General Mills (NYSE:GIS) Hits New 52-Week Low – Here’s What Happened

Shares of General Mills, Inc. (NYSE:GIS) reached a new 52-week low on Monday . The company traded as low as $33.46 and last traded at $33.4450, with a volume of 5276301 shares trading hands. The stock had previously closed at $34.68.

Wall Street Analyst Weigh In

A number of research firms have weighed in on GIS. Wells Fargo & Company cut shares of General Mills from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $35.00 to $33.00 in a research report on Wednesday, April 8th. Weiss Ratings cut shares of General Mills from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Tuesday, January 13th. Piper Sandler cut their price objective on shares of General Mills from $53.00 to $45.00 and set an “overweight” rating on the stock in a research report on Thursday, March 19th. BTIG Research began coverage on shares of General Mills in a research report on Monday, April 13th. They set a “neutral” rating on the stock. Finally, Royal Bank Of Canada cut their price objective on shares of General Mills from $60.00 to $55.00 and set an “outperform” rating on the stock in a research report on Thursday, March 19th. Four investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and six have issued a Sell rating to the company. According to MarketBeat, General Mills has an average rating of “Reduce” and a consensus price target of $42.83.

General Mills Price Performance

The stock has a market capitalization of $18.06 billion, a PE ratio of 8.27 and a beta of -0.02. The company has a quick ratio of 0.36, a current ratio of 0.56 and a debt-to-equity ratio of 1.17. The stock’s 50 day moving average price is $37.97 and its 200-day moving average price is $43.48.

General Mills (NYSE:GIS) last issued its earnings results on Wednesday, March 18th. The company reported $0.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.09). The company had revenue of $4.44 billion for the quarter, compared to analysts’ expectations of $4.53 billion. General Mills had a net margin of 12.05% and a return on equity of 19.19%. The firm’s revenue for the quarter was down 8.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.12 earnings per share. As a group, equities analysts forecast that General Mills, Inc. will post 3.44 EPS for the current year.

Institutional Trading of General Mills

A number of hedge funds have recently added to or reduced their stakes in GIS. Marshall Wace LLP purchased a new stake in General Mills in the second quarter worth about $9,188,000. Bank of Nova Scotia lifted its stake in General Mills by 4.1% in the second quarter. Bank of Nova Scotia now owns 65,118 shares of the company’s stock worth $3,374,000 after acquiring an additional 2,552 shares during the period. WINTON GROUP Ltd lifted its stake in General Mills by 112.6% in the second quarter. WINTON GROUP Ltd now owns 8,971 shares of the company’s stock worth $465,000 after acquiring an additional 4,752 shares during the period. Daiwa Securities Group Inc. lifted its stake in General Mills by 4.9% in the second quarter. Daiwa Securities Group Inc. now owns 82,037 shares of the company’s stock worth $4,250,000 after acquiring an additional 3,814 shares during the period. Finally, Nebula Research & Development LLC lifted its stake in General Mills by 334.2% in the second quarter. Nebula Research & Development LLC now owns 19,542 shares of the company’s stock worth $1,012,000 after acquiring an additional 15,041 shares during the period. 75.71% of the stock is owned by hedge funds and other institutional investors.

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.