Gateway Investment Advisers LLC cut its stake in General Electric (NYSE:GE) by 7.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,212,064 shares of the conglomerate’s stock after selling 327,922 shares during the period. Gateway Investment Advisers LLC’s holdings in General Electric were worth $47,554,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in GE. Greenline Partners LLC lifted its stake in General Electric by 20.7% in the third quarter. Greenline Partners LLC now owns 131,844 shares of the conglomerate’s stock valued at $1,503,000 after buying an additional 22,584 shares during the period. Gulf International Bank UK Ltd lifted its stake in General Electric by 2.5% in the second quarter. Gulf International Bank UK Ltd now owns 2,799,022 shares of the conglomerate’s stock valued at $38,094,000 after buying an additional 67,257 shares during the period. ST Germain D J Co. Inc. lifted its stake in General Electric by 2.2% in the second quarter. ST Germain D J Co. Inc. now owns 1,127,751 shares of the conglomerate’s stock valued at $15,349,000 after buying an additional 24,812 shares during the period. Pure Financial Advisors Inc. acquired a new position in General Electric in the second quarter valued at approximately $207,000. Finally, Tributary Capital Management LLC lifted its stake in General Electric by 5,184.5% in the second quarter. Tributary Capital Management LLC now owns 73,455 shares of the conglomerate’s stock valued at $1,000,000 after buying an additional 72,065 shares during the period. Institutional investors and hedge funds own 54.48% of the company’s stock.
Several brokerages have issued reports on GE. Deutsche Bank dropped their price target on General Electric from $11.00 to $7.00 and set a “hold” rating on the stock in a research note on Friday, November 30th. Oppenheimer reissued a “neutral” rating on shares of General Electric in a research note on Tuesday, October 2nd. Morningstar set a $13.70 price target on General Electric and gave the company a “buy” rating in a research note on Wednesday, November 21st. JPMorgan Chase & Co. set a $10.00 price target on General Electric and gave the company a “sell” rating in a research note on Tuesday, October 2nd. Finally, Cowen reissued a “hold” rating and issued a $14.50 price target on shares of General Electric in a research note on Monday, October 1st. Five 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 issued a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $13.86.
In related news, SVP Alexander Dimitrief purchased 10,000 shares of the stock in a transaction that occurred on Tuesday, November 6th. The stock was acquired at an average cost 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 of the company’s stock, valued at approximately $977,151. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman H Lawrence Culp, Jr. purchased 225,000 shares of the stock in a transaction that occurred on Thursday, November 1st. The stock was bought at an average cost of $9.73 per share, with a total value of $2,189,250.00. The disclosure for this purchase can be found here. Insiders purchased a total of 295,000 shares of company stock valued at $2,783,250 over the last three months. 1.12% of the stock is currently owned by insiders.
Shares of NYSE:GE opened at $7.01 on Friday. 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 has a twelve month low of $6.99 and a twelve month high of $19.39. The company has a market cap of $63.21 billion, a PE ratio of 6.68, a PEG ratio of 2.07 and a beta of 0.88.
General Electric (NYSE:GE) last issued its 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 positive return on equity of 10.29% and a negative net margin of 27.36%. The firm had revenue of $29.57 billion for the quarter, compared to analyst estimates of $30.08 billion. During the same period in the previous year, the company earned $0.29 earnings per share. General Electric’s revenue for the quarter was down 3.6% compared to the same quarter last year. Equities analysts predict that General Electric will post 0.67 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, January 25th. Investors of record on Thursday, December 20th will be given a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a yield of 0.57%. General Electric’s payout ratio is currently 45.71%.
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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