Tdam USA Inc. decreased its holdings in General Electric (NYSE:GE) by 16.3% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 244,429 shares of the conglomerate’s stock after selling 47,755 shares during the period. Tdam USA Inc.’s holdings in General Electric were worth $2,567,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds have also added to or reduced their stakes in the company. Ashburton Jersey Ltd bought a new position in shares of General Electric during the 2nd quarter worth $25,000. Manchester Financial Inc. bought a new stake in General Electric during the second quarter valued at about $30,000. Lenox Wealth Advisors LLC boosted its position in General Electric by 3,735.0% during the second quarter. Lenox Wealth Advisors LLC now owns 3,835 shares of the conglomerate’s stock valued at $40,000 after purchasing an additional 3,735 shares in the last quarter. Arbor Wealth Management LLC bought a new stake in General Electric during the fourth quarter valued at about $30,000. Finally, Arcadia Investment Management Corp MI bought a new stake in General Electric during the second quarter valued at about $42,000. Institutional investors and hedge funds own 57.49% of the company’s stock.
In other news, Director Edward P. Garden sold 3,370,314 shares of the firm’s stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $9.53, for a total value of $32,119,092.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman H Lawrence Culp, Jr. acquired 331,684 shares of General Electric stock in a transaction dated Monday, August 12th. The stock was purchased at an average price of $9.04 per share, with a total value of $2,998,423.36. The disclosure for this purchase can be found here. In the last three months, insiders acquired 492,532 shares of company stock valued at $4,491,512. Corporate insiders own 1.13% of the company’s stock.
GE has been the topic of a number of recent research reports. UBS Group downgraded General Electric from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $13.00 to $11.50 in a research report on Monday, July 15th. JPMorgan Chase & Co. reaffirmed a “sell” rating on shares of General Electric in a research report on Wednesday, July 31st. Citigroup set a $14.00 price objective on General Electric and gave the company a “buy” rating in a research report on Wednesday, June 19th. Deutsche Bank set a $10.00 price objective on General Electric and gave the company a “hold” rating in a research report on Thursday, May 2nd. Finally, Zacks Investment Research downgraded General Electric from a “strong-buy” rating to a “hold” rating and set a $12.00 price objective on the stock. in a research report on Friday, August 2nd. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $11.68.
NYSE GE traded down $0.32 during trading on Wednesday, hitting $9.03. The company’s stock had a trading volume of 2,440,560 shares, compared to its average volume of 75,362,219. The company has a current ratio of 1.73, a quick ratio of 1.44 and a debt-to-equity ratio of 1.65. The company 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. The firm’s 50 day moving average is $10.16. General Electric has a fifty-two week low of $6.66 and a fifty-two week high of $13.78.
General Electric (NYSE:GE) last issued its quarterly earnings results on Wednesday, July 31st. The conglomerate reported $0.17 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.05. The business had revenue of $28.83 billion during the quarter, compared to the consensus estimate of $28.83 billion. General Electric had a positive return on equity of 10.64% and a negative net margin of 15.38%. The company’s quarterly revenue was down 1.1% on a year-over-year basis. During the same quarter last year, the company earned $0.19 earnings per share. On average, research analysts forecast that General Electric will post 0.64 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, July 25th. Shareholders of record on Monday, July 1st were issued a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 0.44%. The ex-dividend date of this dividend was Friday, June 28th. General Electric’s dividend payout ratio is presently 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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