IBM Retirement Fund lowered its stake in shares of General Electric (NYSE:GE) by 13.5% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 155,812 shares of the conglomerate’s stock after selling 24,260 shares during the quarter. IBM Retirement Fund’s holdings in General Electric were worth $1,759,000 at the end of the most recent quarter.
Several other institutional investors also recently bought and sold shares of the company. Fusion Family Wealth LLC grew its holdings in General Electric by 153.3% in the 2nd quarter. Fusion Family Wealth LLC now owns 8,264 shares of the conglomerate’s stock worth $112,000 after acquiring an additional 5,002 shares during the last quarter. Amussen Hunsaker Associates LLC bought a new stake in General Electric in the 2nd quarter worth $134,000. Private Capital Management LLC bought a new stake in General Electric in the 2nd quarter worth $136,000. Cooper Haims Advisors LLC bought a new stake in General Electric in the 2nd quarter worth $138,000. Finally, Psagot Investment House Ltd. grew its holdings in General Electric by 2,862.2% in the 3rd quarter. Psagot Investment House Ltd. now owns 10,190 shares of the conglomerate’s stock worth $115,000 after acquiring an additional 9,846 shares during the last quarter. Hedge funds and other institutional investors own 54.52% of the company’s stock.
Shares of NYSE GE opened at $8.94 on Monday. General Electric has a 1 year low of $6.66 and a 1 year high of $19.15. The stock has a market cap of $73.80 billion, a P/E ratio of 8.51, a price-to-earnings-growth ratio of 2.18 and a beta of 0.67. The company has a debt-to-equity ratio of 2.03, a current ratio of 1.66 and a quick ratio of 1.36.
General Electric (NYSE:GE) last issued its quarterly earnings results on Tuesday, October 30th. The conglomerate reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.06). General Electric had a negative net margin of 27.36% and a positive return on equity of 10.29%. The business had revenue of $29.57 billion for the quarter, compared to analysts’ expectations of $30.08 billion. During the same period last year, the business earned $0.29 earnings per share. The company’s revenue was down 3.6% on a year-over-year basis. As a group, research analysts forecast that General Electric will post 0.67 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, January 25th. Investors of record on Thursday, December 20th will be given a dividend of $0.01 per share. The ex-dividend date of this dividend is Wednesday, December 19th. This represents a $0.04 dividend on an annualized basis and a yield of 0.45%. General Electric’s dividend payout ratio (DPR) is currently 3.81%.
A number of brokerages have issued reports on GE. Citigroup cut their price target on shares of General Electric from $21.00 to $19.00 and set a “neutral” rating on the stock in a report on Tuesday, October 9th. ValuEngine raised shares of General Electric from a “strong sell” rating to a “sell” rating in a report on Saturday, October 6th. Morningstar set a $16.10 price target on shares of General Electric and gave the stock a “buy” rating in a report on Monday, October 8th. Barclays raised shares of General Electric from an “equal weight” rating to an “overweight” rating and set a $16.00 price target on the stock in a report on Monday, October 8th. Finally, Credit Suisse Group began coverage on shares of General Electric in a research report on Friday, October 12th. They issued a “neutral” rating and a $14.00 target price for the company. Four investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $13.81.
In other General Electric news, Director Francisco Dsouza purchased 60,000 shares of the stock in a transaction that occurred on Wednesday, November 14th. The stock was bought at an average cost of $8.32 per share, with a total value of $499,200.00. Following the transaction, the director now directly owns 151,500 shares in the company, valued at approximately $1,260,480. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman H Lawrence Culp, Jr. purchased 225,000 shares of the stock in a transaction that occurred on Thursday, November 1st. The shares were acquired at an average cost of $9.73 per share, with a total value of $2,189,250.00. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 295,000 shares of company stock valued at $2,783,250. 1.12% of the stock is currently owned by corporate insiders.
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About General Electric
General Electric Company operates as a digital industrial company worldwide. It operates through Power, Renewable Energy, Oil & Gas, Aviation, Healthcare, Transportation, Lighting, and Capital segments. The Power segment offers technologies, solutions, and services related to energy production, including gas and steam turbines, engines, generators, and high voltage equipment; and power generation services and digital solutions.
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