HM Payson & Co. cut its holdings in shares of General Electric (NYSE:GE) by 35.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 555,748 shares of the conglomerate’s stock after selling 306,531 shares during the quarter. HM Payson & Co.’s holdings in General Electric were worth $6,274,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of GE. Greenline Partners LLC increased its position in shares of General Electric by 20.7% during the third quarter. Greenline Partners LLC now owns 131,844 shares of the conglomerate’s stock valued at $1,503,000 after purchasing an additional 22,584 shares during the period. ST Germain D J Co. Inc. increased its position in shares of General Electric by 2.2% during 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 purchasing an additional 24,812 shares during the period. Grove Bank & Trust bought a new stake in shares of General Electric during the third quarter valued at approximately $274,000. Boyd Watterson Asset Management LLC OH increased its position in shares of General Electric by 12.8% during the third quarter. Boyd Watterson Asset Management LLC OH now owns 39,974 shares of the conglomerate’s stock valued at $451,000 after purchasing an additional 4,539 shares during the period. Finally, Arizona State Retirement System increased its position in shares of General Electric by 1.0% during the third quarter. Arizona State Retirement System now owns 2,154,123 shares of the conglomerate’s stock valued at $24,320,000 after purchasing an additional 20,500 shares during the period. Institutional investors own 54.46% of the company’s stock.
Shares of NYSE:GE opened at $10.03 on Tuesday. General Electric has a fifty-two week low of $6.66 and a fifty-two week high of $15.59. The firm has a market capitalization of $85.18 billion, a price-to-earnings ratio of 15.43, a P/E/G ratio of 3.06 and a beta of 0.99. The company has a current ratio of 1.66, a quick ratio of 1.36 and a debt-to-equity ratio of 2.14.
General Electric (NYSE:GE) last announced its quarterly earnings results on Thursday, January 31st. The conglomerate reported $0.17 earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.01). General Electric had a negative net margin of 18.38% and a positive return on equity of 9.84%. The company had revenue of $33.28 billion during the quarter, compared to the consensus estimate of $32.01 billion. As a group, research analysts predict that General Electric will post 0.64 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, January 25th. Shareholders of record on Thursday, December 20th were given a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a yield of 0.40%. The ex-dividend date of this dividend was Wednesday, December 19th. General Electric’s dividend payout ratio (DPR) is 6.15%.
A number of analysts have recently issued reports on the company. Zacks Investment Research upgraded General Electric from a “strong sell” rating to a “hold” rating in a research report on Monday, February 4th. William Blair restated a “buy” rating on shares of General Electric in a research report on Saturday, February 2nd. ValuEngine upgraded General Electric from a “sell” rating to a “hold” rating in a research report on Saturday, February 2nd. Royal Bank of Canada boosted their price objective on General Electric from $10.00 to $12.00 and gave the company an “outperform” rating in a research report on Friday, February 1st. Finally, JPMorgan Chase & Co. restated a “neutral” rating and set a $10.16 price objective (up from $1.06) on shares of General Electric in a research report on Friday, February 1st. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and nine have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $13.04.
In related news, Director Francisco Dsouza purchased 60,000 shares of the stock in a transaction on Wednesday, November 14th. The shares were purchased at an average cost of $8.32 per share, for a total transaction of $499,200.00. Following the completion of the transaction, the director now directly owns 151,500 shares of the company’s stock, valued at approximately $1,260,480. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.12% of the company’s stock.
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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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