Parsons Capital Management Inc. RI cut its position in shares of General Electric (NYSE:GE) by 8.9% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 173,674 shares of the conglomerate’s stock after selling 16,908 shares during the period. Parsons Capital Management Inc. RI’s holdings in General Electric were worth $2,364,000 at the end of the most recent reporting period.
Several other hedge funds have also recently modified their holdings of the company. Fusion Family Wealth LLC boosted its stake in shares of General Electric by 153.3% during the 2nd quarter. Fusion Family Wealth LLC now owns 8,264 shares of the conglomerate’s stock worth $112,000 after acquiring an additional 5,002 shares in the last quarter. Mount Yale Investment Advisors LLC bought a new stake in shares of General Electric during the 1st quarter worth $116,000. Archford Capital Strategies LLC bought a new stake in shares of General Electric during the 1st quarter worth $121,000. Blue Chip Wealth Management Inc. bought a new stake in shares of General Electric during the 1st quarter worth $135,000. Finally, Harborview Advisors LLC bought a new stake in shares of General Electric during the 1st quarter worth $137,000. Institutional investors own 53.75% of the company’s stock.
Several equities research analysts have recently weighed in on the company. UBS Group lowered General Electric to an “add” rating and set a $23.00 price objective for the company. in a research note on Tuesday, October 2nd. Cowen reaffirmed a “hold” rating and issued a $14.50 target price on shares of General Electric in a research report on Monday, October 1st. MED raised General Electric from a “sell” rating to a “hold” rating and set a $15.00 target price for the company in a research report on Thursday, July 12th. JPMorgan Chase & Co. reaffirmed an “underweight” rating on shares of General Electric in a research report on Tuesday, July 24th. Finally, Deutsche Bank set a $15.00 target price on General Electric and gave the stock a “hold” rating in a research report on Thursday, July 12th. Five investment analysts have rated the stock with a sell rating, fourteen have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $15.94.
The firm also recently announced a quarterly dividend, which was paid on Thursday, October 25th. Stockholders of record on Monday, September 17th were given a $0.12 dividend. The ex-dividend date was Friday, September 14th. This represents a $0.48 annualized dividend and a dividend yield of 4.30%. General Electric’s dividend payout ratio (DPR) is presently 45.71%.
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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