Cannell Peter B & Co. Inc. Reduces Position in General Electric (GE)

Cannell Peter B & Co. Inc. lessened its position in shares of General Electric (NYSE:GE) by 39.5% during the third quarter, Holdings Channel reports. The institutional investor owned 437,040 shares of the conglomerate’s stock after selling 285,334 shares during the quarter. Cannell Peter B & Co. Inc.’s holdings in General Electric were worth $10,568,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. MPS Loria Financial Planners LLC acquired a new stake in General Electric during the 2nd quarter worth approximately $113,000. Ffcm LLC acquired a new stake in General Electric during the 2nd quarter worth approximately $114,000. Corbenic Partners LLC lifted its position in General Electric by 15.7% during the 2nd quarter. Corbenic Partners LLC now owns 5,340 shares of the conglomerate’s stock worth $144,000 after acquiring an additional 725 shares during the period. Bristlecone Advisors LLC acquired a new stake in General Electric during the 3rd quarter worth approximately $164,000. Finally, Moisand Fitzgerald Tamayo LLC acquired a new stake in General Electric during the 3rd quarter worth approximately $204,000. Hedge funds and other institutional investors own 54.98% of the company’s stock.

In other news, insider Alexander Dimitrief acquired 2,689 shares of the company’s stock in a transaction that occurred on Monday, January 29th. The stock was purchased at an average cost of $16.16 per share, with a total value of $43,454.24. Following the purchase, the insider now directly owns 81,185 shares of the company’s stock, valued at approximately $1,311,949.60. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Francisco Dsouza acquired 55,000 shares of the company’s stock in a transaction that occurred on Monday, November 20th. The stock was purchased at an average cost of $17.94 per share, with a total value of $986,700.00. The disclosure for this purchase can be found here. Insiders purchased a total of 58,870 shares of company stock valued at $1,049,050 over the last ninety days. 0.36% of the stock is currently owned by company insiders.

A number of research firms have weighed in on GE. Citigroup set a $28.00 price objective on General Electric and gave the stock a “buy” rating in a research report on Monday, October 23rd. UBS Group cut General Electric from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $31.00 to $24.00 in a research report on Monday, October 23rd. Vetr cut General Electric from a “strong-buy” rating to a “buy” rating and set a $21.08 price objective for the company. in a research report on Wednesday, January 10th. Royal Bank of Canada cut General Electric from an “outperform” rating to a “sector perform” rating and decreased their price objective for the stock from $25.00 to $20.00 in a research report on Tuesday, November 14th. Finally, Deutsche Bank decreased their price objective on General Electric from $18.00 to $15.00 and set a “sell” rating for the company in a research report on Tuesday, November 21st. Five investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $19.86.

Shares of General Electric (NYSE:GE) opened at $15.05 on Friday. The company has a quick ratio of 1.53, a current ratio of 1.86 and a debt-to-equity ratio of 2.09. The company has a market capitalization of $130,510.00, a P/E ratio of 13.94, a PEG ratio of 2.82 and a beta of 0.93. General Electric has a 1-year low of $14.23 and a 1-year high of $30.59.

General Electric (NYSE:GE) last posted its quarterly earnings results on Wednesday, January 24th. The conglomerate reported $0.27 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.01). The business had revenue of $31.40 billion during the quarter, compared to analyst estimates of $33.93 billion. General Electric had a negative net margin of 4.74% and a positive return on equity of 12.26%. The firm’s quarterly revenue was down 5.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.46 earnings per share. sell-side analysts anticipate that General Electric will post 0.99 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 25th. Investors of record on Monday, February 26th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 3.19%. The ex-dividend date is Friday, February 23rd. General Electric’s payout ratio is currently 44.44%.

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About General Electric

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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Institutional Ownership by Quarter for General Electric (NYSE:GE)

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