NBT Bank N.A. Acquires New Position in General Mills, Inc. $GIS

Key Points

• NBT Bank acquired 32,965 General Mills shares worth approximately $1.06 million during the third quarter. Institutional investors and hedge funds collectively own 75.71% of the company.
• Analyst sentiment remains cautious, with a consensus “Reduce” rating and an average price target of $36.59; ratings include four Buys, ten Holds, and six Sells.
• General Mills modestly beat quarterly earnings and revenue expectations, but sales declined 2.8% year over year. The company declared a $0.61 quarterly dividend, equivalent to a 7.1% annualized yield, while competition and growth concerns persist.

NBT Bank N.A. bought a new position in General Mills, Inc. (NYSE:GIS - Free Report) during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 32,965 shares of the company's stock, valued at approximately $1,060,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in General Mills in the second quarter worth approximately $2,181,608,000. Dimensional Fund Advisors LP lifted its position in shares of General Mills by 2.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 6,672,503 shares of the company's stock valued at $248,344,000 after acquiring an additional 143,265 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of General Mills by 1.4% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 4,200,299 shares of the company's stock valued at $156,335,000 after acquiring an additional 58,608 shares during the last quarter. HighTower Advisors LLC lifted its position in shares of General Mills by 41.0% during the 2nd quarter. HighTower Advisors LLC now owns 4,140,772 shares of the company's stock valued at $144,099,000 after acquiring an additional 1,203,993 shares during the last quarter. Finally, First Trust Advisors LP boosted its stake in shares of General Mills by 30.4% during the 1st quarter. First Trust Advisors LP now owns 3,591,408 shares of the company's stock worth $133,672,000 after acquiring an additional 836,286 shares in the last quarter. 75.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently issued reports on GIS. UBS Group restated a "sell" rating on shares of General Mills in a report on Wednesday, September 16th. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $34.00 target price (up from $33.00) on shares of General Mills in a research report on Thursday, September 24th. Sanford C. Bernstein reaffirmed an "underperform" rating and set a $30.00 target price on shares of General Mills in a report on Thursday, September 24th. Bank of America reiterated a "neutral" rating on shares of General Mills in a research report on Thursday, September 24th. Finally, JPMorgan Chase & Co. lifted their price target on General Mills from $31.00 to $35.00 and gave the stock an "underweight" rating in a research note on Thursday, July 2nd. Four investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and six have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Reduce" and a consensus target price of $36.59.

Key General Mills News

Here are the key news stories impacting General Mills this week:

• Positive Sentiment: Expansion into high-protein snacking: General Mills has launched EPIC Sticks, a four-flavor meat-snack line made with grass-fed beef or free-range chicken. Its gluten-free, dairy-free and Paleo-friendly positioning gives the company exposure to growing demand for convenient, protein-rich snacks and could broaden EPIC’s shelf presence. How EPIC Sticks Launch At General Mills Has Changed Its Investment Story
• Positive Sentiment: Recent earnings modestly exceeded expectations: General Mills previously reported adjusted earnings of $0.75 per share versus the $0.72 consensus estimate, while revenue of $4.39 billion also topped forecasts. The stock was reported to be about 1% higher since that earnings release, although analysts are watching whether estimates support continued momentum. General Mills Up 1% Since Last Earnings Report: Can It Continue?
• Neutral Sentiment: Valuation debate: Commentary suggests the stock’s roughly 38% three-year decline may have reset expectations, but investors still need evidence that General Mills can stabilize its sales base and restore growth. General Mills Stock Seems About Right On Its 38% Slide
• Negative Sentiment: Fundamental and competitive concerns remain: General Mills faces established food giants and agile snack competitors, including Chomps and PepsiCo’s Good Warrior. Revenue in the latest reported quarter declined 2.8% year over year, and commentary questioning the company’s fundamentals could limit investor enthusiasm despite new product launches. 3 Mid-Cap Stocks With Questionable Fundamentals

General Mills Stock Performance

Shares of NYSE GIS opened at $34.39 on Friday. The company has a debt-to-equity ratio of 1.66, a current ratio of 0.70 and a quick ratio of 0.39. General Mills, Inc. has a one year low of $31.17 and a one year high of $49.59. The business's 50-day moving average price is $35.93 and its two-hundred day moving average price is $35.55. The company has a market capitalization of $18.39 billion, a P/E ratio of -20.71, a price-to-earnings-growth ratio of 1.91 and a beta of 0.03.

General Mills (NYSE:GIS - Get Free Report) last posted its quarterly earnings results on Wednesday, September 23rd. The company reported $0.75 earnings per share for the quarter, topping analysts' consensus estimates of $0.72 by $0.03. General Mills had a positive return on equity of 21.86% and a negative net margin of 4.89%. The company had revenue of $4.39 billion during the quarter, compared to the consensus estimate of $4.35 billion. During the same period last year, the business earned $0.86 EPS. The business's quarterly revenue was down 2.8% on a year-over-year basis. Analysts anticipate that General Mills, Inc. will post 3.08 earnings per share for the current fiscal year.

General Mills Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 2nd. Investors of record on Tuesday, October 13th will be issued a $0.61 dividend. The ex-dividend date is Tuesday, October 13th. This represents a $2.44 dividend on an annualized basis and a yield of 7.1%. General Mills's dividend payout ratio is currently -146.99%.

About General Mills

General Mills, Inc is a global food company that manufactures and markets branded consumer foods. Its portfolio includes cereal, snack foods, refrigerated and baking products, yogurt, soup, meals, and pet food. The company's brands include Cheerios, Cinnamon Toast Crunch, Nature Valley, Betty Crocker, Pillsbury, Yoplait, Old El Paso, Progresso, Annie's, Totino's, Häagen-Dazs, and Blue Buffalo.

General Mills sells products through grocery stores, mass merchandisers, convenience stores, e-commerce channels, restaurants, and other foodservice outlets.

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