Summit Global Investments Makes New Investment in General Mills, Inc. (NYSE:GIS)

Summit Global Investments bought a new position in General Mills, Inc. (NYSE:GIS) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 39,170 shares of the company’s stock, valued at approximately $2,342,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. GAMMA Investing LLC grew its position in General Mills by 6,607.0% in the 1st quarter. GAMMA Investing LLC now owns 1,171,705 shares of the company’s stock worth $70,056,000 after purchasing an additional 1,154,235 shares during the last quarter. AdvisorNet Financial Inc grew its position in General Mills by 23.2% in the 1st quarter. AdvisorNet Financial Inc now owns 8,120 shares of the company’s stock worth $485,000 after purchasing an additional 1,530 shares during the last quarter. Exeter Financial LLC grew its position in General Mills by 18.9% in the 1st quarter. Exeter Financial LLC now owns 39,325 shares of the company’s stock worth $2,351,000 after purchasing an additional 6,243 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its position in General Mills by 31.6% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 217,729 shares of the company’s stock worth $13,885,000 after purchasing an additional 52,262 shares during the last quarter. Finally, NorthCrest Asset Manangement LLC grew its position in General Mills by 2.4% in the 4th quarter. NorthCrest Asset Manangement LLC now owns 212,715 shares of the company’s stock worth $13,565,000 after purchasing an additional 5,070 shares during the last quarter. Institutional investors own 75.71% of the company’s stock.

General Mills Stock Up 1.1%

GIS stock opened at $53.98 on Friday. General Mills, Inc. has a 12 month low of $52.39 and a 12 month high of $75.90. The firm has a market cap of $29.76 billion, a PE ratio of 11.73, a P/E/G ratio of 1.94 and a beta of 0.05. The firm has a 50 day simple moving average of $56.42 and a 200 day simple moving average of $60.05. The company has a debt-to-equity ratio of 1.32, a current ratio of 0.92 and a quick ratio of 0.67.

General Mills (NYSE:GIS) last released its earnings results on Wednesday, March 19th. The company reported $1.00 EPS for the quarter, beating the consensus estimate of $0.96 by $0.04. General Mills had a net margin of 13.08% and a return on equity of 27.55%. The business had revenue of $4.84 billion during the quarter, compared to analyst estimates of $4.99 billion. During the same period in the prior year, the business earned $1.17 earnings per share. The business’s quarterly revenue was down 5.1% on a year-over-year basis. Equities research analysts forecast that General Mills, Inc. will post 4.36 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on GIS shares. UBS Group started coverage on shares of General Mills in a report on Wednesday, April 23rd. They issued a “sell” rating and a $54.00 price objective for the company. Royal Bank of Canada reiterated a “sector perform” rating and issued a $70.00 price objective on shares of General Mills in a report on Monday, March 17th. Jefferies Financial Group increased their price objective on shares of General Mills from $58.00 to $62.00 and gave the company a “hold” rating in a report on Monday, March 10th. Stifel Nicolaus decreased their price objective on shares of General Mills from $72.00 to $65.00 and set a “buy” rating for the company in a report on Wednesday, February 19th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of General Mills from $60.00 to $54.00 and set a “neutral” rating for the company in a report on Thursday, March 20th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $64.69.

Insider Activity at General Mills

In related news, CEO Jeffrey L. Harmening sold 11,379 shares of the company’s stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $65.00, for a total value of $739,635.00. Following the completion of the sale, the chief executive officer now owns 353,346 shares in the company, valued at approximately $22,967,490. This represents a 3.12% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.26% of the company’s stock.

General Mills Company Profile

General Mills, Inc manufactures and markets branded consumer foods worldwide. The company operates through four segments: North America Retail; International; Pet; and North America Foodservice. It offers grain, ready-to-eat cereals, refrigerated yogurt, soup, meal kits, refrigerated and frozen dough products, dessert and baking mixes, bakery flour, frozen pizza and pizza snacks, snack bars, fruit and savory snacks, ice cream and frozen desserts, unbaked and fully baked frozen dough products, frozen hot snacks, ethnic meals, side dish mixes, frozen breakfast and entrees, nutrition bars, and frozen and shelf-stable vegetables.