Envestnet Asset Management Inc. trimmed its stake in General Electric (NYSE:GE) by 12.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 182,966 shares of the conglomerate’s stock after selling 25,238 shares during the period. Envestnet Asset Management Inc.’s holdings in General Electric were worth $2,490,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently bought and sold shares of GE. Archford Capital Strategies LLC bought a new position in General Electric during the 1st quarter valued at about $121,000. Fusion Family Wealth LLC lifted its holdings in General Electric by 153.3% during the 2nd quarter. Fusion Family Wealth LLC now owns 8,264 shares of the conglomerate’s stock valued at $112,000 after purchasing an additional 5,002 shares during the last quarter. Mount Yale Investment Advisors LLC bought a new position in General Electric during the 1st quarter valued at about $116,000. Blue Chip Wealth Management Inc. bought a new position in General Electric during the 1st quarter valued at about $135,000. Finally, Todd Asset Management LLC bought a new position in General Electric during the 1st quarter valued at about $137,000. Institutional investors own 53.81% of the company’s stock.
In other General Electric news, Chairman H Lawrence Culp, Jr. purchased 225,000 shares of the stock in a transaction dated Thursday, November 1st. The stock was bought at an average price of $9.73 per share, for a total transaction of $2,189,250.00. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Alexander Dimitrief purchased 10,000 shares of the stock in a transaction dated Tuesday, November 6th. The shares were acquired at an average price of $9.48 per share, with a total value of $94,800.00. Following the transaction, the senior vice president now owns 103,075 shares in the company, valued at $977,151. The disclosure for this purchase can be found here. 1.12% of the stock is owned by insiders.
GE opened at $8.58 on Friday. The company has a quick ratio of 1.36, a current ratio of 1.66 and a debt-to-equity ratio of 2.03. The stock has a market capitalization of $81.79 billion, a price-to-earnings ratio of 8.17, a P/E/G ratio of 2.53 and a beta of 0.95. General Electric has a 1-year low of $8.15 and a 1-year high of $20.75.
General Electric (NYSE:GE) last posted its quarterly earnings data on Tuesday, October 30th. The conglomerate reported $0.14 earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $29.57 billion during the quarter, compared to analyst estimates of $30.08 billion. During the same quarter in the previous year, the business posted $0.29 EPS. The company’s revenue was down 3.6% compared to the same quarter last year. As a group, equities research analysts forecast that General Electric will post 0.68 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, October 25th. Stockholders of record on Monday, September 17th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 5.59%. The ex-dividend date of this dividend was Friday, September 14th. General Electric’s dividend payout ratio is 45.71%.
GE has been the subject of several analyst reports. Bank of America reissued a “hold” rating and set a $14.00 price target on shares of General Electric in a report on Thursday, October 4th. Credit Suisse Group reissued a “neutral” rating and set a $12.00 price target on shares of General Electric in a report on Wednesday, October 31st. Royal Bank of Canada reissued a “neutral” rating and set a $15.00 price target on shares of General Electric in a report on Wednesday, August 8th. ValuEngine raised shares of General Electric from a “strong sell” rating to a “sell” rating in a report on Saturday, October 6th. Finally, Zacks Investment Research raised shares of General Electric from a “sell” rating to a “hold” rating in a report on Tuesday, July 24th. Five investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $14.72.
General Electric Profile
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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