Financial Counselors Inc. trimmed its position in General Electric (NYSE:GE) by 3.3% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 405,565 shares of the conglomerate’s stock after selling 13,735 shares during the period. Financial Counselors Inc.’s holdings in General Electric were worth $5,520,000 at the end of the most recent reporting period.
Other large investors have also recently made changes to their positions in the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new stake in shares of General Electric during the 2nd quarter valued at $12,374,000. Flippin Bruce & Porter Inc. raised its position in shares of General Electric by 1.9% during the 2nd quarter. Flippin Bruce & Porter Inc. now owns 541,687 shares of the conglomerate’s stock valued at $7,372,000 after buying an additional 10,220 shares in the last quarter. SeaCrest Wealth Management LLC raised its position in shares of General Electric by 20.5% during the 2nd quarter. SeaCrest Wealth Management LLC now owns 268,561 shares of the conglomerate’s stock valued at $3,655,000 after buying an additional 45,665 shares in the last quarter. Tobam purchased a new stake in shares of General Electric during the 2nd quarter valued at $6,427,000. Finally, Traynor Capital Management Inc. raised its position in shares of General Electric by 26.0% during the 2nd quarter. Traynor Capital Management Inc. now owns 25,371 shares of the conglomerate’s stock valued at $339,000 after buying an additional 5,231 shares in the last quarter. 53.74% of the stock is owned by hedge funds and other institutional investors.
In other news, Director H Lawrence Culp, Jr. acquired 191,000 shares of the firm’s stock in a transaction on Tuesday, July 24th. The shares were purchased at an average price of $13.04 per share, for a total transaction of $2,490,640.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.12% of the stock is currently owned by insiders.
Several analysts have recently weighed in on the stock. Gabelli restated a “buy” rating on shares of General Electric in a research report on Wednesday, July 18th. JPMorgan Chase & Co. set a $11.00 price objective on shares of General Electric and gave the company a “sell” rating in a research report on Wednesday, June 27th. Goldman Sachs Group restated a “neutral” rating and set a $14.00 price objective on shares of General Electric in a research report on Wednesday, June 27th. Gordon Haskett assumed coverage on shares of General Electric in a research report on Friday. They set a “sell” rating on the stock. Finally, Royal Bank of Canada lowered their price objective on shares of General Electric to $13.00 and set a “neutral” rating on the stock in a research report on Friday, September 28th. Six investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $16.26.
Shares of NYSE:GE opened at $12.32 on Friday. The firm has a market capitalization of $98.03 billion, a P/E ratio of 11.73, a price-to-earnings-growth ratio of 2.14 and a beta of 0.97. General Electric has a 52 week low of $11.21 and a 52 week high of $23.84. The company has a debt-to-equity ratio of 1.39, a quick ratio of 1.51 and a current ratio of 1.81.
General Electric (NYSE:GE) last issued its earnings results on Friday, July 20th. The conglomerate reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.18 by $0.01. General Electric had a negative net margin of 6.59% and a positive return on equity of 10.40%. The company had revenue of $30.10 billion for the quarter, compared to analysts’ expectations of $29.39 billion. During the same quarter last year, the company earned $0.21 EPS. The firm’s revenue was up 3.5% compared to the same quarter last year. As a group, equities analysts forecast that General Electric will post 0.96 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 25th. Shareholders of record on Monday, September 17th will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.90%. The ex-dividend date is Friday, September 14th. General Electric’s payout ratio is 45.71%.
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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