Salem Capital Management Inc. Takes Position in General Mills, Inc. (GIS)
Salem Capital Management Inc. acquired a new stake in General Mills, Inc. (NYSE:GIS) in the 1st quarter, HoldingsChannel reports. The fund acquired 3,970 shares of the company’s stock, valued at approximately $205,000.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in GIS. Acima Private Wealth LLC acquired a new position in General Mills in the fourth quarter valued at $29,000. We Are One Seven LLC acquired a new position in General Mills in the fourth quarter valued at $30,000. Legacy Advisors LLC acquired a new position in General Mills in the first quarter valued at $31,000. BDO Wealth Advisors LLC acquired a new position in General Mills in the fourth quarter valued at $37,000. Finally, Sageworth Trust Co acquired a new position in General Mills in the first quarter valued at $49,000. Institutional investors own 68.89% of the company’s stock.
Shares of GIS traded down $0.03 during mid-day trading on Monday, hitting $51.55. 66,163 shares of the company’s stock were exchanged, compared to its average volume of 5,103,118. General Mills, Inc. has a fifty-two week low of $36.42 and a fifty-two week high of $51.96. The company has a market capitalization of $30.92 billion, a price-to-earnings ratio of 16.58, a price-to-earnings-growth ratio of 2.19 and a beta of 0.78. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.35 and a current ratio of 0.55.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Wednesday, April 10th will be paid a dividend of $0.49 per share. The ex-dividend date of this dividend is Tuesday, April 9th. This represents a $1.96 annualized dividend and a dividend yield of 3.80%. General Mills’s dividend payout ratio (DPR) is 63.02%.
Several research firms have issued reports on GIS. Credit Suisse Group upped their price objective on shares of General Mills from $43.00 to $52.00 and gave the company a “neutral” rating in a research note on Thursday, March 21st. Wells Fargo & Co set a $46.00 price objective on shares of General Mills and gave the company a “buy” rating in a research note on Thursday, December 20th. Morgan Stanley set a $41.00 price objective on shares of General Mills and gave the company a “hold” rating in a research note on Friday, December 21st. Guggenheim restated a “buy” rating on shares of General Mills in a research note on Tuesday, February 26th. Finally, Barclays restated a “neutral” rating on shares of General Mills in a research note on Thursday, December 20th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. General Mills has an average rating of “Hold” and a consensus target price of $49.91.
In related news, insider John R. Church sold 4,719 shares of the firm’s stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $50.78, for a total value of $239,630.82. Following the completion of the sale, the insider now owns 34,112 shares in the company, valued at $1,732,207.36. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director R Kerry Clark sold 7,849 shares of the firm’s stock in a transaction dated Friday, February 1st. The shares were sold at an average price of $44.26, for a total transaction of $347,396.74. Following the completion of the sale, the director now owns 30,215 shares of the company’s stock, valued at approximately $1,337,315.90. The disclosure for this sale can be found here. Insiders have sold 452,071 shares of company stock valued at $22,112,181 in the last quarter. Insiders own 0.59% of the company’s stock.
About General Mills
General Mills, Inc manufactures and markets branded consumer foods worldwide. The company operates in five segments: North America Retail; Convenience Stores & Foodservice; Europe & Australia; Asia & Latin America; and Pet. It offers ready-to-eat cereals, refrigerated yogurt, soup, meal kits, refrigerated and frozen dough products, dessert and baking mixes, frozen pizza and pizza snacks, grain, fruit, and savory snacks, as well as organic products, including refrigerated yogurt, nutrition bars, meal kits, salty snacks, ready-to-eat cereal, and grain snacks.
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