Glenview Trust Co cut its holdings in shares of General Electric (NYSE:GE) by 11.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 339,794 shares of the conglomerate’s stock after selling 44,551 shares during the quarter. Glenview Trust Co’s holdings in General Electric were worth $4,624,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Fusion Family Wealth LLC increased its position in shares of General Electric by 153.3% during the second 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 period. Mount Yale Investment Advisors LLC bought a new stake in shares of General Electric during the first quarter valued at approximately $116,000. Archford Capital Strategies LLC bought a new stake in shares of General Electric during the first quarter valued at approximately $121,000. Blue Chip Wealth Management Inc. bought a new stake in shares of General Electric during the first quarter valued at approximately $135,000. Finally, Harborview Advisors LLC bought a new stake in shares of General Electric during the first quarter valued at approximately $137,000. Institutional investors own 53.81% of the company’s stock.
Shares of NYSE:GE opened at $8.58 on Friday. General Electric has a fifty-two week low of $8.15 and a fifty-two week high of $20.75. The firm has a market capitalization of $79.88 billion, a price-to-earnings ratio of 12.10, a P/E/G ratio of 2.47 and a beta of 0.95. The company has a current ratio of 1.66, a quick ratio of 1.36 and a debt-to-equity ratio of 2.03.
General Electric (NYSE:GE) last announced its quarterly earnings results on Tuesday, October 30th. The conglomerate reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates 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 the consensus estimate of $30.08 billion. During the same quarter last year, the company earned $0.29 earnings per share. The business’s revenue was down 3.6% on a year-over-year basis. As a group, research analysts predict that General Electric will post 0.68 EPS for the current fiscal year.
The firm also recently announced 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 annualized dividend and a dividend yield of 5.59%. The ex-dividend date was Friday, September 14th. General Electric’s payout ratio is presently 45.71%.
A number of analysts have recently issued reports on the company. Gabelli restated a “buy” rating on shares of General Electric in a research report on Wednesday, July 18th. Gordon Haskett assumed coverage on General Electric in a research report on Friday, October 12th. They set a “sell” rating on the stock. Royal Bank of Canada lowered their price objective on General Electric to $13.00 and set a “neutral” rating on the stock in a research report on Friday, September 28th. Oppenheimer restated a “neutral” rating on shares of General Electric in a research report on Tuesday, October 2nd. Finally, Citigroup set a $21.00 price objective on General Electric and gave the company a “buy” rating in a research report on Monday, October 1st. Five investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. General Electric presently has a consensus rating of “Hold” and an average price target of $14.72.
In other General Electric news, Chairman H Lawrence Culp, Jr. bought 225,000 shares of the firm’s stock in a transaction dated Thursday, November 1st. The shares were 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Alexander Dimitrief bought 10,000 shares of the firm’s stock in a transaction dated Tuesday, November 6th. The shares were acquired at an average price of $9.48 per share, for a total transaction of $94,800.00. Following the acquisition, the senior vice president now directly owns 103,075 shares of the company’s stock, valued at approximately $977,151. The disclosure for this purchase can be found here. 1.12% of the stock is currently owned by corporate insiders.
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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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