Public Employees Retirement Association of Colorado cut its stake in shares of General Electric (NYSE:GE) by 0.8% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,595,163 shares of the conglomerate’s stock after selling 12,121 shares during the period. Public Employees Retirement Association of Colorado’s holdings in General Electric were worth $16,749,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently made changes to their positions in GE. FMR LLC grew its position in General Electric by 49.4% in the first quarter. FMR LLC now owns 450,426,526 shares of the conglomerate’s stock worth $4,499,762,000 after acquiring an additional 148,979,851 shares in the last quarter. Harris Associates L P grew its position in General Electric by 35.1% in the fourth quarter. Harris Associates L P now owns 121,783,710 shares of the conglomerate’s stock worth $921,903,000 after acquiring an additional 31,634,318 shares in the last quarter. Geode Capital Management LLC grew its position in General Electric by 6.5% in the fourth quarter. Geode Capital Management LLC now owns 102,022,630 shares of the conglomerate’s stock worth $770,919,000 after acquiring an additional 6,235,071 shares in the last quarter. Northern Trust Corp grew its position in General Electric by 0.8% in the fourth quarter. Northern Trust Corp now owns 101,447,654 shares of the conglomerate’s stock worth $767,959,000 after acquiring an additional 763,673 shares in the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC grew its position in General Electric by 7.8% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 99,844,059 shares of the conglomerate’s stock worth $755,819,000 after acquiring an additional 7,194,723 shares in the last quarter. 57.49% of the stock is currently owned by hedge funds and other institutional investors.
Several analysts have commented on the stock. JPMorgan Chase & Co. reissued a “sell” rating on shares of General Electric in a research report on Wednesday, July 31st. Zacks Investment Research downgraded shares of General Electric from a “strong-buy” rating to a “hold” rating and set a $12.00 target price for the company. in a research report on Friday, August 2nd. Citigroup set a $14.00 target price on shares of General Electric and gave the stock a “buy” rating in a research report on Wednesday, June 19th. Cowen reissued a “hold” rating and issued a $8.00 target price on shares of General Electric in a research report on Wednesday, May 1st. Finally, William Blair reissued a “buy” rating on shares of General Electric in a research report on Thursday, June 13th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $11.68.
In related news, Director Edward P. Garden sold 1,289,538 shares of the company’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $10.02, for a total transaction of $12,921,170.76. Following the completion of the transaction, the director now directly owns 25,000 shares in the company, valued at approximately $250,500. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Thomas W. Horton bought 55,248 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The shares were bought at an average price of $9.02 per share, with a total value of $498,336.96. Following the completion of the purchase, the director now owns 55,248 shares in the company, valued at $498,336.96. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 492,532 shares of company stock valued at $4,491,512. Corporate insiders own 1.13% of the company’s stock.
Shares of General Electric stock remained flat at $$9.06 on Wednesday. 27,718,175 shares of the stock were exchanged, compared to its average volume of 75,362,219. The firm has a fifty day simple moving average of $10.16. The company has a quick ratio of 1.44, a current ratio of 1.73 and a debt-to-equity ratio of 1.65. General Electric has a twelve month low of $6.66 and a twelve month high of $13.78. The stock has a market capitalization of $79.85 billion, a P/E ratio of 13.93, a PEG ratio of 1.98 and a beta of 1.03.
General Electric (NYSE:GE) last issued its quarterly earnings data on Wednesday, July 31st. The conglomerate reported $0.17 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.12 by $0.05. General Electric had a negative net margin of 15.38% and a positive return on equity of 10.64%. The business had revenue of $28.83 billion during the quarter, compared to analysts’ expectations of $28.83 billion. During the same period in the previous year, the company earned $0.19 earnings per share. General Electric’s revenue for the quarter was down 1.1% on a year-over-year basis. As a group, equities analysts forecast that General Electric will post 0.64 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 25th. Stockholders of record on Monday, July 1st were paid a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.44%. The ex-dividend date of this dividend was Friday, June 28th. General Electric’s payout ratio is 6.15%.
About General Electric
General Electric Company operates as a high-tech industrial company worldwide. It operates through Power, Renewable Energy, Aviation, Oil & Gas, Healthcare, Transportation, Lighting, and Capital segments. The Power segment offers technologies, solutions, and services related to energy production, including gas and steam turbines, generators, and high voltage equipment; and power generation services.
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