OP Asset Management Ltd Makes New Investment in General Mills, Inc. $GIS

OP Asset Management Ltd acquired a new stake in shares of General Mills, Inc. (NYSE:GIS) in the first quarter, HoldingsChannel reports. The institutional investor acquired 54,487 shares of the company’s stock, valued at approximately $2,028,000.

A number of other institutional investors have also recently made changes to their positions in GIS. State Street Corp lifted its holdings in shares of General Mills by 0.4% during the 3rd quarter. State Street Corp now owns 33,717,972 shares of the company’s stock valued at $1,700,060,000 after buying an additional 145,701 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of General Mills by 2.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 19,697,919 shares of the company’s stock worth $915,953,000 after buying an additional 488,617 shares during the period. Geode Capital Management LLC lifted its position in shares of General Mills by 1.1% during the 4th quarter. Geode Capital Management LLC now owns 15,197,534 shares of the company’s stock valued at $704,170,000 after buying an additional 172,200 shares in the last quarter. Morgan Stanley lifted its stake in shares of General Mills by 2.1% during the 4th quarter. Morgan Stanley now owns 9,837,490 shares of the company’s stock valued at $457,443,000 after buying an additional 200,043 shares in the last quarter. Finally, Invesco Ltd. boosted its holdings in General Mills by 14.6% in the 4th quarter. Invesco Ltd. now owns 8,780,455 shares of the company’s stock worth $408,291,000 after buying an additional 1,115,465 shares during the period. Hedge funds and other institutional investors own 75.71% of the company’s stock.

General Mills Stock Performance

Shares of General Mills stock opened at $36.04 on Monday. The company has a market capitalization of $19.23 billion, a PE ratio of 8.81 and a beta of -0.03. The company has a 50-day simple moving average of $34.12 and a two-hundred day simple moving average of $40.09. General Mills, Inc. has a one year low of $31.75 and a one year high of $54.18. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.36 and a current ratio of 0.56.

Insider Buying and Selling

In other General Mills news, insider Jacqueline Williams-Roll sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $34.27, for a total value of $342,700.00. Following the completion of the sale, the insider directly owned 86,002 shares in the company, valued at $2,947,288.54. This trade represents a 10.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Ricardo Fernandez sold 7,995 shares of General Mills stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $34.50, for a total transaction of $275,827.50. Following the completion of the transaction, the insider directly owned 62,283 shares in the company, valued at $2,148,763.50. This represents a 11.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.30% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

GIS has been the subject of several research reports. The Goldman Sachs Group reissued a “neutral” rating and set a $36.00 price objective on shares of General Mills in a report on Tuesday, June 2nd. Bank of America reduced their price objective on General Mills from $42.00 to $36.00 and set a “neutral” rating on the stock in a research note on Thursday, May 28th. Piper Sandler dropped their price target on shares of General Mills from $45.00 to $41.00 and set an “overweight” rating for the company in a research note on Wednesday, May 13th. Royal Bank Of Canada cut their price objective on General Mills from $60.00 to $55.00 and set an “outperform” rating on the stock in a research report on Thursday, March 19th. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on General Mills from $38.00 to $32.00 and set a “hold” rating for the company in a report on Monday, March 30th. Four investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and seven have issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Reduce” and a consensus target price of $39.06.

General Mills Company Profile

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.