General Mills Stock Hits Record High After Earnings

General Mills stock has already added roughly 12% this year

Digital Content Manager
Sep 21, 2022 at 10:08 AM
facebook twitter linkedin


The shares of General Mills, Inc (NYSE:GIS) are up 4.5% at $78.77 at last check, earlier hitting a record high of $79.49, following the packaged food producer's upbeat third-quarter earnings report. The firm turned earnings of $1.11 per share for the quarter, topping expectations, while revenue came in line with estimates. It also hiked its full-year forecast, noting higher prices and strong demand for items like cereal and pet food, even as consumers pull back on other purchases. 

We took a quick look at the stock's behavior just ahead of today's earnings report, pointing out its impressive year-to-date and year-over-year lead. GIS has since extended those gains, now up roughly 17% in 2022, and up 36% in the last 12 months. Plus, today's positive price action has the stock toppling pressure at the 50-day moving average.

Like we recently noted, the stock looks ripe for bull notes. Of the 12 in coverage, eight say "hold" or worse. Plus, the 12-month consensus price target of $73.35 is a 2.7% discount to last night's close. 

Elsewhere, sentiment is more bullish. General Mills stock's Schaeffer's put/call open interest ratio of 0.50 stands higher than just 19% of readings from the past 12 months. In other words, options traders have rarely been more put-biased. 

What's more, short sellers have been hitting the exits. Short interest dropped 11.2% in the last reporting period, and now makes up a slim 2.2% of the stock's available float. 

 

 

Stop leaving money on the table with the same old broken options trading approach...

There is no options strategy that more perfectly capitalizes during earnings season better than this simple call and put buying strategy. Perfect for aggressive traders looking to recover their suffering portfolios so far in 2022. With the simplest possible options strategy, Schaeffer's team with 100+ years of options trading excellence, target 200% gains on every single trade. So many trades are being beaten down by the market, but don't be one of them! Don't waste another second... join us right now before the next trade is released! 

 
Best stocks for October and worst stocks for October
 


 


 
Special Offers from Schaeffer's Trading Partners