Chevy Chase Trust Holdings LLC Sells 16,956 Shares of General Electric (NYSE:GE)

Chevy Chase Trust Holdings LLC cut its stake in shares of General Electric (NYSE:GE) by 2.8% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 588,917 shares of the conglomerate’s stock after selling 16,956 shares during the period. Chevy Chase Trust Holdings LLC’s holdings in General Electric were worth $111,058,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Cinctive Capital Management LP purchased a new position in General Electric during the third quarter valued at approximately $9,322,000. Ascent Group LLC boosted its holdings in General Electric by 6.5% in the 3rd quarter. Ascent Group LLC now owns 18,111 shares of the conglomerate’s stock valued at $3,415,000 after purchasing an additional 1,106 shares during the period. Beacon Investment Advisory Services Inc. purchased a new position in shares of General Electric during the 3rd quarter valued at $209,000. Benjamin Edwards Inc. increased its holdings in shares of General Electric by 1,025.1% in the third quarter. Benjamin Edwards Inc. now owns 15,403 shares of the conglomerate’s stock worth $2,905,000 after purchasing an additional 14,034 shares during the period. Finally, Atom Investors LP raised its position in shares of General Electric by 103.2% in the third quarter. Atom Investors LP now owns 11,340 shares of the conglomerate’s stock worth $2,138,000 after buying an additional 5,759 shares in the last quarter. 74.77% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

GE has been the subject of several recent analyst reports. UBS Group boosted their target price on General Electric from $223.00 to $230.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft boosted their price objective on General Electric from $212.00 to $235.00 and gave the stock a “buy” rating in a report on Thursday, October 3rd. Sanford C. Bernstein raised their target price on shares of General Electric from $201.00 to $225.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. Royal Bank of Canada cut their price target on shares of General Electric from $210.00 to $200.00 and set an “outperform” rating for the company in a research note on Wednesday, October 23rd. Finally, Melius Research raised their price objective on shares of General Electric from $194.00 to $202.00 in a research report on Tuesday, October 22nd. Two analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $200.93.

Insiders Place Their Bets

In other news, SVP Riccardo Procacci sold 7,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $181.13, for a total transaction of $1,267,910.00. Following the transaction, the senior vice president now directly owns 13,289 shares of the company’s stock, valued at approximately $2,407,036.57. The trade was a 34.50 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Russell Stokes sold 15,550 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $178.29, for a total value of $2,772,409.50. Following the completion of the sale, the senior vice president now directly owns 148,857 shares of the company’s stock, valued at $26,539,714.53. The trade was a 9.46 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.66% of the company’s stock.

General Electric Stock Down 0.1 %

Shares of NYSE:GE opened at $182.00 on Monday. General Electric has a 12-month low of $94.54 and a 12-month high of $194.80. The company has a current ratio of 1.13, a quick ratio of 0.85 and a debt-to-equity ratio of 0.95. The stock’s 50-day moving average price is $183.01 and its 200-day moving average price is $171.80. The stock has a market capitalization of $196.98 billion, a P/E ratio of 32.01, a price-to-earnings-growth ratio of 1.79 and a beta of 1.19.

General Electric (NYSE:GE) last announced its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.15 EPS for the quarter, topping analysts’ consensus estimates of $1.13 by $0.02. The business had revenue of $9.84 billion for the quarter, compared to analysts’ expectations of $9.02 billion. General Electric had a return on equity of 18.93% and a net margin of 11.48%. The business’s quarterly revenue was up 5.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.82 EPS. On average, equities analysts anticipate that General Electric will post 4.24 earnings per share for the current year.

General Electric Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Thursday, September 26th were given a dividend of $0.28 per share. The ex-dividend date was Thursday, September 26th. This represents a $1.12 annualized dividend and a yield of 0.62%. General Electric’s payout ratio is currently 19.68%.

General Electric Company Profile

General Electric Company, doing business as GE Aerospace, designs and produces commercial and defense aircraft engines, integrated engine components, electric power, and mechanical aircraft systems. It also offers aftermarket services to support its products. The company operates in the United States, Europe, China, Asia, the Americas, the Middle East, and Africa.