Ellington Management Group LLC Buys New Position in General Mills, Inc. (GIS)
Ellington Management Group LLC acquired a new stake in General Mills, Inc. (NYSE:GIS) during the fourth quarter, Holdings Channel reports. The firm acquired 10,300 shares of the company’s stock, valued at approximately $611,000.
A number of other institutional investors have also recently made changes to their positions in the stock. American Century Companies Inc. raised its stake in General Mills by 15.9% in the 3rd quarter. American Century Companies Inc. now owns 11,295,701 shares of the company’s stock valued at $584,665,000 after acquiring an additional 1,550,074 shares during the period. American International Group Inc. raised its stake in General Mills by 10.3% in the 4th quarter. American International Group Inc. now owns 9,960,631 shares of the company’s stock valued at $590,566,000 after acquiring an additional 932,891 shares during the period. Bank of New York Mellon Corp raised its stake in General Mills by 13.5% in the 4th quarter. Bank of New York Mellon Corp now owns 8,499,301 shares of the company’s stock valued at $503,923,000 after acquiring an additional 1,009,126 shares during the period. Geode Capital Management LLC raised its stake in General Mills by 2.4% in the 4th quarter. Geode Capital Management LLC now owns 6,261,796 shares of the company’s stock valued at $370,514,000 after acquiring an additional 146,687 shares during the period. Finally, Legal & General Group Plc raised its stake in General Mills by 3.8% in the 3rd quarter. Legal & General Group Plc now owns 3,526,158 shares of the company’s stock valued at $182,549,000 after acquiring an additional 130,606 shares during the period. Institutional investors and hedge funds own 74.34% of the company’s stock.
In other news, insider Bethany C. Quam sold 8,712 shares of the business’s stock in a transaction dated Tuesday, January 9th. The stock was sold at an average price of $59.40, for a total transaction of $517,492.80. Following the completion of the transaction, the insider now owns 36,089 shares of the company’s stock, valued at $2,143,686.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.40% of the stock is currently owned by insiders.
General Mills (NYSE:GIS) last posted its earnings results on Wednesday, December 20th. The company reported $0.82 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.82. The business had revenue of $4.20 billion during the quarter, compared to analyst estimates of $4.08 billion. General Mills had a return on equity of 38.89% and a net margin of 10.29%. The company’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.85 EPS. equities research analysts expect that General Mills, Inc. will post 3.17 earnings per share for the current fiscal year.
General Mills declared that its Board of Directors has approved a stock buyback program on Friday, February 23rd that allows the company to buyback shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.
A number of equities research analysts recently issued reports on GIS shares. Zacks Investment Research cut General Mills from a “hold” rating to a “sell” rating in a research note on Tuesday, November 21st. Susquehanna Bancshares set a $57.00 price objective on General Mills and gave the company a “hold” rating in a research note on Wednesday, December 13th. Wells Fargo & Co upgraded General Mills from a “market perform” rating to an “outperform” rating and set a $63.00 price objective on the stock in a research note on Monday, December 18th. Edward Jones restated a “hold” rating on shares of General Mills in a research note on Wednesday, December 20th. Finally, Credit Suisse Group set a $60.00 price objective on General Mills and gave the company a “hold” rating in a research note on Thursday, December 21st. Two analysts have rated the stock with a sell rating, fifteen have issued a hold rating and five have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $57.64.
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General Mills Profile
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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