Shikiar Asset Management Inc. grew its position in General Electric (NYSE:GE) by 124.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 281,480 shares of the conglomerate’s stock after acquiring an additional 156,005 shares during the quarter. General Electric comprises approximately 3.0% of Shikiar Asset Management Inc.’s portfolio, making the stock its 12th biggest position. Shikiar Asset Management Inc.’s holdings in General Electric were worth $6,806,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Peak Financial Management Inc. lifted its holdings in shares of General Electric by 0.3% during the second quarter. Peak Financial Management Inc. now owns 9,284 shares of the conglomerate’s stock worth $251,000 after purchasing an additional 25 shares during the period. Puplava Financial Services Inc. lifted its holdings in shares of General Electric by 0.4% during the second quarter. Puplava Financial Services Inc. now owns 11,209 shares of the conglomerate’s stock worth $303,000 after purchasing an additional 41 shares during the period. Cutter & CO Brokerage Inc. lifted its holdings in shares of General Electric by 0.3% during the second quarter. Cutter & CO Brokerage Inc. now owns 20,620 shares of the conglomerate’s stock worth $557,000 after purchasing an additional 67 shares during the period. Northwest Wealth Management LLC lifted its holdings in shares of General Electric by 0.8% during the second quarter. Northwest Wealth Management LLC now owns 9,392 shares of the conglomerate’s stock worth $254,000 after purchasing an additional 75 shares during the period. Finally, NorthRock Partners LLC lifted its holdings in shares of General Electric by 0.9% during the second quarter. NorthRock Partners LLC now owns 8,842 shares of the conglomerate’s stock worth $241,000 after purchasing an additional 80 shares during the period. 55.63% of the stock is owned by institutional investors and hedge funds.
Several equities research analysts recently weighed in on the company. JPMorgan Chase & Co. set a $22.00 price target on General Electric and gave the stock a “sell” rating in a report on Tuesday, September 19th. Citigroup set a $28.00 target price on General Electric and gave the company a “buy” rating in a report on Monday, October 23rd. UBS Group downgraded General Electric from a “buy” rating to a “neutral” rating and reduced their target price for the company from $31.00 to $24.00 in a report on Monday, October 23rd. Vetr downgraded General Electric from a “strong-buy” rating to a “buy” rating and set a $21.08 target price for the company. in a report on Wednesday. Finally, Royal Bank of Canada downgraded General Electric from an “outperform” rating to a “sector perform” rating and reduced their target price for the company from $25.00 to $20.00 in a report on Tuesday, November 14th. Six equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $23.19.
In other news, Chairman John Leonard Flannery purchased 60,000 shares of the company’s stock in a transaction dated Wednesday, November 15th. The stock was acquired at an average price of $18.27 per share, for a total transaction of $1,096,200.00. Following the completion of the transaction, the chairman now directly owns 575,477 shares in the company, valued at approximately $10,513,964.79. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Francisco Dsouza acquired 55,000 shares of the company’s stock in a transaction that occurred on Monday, November 20th. The shares were bought at an average price of $17.94 per share, with a total value of $986,700.00. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 120,500 shares of company stock valued at $2,183,220. Company insiders own 0.36% of the company’s stock.
Shares of General Electric (GE) traded up $0.10 during mid-day trading on Thursday, hitting $19.02. The stock had a trading volume of 99,730,000 shares, compared to its average volume of 65,580,000. General Electric has a twelve month low of $17.25 and a twelve month high of $31.52. The stock has a market capitalization of $164,940.00, a PE ratio of 22.12, a P/E/G ratio of 2.05 and a beta of 1.07. The company has a current ratio of 1.86, a quick ratio of 1.53 and a debt-to-equity ratio of 1.14.
General Electric (NYSE:GE) last announced its quarterly earnings results on Friday, October 20th. The conglomerate reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.20). General Electric had a net margin of 6.08% and a return on equity of 13.72%. The firm had revenue of $33.47 billion during the quarter, compared to analysts’ expectations of $32.51 billion. During the same quarter in the prior year, the business earned $0.32 EPS. The company’s quarterly revenue was up 11.5% compared to the same quarter last year. analysts forecast that General Electric will post 1.07 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, January 25th. Stockholders of record on Wednesday, December 27th will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date of this dividend is Tuesday, December 26th. General Electric’s dividend payout ratio is currently 55.81%.
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