Oppenheimer Asset Management Inc. decreased its holdings in General Electric (NYSE:GE) by 29.2% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 493,139 shares of the conglomerate’s stock after selling 203,405 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in General Electric were worth $11,925,000 as of its most recent filing with the SEC.
Other hedge funds have also made changes to their positions in the company. Toronto Dominion Bank raised its stake in shares of General Electric by 21.3% in the 2nd quarter. Toronto Dominion Bank now owns 3,375,683 shares of the conglomerate’s stock valued at $91,179,000 after buying an additional 593,686 shares in the last quarter. Palouse Capital Management Inc. raised its stake in shares of General Electric by 5.4% in the 3rd quarter. Palouse Capital Management Inc. now owns 190,591 shares of the conglomerate’s stock valued at $4,608,000 after buying an additional 9,755 shares in the last quarter. Destination Wealth Management raised its stake in shares of General Electric by 5.6% in the 2nd quarter. Destination Wealth Management now owns 775,177 shares of the conglomerate’s stock valued at $20,938,000 after buying an additional 41,100 shares in the last quarter. Boston Partners raised its stake in shares of General Electric by 2.5% in the 3rd quarter. Boston Partners now owns 14,588,765 shares of the conglomerate’s stock valued at $352,756,000 after buying an additional 360,154 shares in the last quarter. Finally, Rockland Trust Co. raised its stake in shares of General Electric by 8.6% in the 2nd quarter. Rockland Trust Co. now owns 205,544 shares of the conglomerate’s stock valued at $5,552,000 after buying an additional 16,309 shares in the last quarter. Institutional investors own 55.54% of the company’s stock.
In related news, insider Alexander Dimitrief acquired 2,689 shares of the firm’s stock in a transaction on Monday, January 29th. The shares were purchased at an average price of $16.16 per share, with a total value of $43,454.24. Following the acquisition, the insider now directly owns 81,185 shares in the company, valued at $1,311,949.60. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. 0.36% of the stock is owned by corporate insiders.
General Electric (NYSE:GE) last issued its quarterly earnings data on Wednesday, January 24th. The conglomerate reported $0.27 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.01). General Electric had a positive return on equity of 11.60% and a negative net margin of 4.74%. The company had revenue of $31.40 billion for the quarter, compared to the consensus estimate of $33.93 billion. During the same period in the prior year, the company earned $0.46 EPS. The firm’s revenue was down 5.1% compared to the same quarter last year. equities analysts forecast that General Electric will post 0.99 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 25th. Shareholders of record on Monday, February 26th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 3.21%. The ex-dividend date is Friday, February 23rd. General Electric’s dividend payout ratio is currently -66.67%.
A number of brokerages have recently issued reports on GE. Royal Bank of Canada cut shares of General Electric from an “outperform” rating to a “sector perform” rating and dropped their price objective for the company from $25.00 to $20.00 in a research note on Tuesday, November 14th. Stifel Nicolaus set a $22.00 target price on shares of General Electric and gave the stock a “neutral” rating in a research report on Tuesday, November 14th. Goldman Sachs Group set a $22.00 target price on shares of General Electric and gave the stock a “neutral” rating in a research report on Tuesday, November 14th. Bank of America reiterated a “buy” rating and set a $23.00 target price (down previously from $27.00) on shares of General Electric in a research report on Tuesday, November 14th. Finally, Morningstar reiterated a “buy” rating on shares of General Electric in a research report on Tuesday, November 14th. Five analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $18.44.
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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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