Mitsubishi UFJ Kokusai Asset Management Co. Ltd. cut its stake in General Electric (NYSE:GE) by 3.3% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,184,818 shares of the conglomerate’s stock after selling 40,980 shares during the quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd.’s holdings in General Electric were worth $16,125,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of GE. Archford Capital Strategies LLC bought a new position in shares of General Electric in the 1st quarter worth about $121,000. Fusion Family Wealth LLC increased its stake in shares of 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 in the last quarter. Mount Yale Investment Advisors LLC bought a new position in shares of General Electric in the 1st quarter worth about $116,000. Blue Chip Wealth Management Inc. bought a new position in shares of General Electric in the 1st quarter worth about $135,000. Finally, Todd Asset Management LLC bought a new position in shares of General Electric in the 1st quarter worth about $137,000. Institutional investors and hedge funds own 53.75% of the company’s stock.
NYSE:GE opened at $10.10 on Thursday. The stock has a market cap of $98.11 billion, a price-to-earnings ratio of 9.62, a PEG ratio of 2.19 and a beta of 0.96. The company has a debt-to-equity ratio of 1.39, a current ratio of 1.81 and a quick ratio of 1.51. General Electric has a fifty-two week low of $9.80 and a fifty-two week high of $20.75.
General Electric (NYSE:GE) last announced 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). The company had revenue of $29.57 billion for the quarter, compared to analysts’ expectations of $30.08 billion. General Electric had a negative net margin of 6.59% and a positive return on equity of 10.40%. The business’s revenue was down 3.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.29 EPS. Equities research analysts expect that General Electric will post 0.93 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, October 25th. Stockholders of record on Monday, September 17th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 4.75%. The ex-dividend date was Friday, September 14th. General Electric’s payout ratio is presently 45.71%.
Several brokerages recently issued reports on GE. Gabelli reiterated a “buy” rating on shares of General Electric in a research note on Wednesday, July 18th. Gordon Haskett began coverage on shares of General Electric in a research note on Friday, October 12th. They set a “sell” rating for the company. Royal Bank of Canada reduced their price objective on shares of General Electric to $13.00 and set a “neutral” rating for the company in a research note on Friday, September 28th. Oppenheimer restated a “neutral” rating on shares of General Electric in a research note on Tuesday, October 2nd. Finally, 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. Five analysts have rated the stock with a sell rating, twelve have given a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. General Electric currently has an average rating of “Hold” and an average 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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