Daniel Devine & Co lowered its stake in shares of General Electric (NYSE:GE) by 3.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 76,451 shares of the conglomerate’s stock after selling 3,050 shares during the quarter. General Electric comprises 1.4% of Daniel Devine & Co’s portfolio, making the stock its 15th largest position. Daniel Devine & Co’s holdings in General Electric were worth $1,849,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Truepoint Inc. grew its holdings in General Electric by 2,010.7% in the third quarter. Truepoint Inc. now owns 1,086,675 shares of the conglomerate’s stock worth $1,087,000 after purchasing an additional 1,035,190 shares during the period. Garde Capital Inc. grew its holdings in General Electric by 104.6% in the third quarter. Garde Capital Inc. now owns 38,768 shares of the conglomerate’s stock worth $937,000 after purchasing an additional 19,819 shares during the period. WealthTrust Fairport LLC grew its holdings in General Electric by 7.2% in the third quarter. WealthTrust Fairport LLC now owns 89,066 shares of the conglomerate’s stock worth $2,154,000 after purchasing an additional 5,980 shares during the period. ICICI Prudential Asset Management Co Ltd lifted its stake in shares of General Electric by 81.4% in the third quarter. ICICI Prudential Asset Management Co Ltd now owns 18,500 shares of the conglomerate’s stock worth $447,000 after buying an additional 8,300 shares in the last quarter. Finally, Moors & Cabot Inc. lifted its stake in shares of General Electric by 12.3% in the third quarter. Moors & Cabot Inc. now owns 446,041 shares of the conglomerate’s stock worth $10,763,000 after buying an additional 49,010 shares in the last quarter. Institutional investors own 56.30% of the company’s stock.
In other General Electric news, insider Alexander Dimitrief bought 2,689 shares of General Electric stock in a transaction on Monday, January 29th. The stock was acquired at an average cost of $16.16 per share, with a total value of $43,454.24. Following the completion of the acquisition, the insider now owns 81,185 shares in the company, valued at $1,311,949.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.12% of the stock is currently owned by corporate insiders.
GE has been the topic of several analyst reports. Morningstar set a $23.50 target price on shares of General Electric and gave the stock a “buy” rating in a research note on Tuesday, January 23rd. Citigroup dropped their target price on shares of General Electric from $24.00 to $23.00 and set a “buy” rating on the stock in a research note on Thursday, January 25th. Stifel Nicolaus set a $18.00 target price on shares of General Electric and gave the stock a “neutral” rating in a research note on Monday, December 11th. Cowen reiterated a “market perform” rating and issued a $15.00 target price (down previously from $17.00) on shares of General Electric in a research note on Monday, February 26th. Finally, UBS initiated coverage on shares of General Electric in a research note on Tuesday, January 23rd. They issued a “neutral” rating and a $17.00 target price on the stock. Six investment analysts have rated the stock with a sell rating, twelve have given a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. General Electric currently has an average rating of “Hold” and a consensus target price of $18.09.
General Electric stock traded down $0.37 during midday trading on Friday, reaching $13.06. 63,438,985 shares of the company traded hands, compared to its average volume of 78,208,688. The company has a market cap of $116,607.00, a price-to-earnings ratio of 12.44, a price-to-earnings-growth ratio of 2.61 and a beta of 1.02. General Electric has a 12 month low of $12.73 and a 12 month high of $30.54. The company has a quick ratio of 1.59, a current ratio of 1.87 and a debt-to-equity ratio of 1.32.
General Electric (NYSE:GE) last announced its earnings results on Wednesday, January 24th. The conglomerate reported $0.27 EPS for the quarter, missing the Zacks’ consensus estimate of $0.28 by ($0.01). General Electric had a negative net margin of 4.74% and a positive return on equity of 11.60%. The business had revenue of $31.40 billion for the quarter, compared to analysts’ expectations of $33.93 billion. During the same period in the prior year, the company posted $0.46 earnings per share. The firm’s quarterly revenue was down 5.1% on a year-over-year basis. sell-side analysts expect that General Electric will post 0.96 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 25th. Shareholders of record on Monday, February 26th will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, February 23rd. This represents a $0.48 dividend on an annualized basis and a yield of 3.68%. General Electric’s dividend payout ratio is currently 45.71%.
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About General Electric
General Electric Company operates as a digital industrial company worldwide. It operates through Power, Renewable Energy, Oil & Gas, Aviation, Healthcare, Transportation, Lighting, and Capital segments. The Power segment offers technologies, solutions, and services related to energy production, including gas and steam turbines, engines, generators, and high voltage equipment; and power generation services and digital solutions.
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