Cornerstone Wealth Group LLC reduced its stake in General Electric (NYSE:GE) by 7.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 33,733 shares of the conglomerate’s stock after selling 2,634 shares during the quarter. Cornerstone Wealth Group LLC’s holdings in General Electric were worth $354,000 at the end of the most recent reporting period.
Several other hedge funds also recently made changes to their positions in GE. SRS Capital Advisors Inc. acquired a new position in shares of General Electric in the second quarter worth $84,000. Corient Capital Partners LLC grew its position in shares of General Electric by 17.0% in the second quarter. Corient Capital Partners LLC now owns 77,310 shares of the conglomerate’s stock valued at $812,000 after purchasing an additional 11,238 shares during the period. Albion Financial Group UT grew its position in shares of General Electric by 2.6% in the second quarter. Albion Financial Group UT now owns 1,135,881 shares of the conglomerate’s stock valued at $11,927,000 after purchasing an additional 29,319 shares during the period. Novare Capital Management LLC grew its position in shares of General Electric by 3.0% in the second quarter. Novare Capital Management LLC now owns 55,220 shares of the conglomerate’s stock valued at $580,000 after purchasing an additional 1,586 shares during the period. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its position in shares of General Electric by 24.5% in the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 1,455,991 shares of the conglomerate’s stock valued at $15,288,000 after purchasing an additional 286,095 shares during the period. Institutional investors own 59.32% of the company’s stock.
Shares of GE stock opened at $9.39 on Friday. General Electric has a 12-month low of $6.66 and a 12-month high of $13.78. The firm has a market capitalization of $79.77 billion, a price-to-earnings ratio of 14.45, a price-to-earnings-growth ratio of 2.04 and a beta of 1.09. The business has a 50 day simple moving average of $9.06 and a 200 day simple moving average of $9.75. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.73 and a quick ratio of 1.44.
General Electric (NYSE:GE) last issued its quarterly earnings data on Wednesday, July 31st. The conglomerate reported $0.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.05. The business had revenue of $28.83 billion during the quarter, compared to analyst estimates of $28.83 billion. General Electric had a positive return on equity of 10.64% and a negative net margin of 15.38%. The business’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.19 EPS. On average, equities analysts anticipate that General Electric will post 0.62 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Monday, September 16th will be paid a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 0.43%. The ex-dividend date is Friday, September 13th. General Electric’s payout ratio is currently 6.15%.
In related news, Director Paula Rosput Reynolds acquired 5,000 shares of the business’s stock in a transaction dated Wednesday, August 14th. The stock was bought at an average price of $9.05 per share, for a total transaction of $45,250.00. Following the transaction, the director now owns 16,500 shares of the company’s stock, valued at $149,325. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Leslie Seidman bought 6,500 shares of General Electric stock in a transaction dated Friday, August 23rd. The stock was acquired at an average price of $7.80 per share, with a total value of $50,700.00. Following the acquisition, the director now directly owns 6,500 shares of the company’s stock, valued at $50,700. The disclosure for this purchase can be found here. Insiders have bought a total of 801,068 shares of company stock valued at $6,954,745 in the last quarter. Insiders own 1.13% of the company’s stock.
A number of research firms have issued reports on GE. Morgan Stanley began coverage on General Electric in a research report on Thursday, September 5th. They set an “equal weight” rating and a $10.00 price target for the company. Zacks Investment Research downgraded General Electric from a “strong-buy” rating to a “hold” rating and set a $12.00 price target for the company. in a research report on Friday, August 2nd. Credit Suisse Group reaffirmed a “neutral” rating and issued a $38.00 target price on shares of General Electric in a research report on Friday. UBS Group downgraded General Electric from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $13.00 to $11.50 in a research report on Monday, July 15th. Finally, Citigroup set a $14.00 target price on General Electric and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $13.08.
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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