State of Tennessee Treasury Department lowered its stake in General Electric (NYSE:GE) by 40.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,734,331 shares of the conglomerate’s stock after selling 2,546,473 shares during the period. State of Tennessee Treasury Department’s holdings in General Electric were worth $90,295,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in GE. Peak Financial Management Inc. boosted its position in shares of General Electric by 0.3% during the second quarter. Peak Financial Management Inc. now owns 9,284 shares of the conglomerate’s stock valued at $251,000 after buying an additional 25 shares during the period. Cutter & CO Brokerage Inc. boosted its position in shares of General Electric by 0.3% during the second quarter. Cutter & CO Brokerage Inc. now owns 20,620 shares of the conglomerate’s stock valued at $557,000 after buying an additional 67 shares during the period. NorthRock Partners LLC boosted its position in shares of General Electric by 0.9% during the second quarter. NorthRock Partners LLC now owns 8,842 shares of the conglomerate’s stock valued at $241,000 after buying an additional 80 shares during the period. Valmark Advisers Inc. boosted its position in shares of General Electric by 1.4% during the second quarter. Valmark Advisers Inc. now owns 9,797 shares of the conglomerate’s stock valued at $265,000 after buying an additional 138 shares during the period. Finally, Shapiro Capital Management LLC boosted its position in shares of General Electric by 0.8% during the second quarter. Shapiro Capital Management LLC now owns 18,868 shares of the conglomerate’s stock valued at $510,000 after buying an additional 147 shares during the period. Institutional investors own 55.62% of the company’s stock.
GE has been the subject of several recent analyst reports. Stifel Nicolaus restated a “buy” rating and set a $26.00 target price on shares of General Electric in a research report on Thursday, October 12th. JPMorgan Chase & Co. dropped their target price on General Electric from $19.00 to $17.00 and set an “underweight” rating for the company in a research report on Wednesday, November 1st. Vertical Research set a $18.00 target price on General Electric and gave the company a “hold” rating in a research report on Tuesday, January 16th. Vetr upgraded General Electric from a “strong sell” rating to a “sell” rating and set a $21.74 price target for the company in a report on Tuesday, October 10th. Finally, Citigroup set a $25.00 price target on General Electric and gave the company a “buy” rating in a report on Tuesday, November 14th. Six investment analysts have rated the stock with a sell rating, nine have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $22.94.
In other General Electric news, Director Steven M. Mollenkopf acquired 5,500 shares of General Electric stock in a transaction that occurred on Thursday, November 16th. The stock was bought at an average price of $18.24 per share, with a total value of $100,320.00. Following the completion of the purchase, the director now directly owns 5,500 shares of the company’s stock, valued at approximately $100,320. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman John Leonard Flannery acquired 60,000 shares of General Electric stock in a transaction that occurred on Wednesday, November 15th. The stock was acquired at an average cost of $18.27 per share, with a total value of $1,096,200.00. Following the purchase, the chairman now directly owns 575,477 shares of the company’s stock, valued at $10,513,964.79. The disclosure for this purchase can be found here. Insiders purchased 120,500 shares of company stock valued at $2,183,220 in the last three months. 0.36% of the stock is currently owned by insiders.
Shares of General Electric (GE) opened at $16.26 on Monday. The company has a quick ratio of 1.53, a current ratio of 1.86 and a debt-to-equity ratio of 1.14. The stock has a market capitalization of $141,010.00, a P/E ratio of 18.91, a P/E/G ratio of 3.01 and a beta of 1.07. General Electric has a twelve month low of $16.02 and a twelve month high of $30.90.
General Electric (NYSE:GE) last issued its quarterly earnings data on Friday, October 20th. The conglomerate reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.20). The business had revenue of $33.47 billion during the quarter, compared to the consensus estimate of $32.51 billion. General Electric had a return on equity of 13.72% and a net margin of 6.08%. The business’s quarterly revenue was up 11.5% on a year-over-year basis. During the same period last year, the firm earned $0.32 EPS. research analysts expect that General Electric will post 1.05 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 25th. Investors of record on Wednesday, December 27th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 2.95%. The ex-dividend date of this dividend is Tuesday, December 26th. General Electric’s dividend payout ratio (DPR) is 55.81%.
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General Electric Company Profile
General Electric Company is a global digital industrial company. The Company’s products and services range from aircraft engines, power generation, and oil and gas production equipment to medical imaging, financing and industrial products. Its segments include Power, which includes products and services related to energy production; Renewable Energy, which offers renewable power sources; Oil & Gas, including liquefied natural gas and pipelines; Aviation, which includes commercial and military aircraft engines, and integrated digital components, among others; Healthcare, which provides healthcare technologies in medical imaging, digital solutions, patient monitoring and diagnostics, and drug discovery, among others; Transportation, which is a supplier to the railroad, mining, marine, stationary power and drilling industries; Energy Connections & Lighting, which includes Energy Connections and Lighting businesses, and Capital, which is a financial services division.
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