Harbour Investments Inc. Cuts Stake in General Mills, Inc. $GIS

Harbour Investments Inc. lowered its position in General Mills, Inc. (NYSE:GIS) by 2.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,521 shares of the company’s stock after selling 694 shares during the quarter. Harbour Investments Inc.’s holdings in General Mills were worth $1,685,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of GIS. Perpetual Ltd lifted its position in General Mills by 3.5% in the first quarter. Perpetual Ltd now owns 5,411 shares of the company’s stock valued at $324,000 after purchasing an additional 184 shares during the last quarter. Conning Inc. lifted its position in General Mills by 4.6% in the first quarter. Conning Inc. now owns 4,212 shares of the company’s stock valued at $252,000 after purchasing an additional 185 shares during the last quarter. Benjamin Edwards Inc. lifted its position in General Mills by 0.4% in the first quarter. Benjamin Edwards Inc. now owns 52,298 shares of the company’s stock valued at $3,127,000 after purchasing an additional 185 shares during the last quarter. Eastern Bank lifted its position in General Mills by 0.8% in the first quarter. Eastern Bank now owns 24,817 shares of the company’s stock valued at $1,484,000 after purchasing an additional 186 shares during the last quarter. Finally, SPC Financial Inc. lifted its position in General Mills by 1.5% in the first quarter. SPC Financial Inc. now owns 13,452 shares of the company’s stock valued at $804,000 after purchasing an additional 193 shares during the last quarter. Hedge funds and other institutional investors own 75.71% of the company’s stock.

General Mills Price Performance

GIS opened at $48.48 on Friday. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.40 and a current ratio of 0.66. General Mills, Inc. has a 52-week low of $47.48 and a 52-week high of $70.60. The stock has a market capitalization of $25.86 billion, a PE ratio of 9.16, a price-to-earnings-growth ratio of 1.20 and a beta of -0.03. The stock’s 50 day moving average price is $49.65 and its 200-day moving average price is $52.36.

General Mills (NYSE:GIS) last posted its earnings results on Wednesday, September 17th. The company reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.82 by $0.04. The firm had revenue of $4.52 billion for the quarter, compared to analysts’ expectations of $4.52 billion. General Mills had a return on equity of 23.46% and a net margin of 15.24%.The business’s revenue was down 6.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.07 earnings per share. On average, equities research analysts predict that General Mills, Inc. will post 4.36 EPS for the current year.

General Mills Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Friday, October 10th will be issued a $0.61 dividend. The ex-dividend date is Friday, October 10th. This represents a $2.44 dividend on an annualized basis and a yield of 5.0%. General Mills’s dividend payout ratio is 46.12%.

Analysts Set New Price Targets

Several analysts have weighed in on GIS shares. Morgan Stanley lowered their price objective on General Mills from $49.00 to $48.00 and set an “underweight” rating for the company in a research report on Monday, September 15th. Wall Street Zen upgraded General Mills from a “sell” rating to a “hold” rating in a research report on Saturday, September 13th. Deutsche Bank Aktiengesellschaft lowered their price objective on General Mills from $52.00 to $50.00 and set a “hold” rating for the company in a research report on Thursday, September 18th. Barclays reduced their target price on General Mills from $54.00 to $52.00 and set an “equal weight” rating on the stock in a research note on Friday, September 19th. Finally, UBS Group reduced their target price on General Mills from $49.00 to $47.00 and set a “sell” rating on the stock in a research note on Thursday, September 18th. Four investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $55.82.

Insider Transactions at General Mills

In other General Mills news, insider Jacqueline Williams-Roll sold 4,000 shares of the stock in a transaction on Friday, September 19th. The stock was sold at an average price of $50.04, for a total value of $200,160.00. Following the completion of the transaction, the insider owned 66,593 shares in the company, valued at approximately $3,332,313.72. This represents a 5.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.30% of the company’s stock.

About General Mills

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.