Bank of New York Mellon Corp lessened its stake in General Electric (NYSE:GE) by 0.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 80,845,255 shares of the conglomerate’s stock after selling 624,136 shares during the period. Bank of New York Mellon Corp owned 0.93% of General Electric worth $1,954,839,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Toronto Dominion Bank boosted its holdings in General Electric by 21.3% in the second quarter. Toronto Dominion Bank now owns 3,375,683 shares of the conglomerate’s stock worth $91,179,000 after acquiring an additional 593,686 shares in the last quarter. Warren Averett Asset Management LLC lifted its holdings in shares of General Electric by 7.0% during the second quarter. Warren Averett Asset Management LLC now owns 103,854 shares of the conglomerate’s stock worth $2,805,000 after purchasing an additional 6,799 shares during the period. Palouse Capital Management Inc. lifted its holdings in shares of General Electric by 5.4% during the third quarter. Palouse Capital Management Inc. now owns 190,591 shares of the conglomerate’s stock worth $4,608,000 after purchasing an additional 9,755 shares during the period. Destination Wealth Management lifted its holdings in shares of General Electric by 5.6% during the second quarter. Destination Wealth Management now owns 775,177 shares of the conglomerate’s stock worth $20,938,000 after purchasing an additional 41,100 shares during the period. Finally, Boston Partners lifted its holdings in shares of General Electric by 2.5% during the third quarter. Boston Partners now owns 14,588,765 shares of the conglomerate’s stock worth $352,756,000 after purchasing an additional 360,154 shares during the period. Institutional investors own 54.98% of the company’s stock.
A number of equities research analysts recently commented on GE shares. JPMorgan Chase & Co. decreased their target price on General Electric from $19.00 to $17.00 and set an “underweight” rating for the company in a report on Wednesday, November 1st. Morningstar set a $23.50 target price on General Electric and gave the stock a “buy” rating in a report on Tuesday, January 23rd. Citigroup decreased their target price on General Electric from $24.00 to $23.00 and set a “buy” rating for the company in a report on Thursday, January 25th. Bank of America raised General Electric from a “neutral” rating to a “buy” rating and set a $27.00 target price for the company in a report on Monday, October 23rd. Finally, Royal Bank of Canada set a $25.00 target price on General Electric and gave the stock a “buy” rating in a report on Monday, October 23rd. Five research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $21.09.
Shares of General Electric (NYSE:GE) traded up $0.19 on Wednesday, hitting $14.86. The company had a trading volume of 64,527,251 shares, compared to its average volume of 106,155,211. The company has a debt-to-equity ratio of 2.09, a current ratio of 1.86 and a quick ratio of 1.53. General Electric has a 52-week low of $14.23 and a 52-week high of $30.59. The stock has a market capitalization of $128,170.00, a PE ratio of 13.76, a price-to-earnings-growth ratio of 2.81 and a beta of 0.93.
General Electric (NYSE:GE) last issued its quarterly earnings results on Wednesday, January 24th. The conglomerate reported $0.27 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.28 by ($0.01). General Electric had a positive return on equity of 12.26% and a negative net margin of 4.74%. The firm had revenue of $31.40 billion for the quarter, compared to analysts’ expectations of $33.93 billion. During the same quarter in the previous year, the firm posted $0.46 earnings per share. The firm’s revenue for the quarter was down 5.1% compared to the same quarter last year. sell-side analysts predict that General Electric will post 0.99 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 25th. Investors of record on Monday, February 26th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 3.23%. The ex-dividend date is Friday, February 23rd. General Electric’s payout ratio is 44.44%.
In related news, insider Alexander Dimitrief acquired 2,689 shares of the stock in a transaction on Monday, January 29th. The shares were bought at an average price of $16.16 per share, with a total value of $43,454.24. Following the completion of the purchase, the insider now owns 81,185 shares of the company’s stock, valued at approximately $1,311,949.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Steven M. Mollenkopf acquired 5,500 shares of the stock in a transaction on Thursday, November 16th. The shares were bought at an average cost of $18.24 per share, for a total transaction of $100,320.00. Following the purchase, the director now directly owns 5,500 shares of the company’s stock, valued at approximately $100,320. The disclosure for this purchase can be found here. Insiders have purchased 64,370 shares of company stock valued at $1,149,370 over the last quarter. 0.36% of the stock is owned by company insiders.
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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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