a beta of 0.76. General Mills has a 1-year low of $41.01 and a 1-year high of $60.69. The company has a current ratio of 0.69, a quick ratio of 0.45 and a debt-to-equity ratio of 1.34.
General Mills (NYSE:GIS) last released its quarterly earnings data on Wednesday, March 21st. The company reported $0.79 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.78 by $0.01. The firm had revenue of $3.88 billion for the quarter, compared to analyst estimates of $3.87 billion. General Mills had a net margin of 13.96% and a return on equity of 37.64%. The business’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.72 earnings per share. research analysts predict that General Mills will post 3.07 EPS for the current fiscal year.
General Mills announced that its Board of Directors has initiated a share buyback program on Friday, February 23rd that permits the company to buyback outstanding shares. This buyback authorization permits the company to repurchase shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, May 1st. Stockholders of record on Tuesday, April 10th were paid a $0.49 dividend. The ex-dividend date was Monday, April 9th. This represents a $1.96 dividend on an annualized basis and a dividend yield of 4.64%. General Mills’s payout ratio is currently 63.64%.
General Mills Profile
General Mills, Inc manufactures and markets branded consumer foods in the United States. The company operates in four segments: North America Retail; Convenience Stores & Foodservice; Europe & Australia; and Asia & Latin America. It offers ready-to-eat cereals, refrigerated yogurt, soup, meal kits, refrigerated and frozen dough products, dessert and baking mixes, frozen pizza and pizza snacks, shelf stable and frozen vegetables, and ice cream and frozen desserts, as well as grain, fruit and savory snacks; and various organic products, including nutrition bars, meal kits, salty snacks, and ready-to-eat cereal.
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