Canandaigua National Bank & Trust Co. lowered its holdings in shares of General Electric (NYSE:GE) by 3.4% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 278,203 shares of the conglomerate’s stock after selling 9,859 shares during the quarter. Canandaigua National Bank & Trust Co.’s holdings in General Electric were worth $3,786,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also bought and sold shares of the company. Mount Yale Investment Advisors LLC purchased a new stake in shares of General Electric in the 1st quarter worth $116,000. Archford Capital Strategies LLC purchased a new stake in shares of General Electric during the 1st quarter worth $121,000. Blue Chip Wealth Management Inc. purchased a new stake in shares of General Electric during the 1st quarter worth $135,000. Harborview Advisors LLC purchased a new stake in shares of General Electric during the 1st quarter worth $137,000. Finally, Todd Asset Management LLC purchased a new stake in shares of General Electric during the 1st quarter worth $137,000. Institutional investors own 53.74% of the company’s stock.
Shares of NYSE:GE opened at $12.32 on Friday. General Electric has a 1 year low of $11.21 and a 1 year high of $23.84. The stock has a market cap 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. The company has a current ratio of 1.81, a quick ratio of 1.51 and a debt-to-equity ratio of 1.39.
General Electric (NYSE:GE) last announced its earnings results on Friday, July 20th. The conglomerate reported $0.19 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.18 by $0.01. General Electric had a positive return on equity of 10.40% and a negative net margin of 6.59%. The company had revenue of $30.10 billion for the quarter, compared to analyst estimates of $29.39 billion. During the same period in the prior year, the company posted $0.21 EPS. The firm’s quarterly revenue was up 3.5% compared to the same quarter last year. Research analysts expect that General Electric will post 0.96 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 25th. Investors of record on Monday, September 17th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 3.90%. The ex-dividend date of this dividend is Friday, September 14th. General Electric’s dividend payout ratio is currently 45.71%.
A number of brokerages recently weighed in on GE. Goldman Sachs Group restated a “neutral” rating and set a $14.00 price objective on shares of General Electric in a research note on Wednesday, June 27th. Royal Bank of Canada set a $15.00 price objective on General Electric and gave the stock a “neutral” rating in a research note on Wednesday, July 11th. Barclays restated a “neutral” rating and set a $16.00 price objective on shares of General Electric in a research note on Monday, July 9th. Deutsche Bank set a $15.00 price objective on General Electric and gave the stock a “hold” rating in a research note on Thursday, July 12th. Finally, MED upgraded General Electric from a “sell” rating to a “hold” rating and set a $15.00 price objective for the company in a research note on Thursday, July 12th. Six research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $16.26.
In other General Electric news, Director H Lawrence Culp, Jr. bought 191,000 shares of General Electric stock in a transaction that occurred on Tuesday, July 24th. The shares were bought at an average cost of $13.04 per share, with a total value of $2,490,640.00. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 1.12% of the company’s stock.
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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