Grace & White Inc. NY lowered its position in General Electric Company (NYSE:GE) by 9.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 23,581 shares of the conglomerate’s stock after selling 2,400 shares during the quarter. Grace & White Inc. NY’s holdings in General Electric were worth $637,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in the business. Harris Associates L P lifted its stake in shares of General Electric by 26.4% during the 1st quarter. Harris Associates L P now owns 46,376,143 shares of the conglomerate’s stock worth $1,382,009,000 after buying an additional 9,681,420 shares during the last quarter. UBS Oconnor LLC lifted its stake in shares of General Electric by 795.5% during the 1st quarter. UBS Oconnor LLC now owns 2,025,000 shares of the conglomerate’s stock worth $60,345,000 after buying an additional 1,798,877 shares during the last quarter. Nationwide Fund Advisors lifted its stake in shares of General Electric by 41.6% during the 1st quarter. Nationwide Fund Advisors now owns 5,420,262 shares of the conglomerate’s stock worth $161,524,000 after buying an additional 1,591,790 shares during the last quarter. Candriam Luxembourg S.C.A. lifted its stake in shares of General Electric by 134.7% during the 1st quarter. Candriam Luxembourg S.C.A. now owns 2,151,496 shares of the conglomerate’s stock worth $64,118,000 after buying an additional 1,234,776 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its stake in shares of General Electric by 17.8% during the 2nd quarter. Russell Investments Group Ltd. now owns 8,072,829 shares of the conglomerate’s stock worth $218,059,000 after buying an additional 1,222,434 shares during the last quarter. Hedge funds and other institutional investors own 54.53% of the company’s stock.
GE has been the subject of a number of research reports. J P Morgan Chase & Co restated an “underweight” rating and set a $22.00 target price (down previously from $27.00) on shares of General Electric in a research note on Thursday, July 6th. Goldman Sachs Group, Inc. (The) set a $29.00 target price on shares of General Electric and gave the stock a “neutral” rating in a research note on Friday, July 7th. Vetr upgraded shares of General Electric from a “buy” rating to a “strong-buy” rating and set a $30.48 target price for the company in a research note on Monday, July 10th. Citigroup Inc. restated a “buy” rating and set a $34.00 target price (down previously from $36.00) on shares of General Electric in a research note on Monday, July 10th. Finally, Morgan Stanley restated an “equal weight” rating and set a $27.00 target price on shares of General Electric in a research note on Monday, July 17th. Six analysts have rated the stock with a sell rating, six have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. General Electric presently has a consensus rating of “Hold” and an average price target of $25.84.
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In other news, Vice Chairman Elizabeth J. Comstock sold 24,693 shares of the stock in a transaction dated Wednesday, August 9th. The shares were sold at an average price of $25.65, for a total value of $633,375.45. Following the sale, the insider now directly owns 175,717 shares of the company’s stock, valued at $4,507,141.05. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO John Leonard Flannery purchased 103,983 shares of the stock in a transaction dated Tuesday, August 8th. The stock was purchased at an average cost of $25.56 per share, for a total transaction of $2,657,805.48. Following the completion of the acquisition, the chief executive officer now owns 509,430 shares of the company’s stock, valued at approximately $13,021,030.80. The disclosure for this purchase can be found here. Corporate insiders own 0.36% of the company’s stock.
General Electric (NYSE:GE) last announced its quarterly earnings results on Friday, October 20th. The conglomerate reported $0.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.20). General Electric had a return on equity of 13.72% and a net margin of 6.08%. The firm had revenue of $33.47 billion during the quarter, compared to analysts’ expectations of $32.51 billion. During the same period in the previous year, the company posted $0.32 earnings per share. The company’s quarterly revenue was up 11.5% compared to the same quarter last year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, October 25th. Stockholders of record on Monday, September 18th were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 4.76%. The ex-dividend date was Friday, September 15th. General Electric’s payout ratio is 120.00%.
About General Electric
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