Cadence Capital Management LLC raised its holdings in shares of General Electric (NYSE:GE) by 13.3% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 505,065 shares of the conglomerate’s stock after purchasing an additional 59,116 shares during the quarter. Cadence Capital Management LLC’s holdings in General Electric were worth $6,874,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of GE. Gulf International Bank UK Ltd lifted its holdings in shares of General Electric by 2.5% in the 2nd quarter. Gulf International Bank UK Ltd now owns 2,799,022 shares of the conglomerate’s stock worth $38,094,000 after purchasing an additional 67,257 shares during the last quarter. Pure Financial Advisors Inc. bought a new stake in shares of General Electric in the 2nd quarter worth approximately $207,000. Tributary Capital Management LLC lifted its holdings in shares of General Electric by 5,184.5% in the 2nd quarter. Tributary Capital Management LLC now owns 73,455 shares of the conglomerate’s stock worth $1,000,000 after purchasing an additional 72,065 shares during the last quarter. ST Germain D J Co. Inc. lifted its holdings in shares of General Electric by 2.2% in the 2nd quarter. ST Germain D J Co. Inc. now owns 1,127,751 shares of the conglomerate’s stock worth $15,349,000 after purchasing an additional 24,812 shares during the last quarter. Finally, Filament LLC bought a new stake in shares of General Electric in the 2nd quarter worth approximately $154,000. Hedge funds and other institutional investors own 53.75% of the company’s stock.
GE opened at $10.10 on Thursday. General Electric has a 12 month low of $9.80 and a 12 month high of $20.75. The company has a debt-to-equity ratio of 1.39, a quick ratio of 1.51 and a current ratio of 1.81. The company has a market capitalization of $98.11 billion, a P/E ratio of 9.62, a price-to-earnings-growth ratio of 2.19 and a beta of 0.96.
General Electric (NYSE:GE) last posted its earnings results on Tuesday, October 30th. The conglomerate reported $0.14 EPS for the quarter, missing the consensus estimate of $0.20 by ($0.06). General Electric had a negative net margin of 6.59% and a positive return on equity of 10.40%. The business had revenue of $29.57 billion during the quarter, compared to analyst estimates of $30.08 billion. During the same quarter in the prior year, the business earned $0.29 earnings per share. The firm’s revenue was down 3.6% compared to the same quarter last year. As a group, research analysts expect that General Electric will post 0.93 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, October 25th. Investors of record on Monday, September 17th were given a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 4.75%. The ex-dividend date of this dividend was Friday, September 14th. General Electric’s dividend payout ratio is currently 45.71%.
Several brokerages recently issued reports on GE. Gabelli reissued a “buy” rating on shares of General Electric in a report on Wednesday, July 18th. Gordon Haskett began coverage on General Electric in a report on Friday, October 12th. They issued a “sell” rating on the stock. Royal Bank of Canada cut their price target on General Electric to $13.00 and set a “neutral” rating on the stock in a report on Friday, September 28th. Oppenheimer reissued a “neutral” rating on shares of General Electric in a report on Tuesday, October 2nd. Finally, Barclays reissued a “neutral” rating and issued a $16.00 price target on shares of General Electric in a report on Monday, July 9th. Five equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $15.50.
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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