Kornitzer Capital Management Inc. KS cut its holdings in shares of General Electric (NYSE:GE) by 39.4% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 277,170 shares of the conglomerate’s stock after selling 179,988 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in General Electric were worth $2,910,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors have also recently made changes to their positions in GE. Ashburton Jersey Ltd bought a new stake in General Electric during the 2nd quarter worth approximately $25,000. Arbor Wealth Management LLC bought a new stake in General Electric during the 4th quarter worth approximately $30,000. Manchester Financial Inc. bought a new stake in General Electric during the 2nd quarter worth approximately $30,000. SevenBridge Financial Group LLC increased its stake in General Electric by 100.4% during the 4th quarter. SevenBridge Financial Group LLC now owns 4,193 shares of the conglomerate’s stock worth $32,000 after purchasing an additional 2,101 shares in the last quarter. Finally, Executive Wealth Management LLC bought a new stake in General Electric during the 4th quarter worth approximately $36,000. Institutional investors and hedge funds own 57.49% of the company’s stock.
In other news, Director Paula Rosput Reynolds bought 5,000 shares of the company’s stock in a transaction dated Wednesday, August 14th. The stock was bought at an average price of $9.05 per share, with a total value of $45,250.00. Following the completion of the acquisition, the director now owns 16,500 shares of the company’s stock, valued at $149,325. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Edward P. Garden sold 1,289,538 shares of General Electric stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $10.02, for a total value of $12,921,170.76. Following the sale, the director now directly owns 25,000 shares of the company’s stock, valued at approximately $250,500. The disclosure for this sale can be found here. Insiders purchased 749,732 shares of company stock valued at $6,536,708 over the last three months. 1.13% of the stock is owned by company insiders.
General Electric (NYSE:GE) last issued its quarterly earnings results on Wednesday, July 31st. The conglomerate reported $0.17 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.05. The company had revenue of $28.83 billion during the quarter, compared to analysts’ expectations of $28.83 billion. General Electric had a negative net margin of 15.38% and a positive return on equity of 10.64%. The business’s quarterly revenue was down 1.1% on a year-over-year basis. During the same period last year, the business earned $0.19 EPS. On average, analysts anticipate that General Electric will post 0.64 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, July 25th. Investors of record on Monday, July 1st were paid a $0.01 dividend. The ex-dividend date of this dividend was Friday, June 28th. This represents a $0.04 annualized dividend and a dividend yield of 0.47%. General Electric’s dividend payout ratio is presently 6.15%.
A number of analysts recently issued reports on GE shares. Citigroup set a $14.00 target price on General Electric and gave the stock a “buy” rating in a research note on Wednesday, June 19th. Deutsche Bank set a $10.00 target price on General Electric and gave the stock a “hold” rating in a research note on Thursday, May 2nd. ValuEngine cut General Electric from a “hold” rating to a “sell” rating in a research note on Friday. Cowen reissued a “hold” rating and set a $8.00 target price on shares of General Electric in a research note on Wednesday, May 1st. Finally, William Blair reissued a “buy” rating on shares of General Electric in a research note on Thursday, June 13th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and eight have assigned a buy rating to the company. General Electric currently has a consensus rating of “Hold” and an average price target of $11.68.
General Electric Profile
General Electric Company operates as a high-tech industrial company worldwide. It operates through Power, Renewable Energy, Aviation, Oil & Gas, Healthcare, Transportation, Lighting, and Capital segments. The Power segment offers technologies, solutions, and services related to energy production, including gas and steam turbines, generators, and high voltage equipment; and power generation services.
Featured Story: Bear Market
Want to see what other hedge funds are holding GE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for General Electric (NYSE:GE).
Receive News & Ratings for General Electric Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for General Electric and related companies with MarketBeat.com's FREE daily email newsletter.