First Heartland Consultants Inc. reduced its holdings in General Electric Company (NYSE:GE) by 17.2% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 49,689 shares of the conglomerate’s stock after selling 10,324 shares during the quarter. First Heartland Consultants Inc.’s holdings in General Electric were worth $1,342,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of the company. Cubic Asset Management LLC grew its position in shares of General Electric by 1.5% in the 2nd quarter. Cubic Asset Management LLC now owns 234,961 shares of the conglomerate’s stock worth $6,346,000 after buying an additional 3,485 shares during the last quarter. Argyle Capital Management Inc. boosted its position in shares of General Electric by 1.4% during the second quarter. Argyle Capital Management Inc. now owns 162,677 shares of the conglomerate’s stock valued at $4,394,000 after purchasing an additional 2,258 shares in the last quarter. OLD Point Trust & Financial Services N A boosted its position in shares of General Electric by 1.6% during the second quarter. OLD Point Trust & Financial Services N A now owns 211,208 shares of the conglomerate’s stock valued at $5,705,000 after purchasing an additional 3,342 shares in the last quarter. Shell Asset Management Co. boosted its position in shares of General Electric by 2.2% during the second quarter. Shell Asset Management Co. now owns 1,392,298 shares of the conglomerate’s stock valued at $37,606,000 after purchasing an additional 30,341 shares in the last quarter. Finally, Balasa Dinverno & Foltz LLC boosted its position in shares of General Electric by 217.0% during the second quarter. Balasa Dinverno & Foltz LLC now owns 88,773 shares of the conglomerate’s stock valued at $2,398,000 after purchasing an additional 60,768 shares in the last quarter. Hedge funds and other institutional investors own 54.67% of the company’s stock.
In other General Electric news, Director James S. Tisch acquired 100,000 shares of the stock in a transaction dated Tuesday, August 22nd. The stock was purchased at an average price of $24.56 per share, with a total value of $2,456,000.00. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, CEO John Leonard Flannery acquired 103,983 shares of the stock in a transaction dated Tuesday, August 8th. The stock was acquired at an average cost of $25.56 per share, with a total value of $2,657,805.48. Following the transaction, the chief executive officer now directly owns 509,430 shares in the company, valued at $13,021,030.80. The disclosure for this purchase can be found here. Insiders bought a total of 233,253 shares of company stock valued at $5,860,264 in the last three months. Insiders own 0.36% of the company’s stock.
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Several research firms recently weighed in on GE. Morgan Stanley restated an “equal weight” rating and set a $27.00 price target on shares of General Electric in a research report on Monday, July 17th. J P Morgan Chase & Co set a $22.00 price target on General Electric and gave the company a “sell” rating in a research report on Tuesday, September 19th. Royal Bank Of Canada restated a “buy” rating and set a $31.00 price target on shares of General Electric in a research report on Friday, September 15th. Vetr upgraded General Electric from a “strong sell” rating to a “sell” rating and set a $21.63 price target on the stock in a research report on Monday, October 2nd. Finally, Deutsche Bank AG restated a “sell” rating and set a $21.00 price target (down from $24.00) on shares of General Electric in a research report on Monday, September 11th. Four analysts have rated the stock with a sell rating, eight have issued a hold rating and ten have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $28.16.
General Electric Company (NYSE GE) opened at 23.36 on Tuesday. The stock has a 50 day moving average price of $24.25 and a 200 day moving average price of $26.74. The stock has a market cap of $202.25 billion, a PE ratio of 28.45 and a beta of 1.19. General Electric Company has a 1-year low of $22.83 and a 1-year high of $32.38.
General Electric (NYSE:GE) last posted its quarterly earnings data on Friday, July 21st. The conglomerate reported $0.28 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.25 by $0.03. The firm had revenue of $29.56 billion during the quarter, compared to analysts’ expectations of $29.07 billion. General Electric had a return on equity of 14.59% and a net margin of 6.45%. The business’s quarterly revenue was down 11.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.51 EPS. On average, analysts predict that General Electric Company will post $1.53 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 25th. Stockholders of record on Monday, September 18th will be given a $0.24 dividend. The ex-dividend date of this dividend is Friday, September 15th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 4.11%. General Electric’s payout ratio is 118.52%.
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