Spears Abacus Advisors LLC Lowers Stake in General Electric (GE)

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Spears Abacus Advisors LLC cut its holdings in General Electric (NYSE:GE) by 0.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 860,512 shares of the conglomerate’s stock after selling 7,383 shares during the quarter. General Electric makes up approximately 1.5% of Spears Abacus Advisors LLC’s portfolio, making the stock its 25th largest holding. Spears Abacus Advisors LLC’s holdings in General Electric were worth $11,712,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Gulf International Bank UK Ltd boosted its position in General Electric by 2.5% during the second quarter. Gulf International Bank UK Ltd now owns 2,799,022 shares of the conglomerate’s stock worth $38,094,000 after acquiring an additional 67,257 shares during the last quarter. Pure Financial Advisors Inc. acquired a new position in shares of General Electric in the 2nd quarter valued at $207,000. Tributary Capital Management LLC boosted its holdings in shares of General Electric by 5,184.5% in the 2nd quarter. Tributary Capital Management LLC now owns 73,455 shares of the conglomerate’s stock valued at $1,000,000 after purchasing an additional 72,065 shares during the last quarter. ST Germain D J Co. Inc. boosted its holdings in shares of General Electric by 2.2% in the 2nd quarter. ST Germain D J Co. Inc. now owns 1,127,751 shares of the conglomerate’s stock valued at $15,349,000 after purchasing an additional 24,812 shares during the last quarter. Finally, Filament LLC acquired a new position in shares of General Electric in the 2nd quarter valued at $154,000. Institutional investors and hedge funds own 53.81% of the company’s stock.

In other General Electric news, Chairman H Lawrence Culp, Jr. bought 225,000 shares of the business’s stock in a transaction dated Thursday, November 1st. The shares were acquired at an average price of $9.73 per share, with a total value of $2,189,250.00. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 1.12% of the company’s stock.

GE has been the topic of a number of research analyst reports. JPMorgan Chase & Co. set a $11.00 price target on shares of General Electric and gave the company a “sell” rating in a report on Monday, July 23rd. Gabelli reiterated a “buy” rating and issued a $21.00 price target on shares of General Electric in a report on Monday, September 24th. Citigroup decreased their price target on shares of General Electric from $19.00 to $18.00 and set a “buy” rating on the stock in a report on Tuesday, October 30th. Morningstar set a $15.70 price target on shares of General Electric and gave the company a “buy” rating in a report on Monday, August 13th. Finally, Barclays upgraded shares of General Electric from an “equal weight” rating to an “overweight” rating and set a $16.00 price target on the stock in a report on Monday, October 8th. Five research analysts have rated the stock with a sell rating, twelve have issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $14.94.

Shares of GE stock opened at $9.28 on Tuesday. General Electric has a 52 week low of $9.06 and a 52 week high of $20.75. The company has a current ratio of 1.66, a quick ratio of 1.36 and a debt-to-equity ratio of 2.03. The firm has a market capitalization of $80.66 billion, a PE ratio of 8.84, a price-to-earnings-growth ratio of 2.40 and a beta of 0.95.

General Electric (NYSE:GE) last issued its earnings results on Tuesday, October 30th. The conglomerate reported $0.14 EPS for the quarter, missing the Zacks’ consensus estimate of $0.20 by ($0.06). General Electric had a negative net margin of 27.36% and a positive return on equity of 10.29%. The business had revenue of $29.57 billion during the quarter, compared to analysts’ expectations of $30.08 billion. During the same period in the prior year, the business posted $0.29 EPS. The business’s revenue was down 3.6% on a year-over-year basis. On average, equities analysts expect that General Electric will post 0.7 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 25th. Stockholders of record on Monday, September 17th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 5.17%. The ex-dividend date of this dividend was Friday, September 14th. General Electric’s dividend payout ratio is presently 45.71%.

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About General Electric

General Electric Company operates as a digital industrial company worldwide. It operates through Power, Renewable Energy, Oil & Gas, Aviation, Healthcare, Transportation, Lighting, and Capital segments. The Power segment offers technologies, solutions, and services related to energy production, including gas and steam turbines, engines, generators, and high voltage equipment; and power generation services and digital solutions.

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

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