Clear Harbor Asset Management LLC Makes New $753,000 Investment in General Mills, Inc. $GIS

Clear Harbor Asset Management LLC acquired a new position in shares of General Mills, Inc. (NYSE:GIS) during the 2nd quarter, Holdings Channel reports. The fund acquired 21,647 shares of the company’s stock, valued at approximately $753,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. purchased a new position in shares of General Mills in the second quarter valued at $2,181,608,000. Norges Bank purchased a new stake in General Mills during the fourth quarter valued at $361,552,000. Wellington Management Group LLP lifted its position in General Mills by 2,970.1% during the fourth quarter. Wellington Management Group LLP now owns 7,466,693 shares of the company’s stock valued at $347,201,000 after purchasing an additional 7,223,487 shares during the last quarter. AQR Capital Management LLC lifted its position in General Mills by 366.1% during the fourth quarter. AQR Capital Management LLC now owns 5,117,287 shares of the company’s stock valued at $237,954,000 after purchasing an additional 4,019,319 shares during the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in shares of General Mills in the 2nd quarter worth $129,298,000. 75.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

GIS has been the topic of a number of research reports. Bank of America boosted their target price on shares of General Mills from $36.00 to $39.00 and gave the stock a “neutral” rating in a report on Thursday, July 2nd. Zacks Research upgraded General Mills from a “strong sell” rating to a “hold” rating in a research report on Wednesday, August 12th. BNP Paribas Exane boosted their price objective on General Mills from $37.00 to $38.00 and gave the stock a “neutral” rating in a research note on Thursday, July 2nd. Weiss Ratings upgraded General Mills from a “sell (d)” rating to a “sell (d+)” rating in a research report on Thursday, July 2nd. Finally, Barclays lowered their price objective on General Mills from $41.00 to $36.00 and set an “equal weight” rating for the company in a research note on Monday, May 11th. Four research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and six have assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Reduce” and a consensus target price of $39.16.

General Mills Stock Performance

General Mills stock opened at $39.99 on Monday. The company has a debt-to-equity ratio of 1.68, a current ratio of 0.68 and a quick ratio of 0.40. General Mills, Inc. has a 1-year low of $31.75 and a 1-year high of $51.33. The firm has a market capitalization of $21.38 billion, a P/E ratio of -222.15 and a beta of -0.03. The company’s 50-day moving average is $36.64 and its 200 day moving average is $37.71.

General Mills (NYSE:GIS) last announced its earnings results on Wednesday, July 1st. The company reported $0.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.15. The business had revenue of $4.61 billion during the quarter, compared to analyst estimates of $4.59 billion. General Mills had a positive return on equity of 21.37% and a negative net margin of 0.48%.The company’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.53 earnings per share. General Mills has set its FY 2027 guidance at 3.000-3.200 EPS. Research analysts forecast that General Mills, Inc. will post 3.07 EPS for the current year.

General Mills Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, August 3rd. Investors of record on Friday, July 10th were paid a dividend of $0.61 per share. This represents a $2.44 dividend on an annualized basis and a dividend yield of 6.1%. The ex-dividend date of this dividend was Friday, July 10th. General Mills’s dividend payout ratio (DPR) is currently -1,355.56%.

About General Mills

General Mills, Inc (NYSE: GIS) is a multinational consumer foods company that develops, manufactures and markets a broad portfolio of branded food products. Its product categories include ready-to-eat and hot cereals, baking mixes and ingredients, snacks and bars, refrigerated and frozen doughs, yogurt and other dairy products, and a variety of shelf-stable meals and meal components. The company’s portfolio features widely recognized consumer brands across grocery store, mass channel and foodservice outlets.

Founded in the early 20th century and incorporated under its current name in 1928, General Mills has grown through both internal brand development and strategic expansion to become a global food company.