Private Asset Management Inc. trimmed its stake in shares of General Electric (NYSE:GE) by 10.8% in the first quarter, HoldingsChannel.com reports. The fund owned 30,464 shares of the conglomerate’s stock after selling 3,695 shares during the quarter. Private Asset Management Inc.’s holdings in General Electric were worth $400,000 at the end of the most recent reporting period.
Several other large investors also recently added to or reduced their stakes in GE. Arrow Financial Corp lifted its position in shares of General Electric by 3.4% during the 4th quarter. Arrow Financial Corp now owns 26,656 shares of the conglomerate’s stock worth $288,000 after buying an additional 879 shares during the last quarter. SP Asset Management increased its holdings in General Electric by 0.6% in the 4th quarter. SP Asset Management now owns 158,370 shares of the conglomerate’s stock worth $1,805,000 after purchasing an additional 890 shares in the last quarter. CX Institutional increased its holdings in General Electric by 7.1% in the 4th quarter. CX Institutional now owns 13,824 shares of the conglomerate’s stock worth $149,000 after purchasing an additional 918 shares in the last quarter. Verus Financial Partners Inc. increased its holdings in General Electric by 6.4% in the 4th quarter. Verus Financial Partners Inc. now owns 15,780 shares of the conglomerate’s stock worth $170,000 after purchasing an additional 943 shares in the last quarter. Finally, Chesley Taft & Associates LLC increased its holdings in General Electric by 2.0% in the 4th quarter. Chesley Taft & Associates LLC now owns 52,249 shares of the conglomerate’s stock worth $564,000 after purchasing an additional 1,000 shares in the last quarter. Hedge funds and other institutional investors own 60.09% of the company’s stock.
In other news, Director Paula Rosput Reynolds purchased 5,000 shares of the business’s stock in a transaction on Friday, March 12th. The shares were acquired at an average price of $12.50 per share, for a total transaction of $62,500.00. Following the completion of the acquisition, the director now owns 26,500 shares in the company, valued at $331,250. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.90% of the stock is currently owned by corporate insiders.
General Electric (NYSE:GE) last announced its quarterly earnings results on Monday, January 25th. The conglomerate reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.01). The firm had revenue of $21.93 billion during the quarter, compared to the consensus estimate of $21.62 billion. General Electric had a return on equity of 5.37% and a net margin of 4.52%. The firm’s revenue was down 16.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.21 EPS. On average, equities analysts forecast that General Electric will post 0.04 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, April 26th. Shareholders of record on Monday, March 8th will be issued a $0.01 dividend. The ex-dividend date of this dividend is Friday, March 5th. This represents a $0.04 annualized dividend and a yield of 0.30%. General Electric’s payout ratio is currently 6.15%.
A number of equities analysts have issued reports on the company. Bank of America reaffirmed a “buy” rating and issued a $15.00 target price on shares of General Electric in a report on Monday, March 15th. Oppenheimer reissued a “market perform” rating on shares of General Electric in a research note on Wednesday, March 17th. Cowen reissued a “hold” rating and issued a $10.00 price target on shares of General Electric in a research note on Thursday, March 11th. Deutsche Bank Aktiengesellschaft increased their price target on General Electric from $13.00 to $14.00 and gave the company a “hold” rating in a research note on Wednesday, March 17th. Finally, Argus increased their price target on General Electric from $10.00 to $14.00 and gave the company a “buy” rating in a research note on Thursday, December 10th. Eight analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $12.60.
General Electric Company Profile
General Electric Company operates as a high-tech industrial company worldwide. The company's Power segment offers heavy-duty and aeroderivative gas turbines for utilities, independent power producers, and industrial applications; maintenance, service, and upgrade solutions to plant assets and their operational lifecycle; steam power technology for fossil and nuclear applications, including boilers, generators, steam turbines, and air quality control systems; and advanced reactor technologies solutions comprising reactors, fuels, and support services for boiling water reactors.
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