Cumberland Partners Ltd Invests $404,000 in General Electric (GE) Stock

Cumberland Partners Ltd bought a new position in shares of General Electric (NYSE:GE) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 29,700 shares of the conglomerate’s stock, valued at approximately $404,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in GE. Franklin Resources Inc. raised its stake in General Electric by 11.0% in the first quarter. Franklin Resources Inc. now owns 204,957,949 shares of the conglomerate’s stock valued at $2,762,834,000 after buying an additional 20,275,020 shares during the period. The Manufacturers Life Insurance Company raised its stake in General Electric by 43.9% in the first quarter. The Manufacturers Life Insurance Company now owns 90,257,543 shares of the conglomerate’s stock valued at $1,216,672,000 after buying an additional 27,527,425 shares during the period. Barrow Hanley Mewhinney & Strauss LLC raised its stake in General Electric by 15.2% in the first quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 74,590,954 shares of the conglomerate’s stock valued at $1,005,486,000 after buying an additional 9,835,343 shares during the period. Schwab Charles Investment Management Inc. raised its stake in General Electric by 6.3% in the second quarter. Schwab Charles Investment Management Inc. now owns 36,605,388 shares of the conglomerate’s stock valued at $498,200,000 after buying an additional 2,172,085 shares during the period. Finally, Swiss National Bank raised its stake in General Electric by 3.2% in the second quarter. Swiss National Bank now owns 28,706,161 shares of the conglomerate’s stock valued at $390,691,000 after buying an additional 883,200 shares during the period. Institutional investors and hedge funds own 53.75% of the company’s stock.

General Electric stock opened at $9.58 on Friday. General Electric has a 12 month low of $9.54 and a 12 month high of $20.75. The company has a debt-to-equity ratio of 2.40, a quick ratio of 1.51 and a current ratio of 1.81. The company has a market capitalization of $88.39 billion, a PE ratio of 9.12, a PEG ratio of 1.99 and a beta of 0.96.

General Electric (NYSE:GE) last posted its earnings results on Tuesday, October 30th. The conglomerate reported $0.14 EPS for the quarter, missing the consensus estimate of $0.20 by ($0.06). General Electric had a negative net margin of 27.36% and a positive return on equity of 10.29%. The firm had revenue of $29.57 billion during the quarter, compared to analyst estimates of $30.08 billion. During the same period in the previous year, the company posted $0.29 EPS. General Electric’s revenue for the quarter was down 3.6% compared to the same quarter last year. On average, analysts anticipate that General Electric will post 0.93 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Thursday, October 25th. Stockholders of record on Monday, September 17th were given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 5.01%. The ex-dividend date was Friday, September 14th. General Electric’s payout ratio is 45.71%.

GE has been the topic of several research analyst reports. Citigroup set a $21.00 price objective on General Electric and gave the company a “buy” rating in a research note on Monday, October 1st. UBS Group dropped their price objective on General Electric from $16.00 to $13.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 5th. JPMorgan Chase & Co. restated a “sell” rating and issued a $11.00 price objective on shares of General Electric in a research note on Thursday, August 9th. Bank of America set a $16.00 price objective on General Electric and gave the company a “hold” rating in a research note on Monday, September 24th. Finally, Morningstar set a $15.70 price objective on General Electric and gave the company a “buy” rating in a research note on Monday, August 13th. Five analysts have rated the stock with a sell rating, twelve have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $14.94.

General Electric Company Profile

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

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