Pinnacle Associates Ltd. reduced its stake in shares of General Electric (NYSE:GE) by 14.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 351,529 shares of the conglomerate’s stock after selling 57,210 shares during the quarter. Pinnacle Associates Ltd.’s holdings in General Electric were worth $3,969,000 as of its most recent SEC filing.
A number of other institutional investors also recently added to or reduced their stakes in GE. FMR LLC grew its holdings in shares of General Electric by 158.6% during the second quarter. FMR LLC now owns 205,696,411 shares of the conglomerate’s stock worth $2,799,528,000 after purchasing an additional 126,169,069 shares during the last quarter. Morgan Stanley grew its holdings in shares of General Electric by 26.1% during the second quarter. Morgan Stanley now owns 54,507,783 shares of the conglomerate’s stock worth $741,852,000 after purchasing an additional 11,294,608 shares during the last quarter. Schwab Charles Investment Management Inc. grew its holdings in shares of General Electric by 6.3% during the second quarter. Schwab Charles Investment Management Inc. now owns 36,605,388 shares of the conglomerate’s stock worth $498,200,000 after purchasing an additional 2,172,085 shares during the last quarter. Pzena Investment Management LLC grew its holdings in shares of General Electric by 95.6% during the third quarter. Pzena Investment Management LLC now owns 33,345,586 shares of the conglomerate’s stock worth $376,472,000 after purchasing an additional 16,297,449 shares during the last quarter. Finally, Swiss National Bank grew its holdings in shares of General Electric by 3.2% during the second quarter. Swiss National Bank now owns 28,706,161 shares of the conglomerate’s stock worth $390,691,000 after purchasing an additional 883,200 shares during the last quarter. Hedge funds and other institutional investors own 54.45% of the company’s stock.
General Electric stock opened at $8.74 on Thursday. The stock has a market capitalization of $75.19 billion, a P/E ratio of 8.32, a PEG ratio of 2.23 and a beta of 0.67. General Electric has a 12-month low of $6.66 and a 12-month high of $17.36. The company has a current ratio of 1.66, a quick ratio of 1.36 and a debt-to-equity ratio of 2.03.
General Electric (NYSE:GE) last posted its quarterly earnings results on Tuesday, October 30th. The conglomerate reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($0.06). The firm had revenue of $29.57 billion during the quarter, compared to the consensus estimate of $30.08 billion. General Electric had a negative net margin of 27.36% and a positive return on equity of 10.29%. General Electric’s revenue was down 3.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.29 EPS. As a group, equities analysts predict that General Electric will post 0.67 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, January 25th. Shareholders of record on Thursday, December 20th will be issued a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 0.46%. The ex-dividend date of this dividend is Wednesday, December 19th. General Electric’s dividend payout ratio (DPR) is currently 3.81%.
In related news, SVP Alexander Dimitrief bought 10,000 shares of General Electric stock in a transaction on Tuesday, November 6th. The shares were purchased at an average price of $9.48 per share, for a total transaction of $94,800.00. Following the completion of the acquisition, the senior vice president now owns 103,075 shares in the company, valued at $977,151. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Francisco Dsouza bought 60,000 shares of General Electric stock in a transaction on Wednesday, November 14th. The shares were bought at an average price of $8.32 per share, for a total transaction of $499,200.00. Following the acquisition, the director now owns 151,500 shares of the company’s stock, valued at approximately $1,260,480. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 295,000 shares of company stock worth $2,783,250. Company insiders own 1.12% of the company’s stock.
Several brokerages have recently commented on GE. UBS Group cut General Electric to an “add” rating and set a $23.00 target price on the stock. in a report on Tuesday, October 2nd. Cowen restated a “hold” rating and set a $14.50 target price on shares of General Electric in a report on Monday, October 1st. Barclays restated a “neutral” rating and set a $16.00 target price on shares of General Electric in a report on Tuesday, October 2nd. Morningstar set a $15.70 target price on General Electric and gave the stock a “buy” rating in a report on Tuesday, October 2nd. Finally, JPMorgan Chase & Co. restated a “sell” rating and set a $10.00 target price on shares of General Electric in a report on Thursday, October 25th. Four investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and nine have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $13.32.
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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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