Eastern Bank Reduces Stake in General Electric (NYSE:GE)

Eastern Bank reduced its position in General Electric (NYSE:GE) by 18.9% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 118,893 shares of the conglomerate’s stock after selling 27,784 shares during the period. Eastern Bank’s holdings in General Electric were worth $1,063,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. CHICAGO TRUST Co NA increased its stake in General Electric by 0.4% during the second quarter. CHICAGO TRUST Co NA now owns 249,228 shares of the conglomerate’s stock worth $2,617,000 after acquiring an additional 992 shares during the last quarter. Evanson Asset Management LLC increased its stake in General Electric by 5.6% during the second quarter. Evanson Asset Management LLC now owns 19,490 shares of the conglomerate’s stock worth $205,000 after acquiring an additional 1,029 shares during the last quarter. Schnieders Capital Management LLC increased its stake in General Electric by 6.0% during the second quarter. Schnieders Capital Management LLC now owns 18,573 shares of the conglomerate’s stock worth $195,000 after acquiring an additional 1,050 shares during the last quarter. Monarch Capital Management Inc. increased its stake in General Electric by 0.7% during the second quarter. Monarch Capital Management Inc. now owns 165,752 shares of the conglomerate’s stock worth $1,740,000 after acquiring an additional 1,100 shares during the last quarter. Finally, Lee Danner & Bass Inc. increased its stake in General Electric by 1.1% during the second quarter. Lee Danner & Bass Inc. now owns 105,328 shares of the conglomerate’s stock worth $1,106,000 after acquiring an additional 1,105 shares during the last quarter. Hedge funds and other institutional investors own 58.97% of the company’s stock.

Shares of GE traded up $0.23 during mid-day trading on Friday, reaching $11.52. 45,526,758 shares of the company’s stock traded hands, compared to its average volume of 60,476,536. The stock has a market cap of $100.57 billion, a P/E ratio of 17.73, a P/E/G ratio of 2.46 and a beta of 1.13. The stock’s 50-day moving average is $9.21 and its two-hundred day moving average is $9.57. General Electric has a 12 month low of $6.66 and a 12 month high of $11.75. The company has a debt-to-equity ratio of 2.67, a current ratio of 1.84 and a quick ratio of 1.60.

General Electric (NYSE:GE) last released its earnings results on Wednesday, October 30th. The conglomerate reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.03. The firm had revenue of $23.36 billion for the quarter, compared to analysts’ expectations of $22.93 billion. General Electric had a positive return on equity of 11.69% and a negative net margin of 4.39%. The company’s quarterly revenue was down .1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.14 earnings per share. Research analysts predict that General Electric will post 0.61 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Monday, September 16th were issued a $0.01 dividend. The ex-dividend date was Friday, September 13th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.35%. General Electric’s payout ratio is 6.15%.

Several equities research analysts have weighed in on the company. Morgan Stanley assumed coverage on General Electric in a research note on Thursday, September 5th. They set an “equal weight” rating and a $10.00 price objective on the stock. UBS Group cut General Electric from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $13.00 to $11.50 in a research note on Monday, July 15th. Zacks Investment Research raised General Electric from a “sell” rating to a “hold” rating and set a $10.00 target price on the stock in a research note on Friday, November 1st. Royal Bank of Canada reaffirmed a “buy” rating and set a $13.00 target price on shares of General Electric in a research note on Wednesday, October 30th. Finally, JPMorgan Chase & Co. set a $5.00 target price on General Electric and gave the company an “underweight” rating in a research note on Friday, November 1st. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and seven have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $10.41.

In other news, Chairman H Lawrence Culp, Jr. purchased 331,684 shares of the stock in a transaction that occurred on Monday, August 12th. The stock was purchased at an average price of $9.04 per share, for a total transaction of $2,998,423.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Thomas W. Horton purchased 55,248 shares of the stock in a transaction that occurred on Monday, August 12th. The stock was purchased at an average price of $9.02 per share, with a total value of $498,336.96. Following the acquisition, the director now directly owns 55,248 shares of the company’s stock, valued at approximately $498,336.96. The disclosure for this purchase can be found here. Insiders purchased 801,068 shares of company stock valued at $6,954,745 in the last quarter. 1.13% of the stock is owned by company insiders.

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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Institutional Ownership by Quarter for General Electric (NYSE:GE)

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