Tiverton Asset Management LLC purchased a new position in shares of General Electric (NYSE:GE) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 30,703 shares of the conglomerate’s stock, valued at approximately $418,000.
Several other hedge funds also recently added to or reduced their stakes in the business. Franklin Resources Inc. raised its holdings in shares of General Electric by 11.0% in the 1st quarter. Franklin Resources Inc. now owns 204,957,949 shares of the conglomerate’s stock worth $2,762,834,000 after purchasing an additional 20,275,020 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of General Electric by 43.9% in the 1st quarter. The Manufacturers Life Insurance Company now owns 90,257,543 shares of the conglomerate’s stock worth $1,216,672,000 after purchasing an additional 27,527,425 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC raised its holdings in shares of General Electric by 15.2% in the 1st quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 74,590,954 shares of the conglomerate’s stock worth $1,005,486,000 after purchasing an additional 9,835,343 shares in the last quarter. Schwab Charles Investment Management Inc. raised its holdings in shares of General Electric by 6.3% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 36,605,388 shares of the conglomerate’s stock worth $498,200,000 after purchasing an additional 2,172,085 shares in the last quarter. Finally, Swiss National Bank raised its holdings in shares of General Electric by 3.2% in the 2nd quarter. Swiss National Bank now owns 28,706,161 shares of the conglomerate’s stock worth $390,691,000 after purchasing an additional 883,200 shares in the last quarter. Institutional investors own 53.81% of the company’s stock.
In related news, Chairman H Lawrence Culp, Jr. acquired 225,000 shares of the stock in a transaction that occurred on Thursday, November 1st. The shares were purchased at an average cost of $9.73 per share, with a total value of $2,189,250.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.12% of the company’s stock.
A number of analysts recently commented on the stock. Barclays dropped their target price on shares of General Electric from $16.00 to $13.00 and set an “overweight” rating on the stock in a report on Wednesday, October 31st. Deutsche Bank cut their price target on shares of General Electric from $13.00 to $11.00 and set a “hold” rating on the stock in a report on Wednesday, October 31st. Credit Suisse Group restated a “neutral” rating and set a $12.00 price target on shares of General Electric in a report on Wednesday, October 31st. UBS Group upgraded shares of General Electric from a “neutral” rating to a “buy” rating and set a $13.00 price target on the stock in a report on Wednesday, October 31st. Finally, JPMorgan Chase & Co. set a $10.00 price target on shares of General Electric and gave the company a “sell” rating in a report on Wednesday, October 31st. Five investment analysts have rated the stock with a sell rating, twelve have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $14.94.
Shares of GE opened at $9.28 on Tuesday. General Electric has a 52 week low of $9.06 and a 52 week high of $20.75. The company has a market cap of $80.66 billion, a P/E ratio of 8.84, a P/E/G ratio of 2.40 and a beta of 0.95. The company has a current ratio of 1.66, a quick ratio of 1.36 and a debt-to-equity ratio of 2.03.
General Electric (NYSE:GE) last announced its quarterly earnings data on Tuesday, October 30th. The conglomerate reported $0.14 EPS for the quarter, missing the Zacks’ 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 company had revenue of $29.57 billion for the quarter, compared to analysts’ expectations of $30.08 billion. During the same period in the previous year, the firm posted $0.29 earnings per share. The business’s revenue for the quarter was down 3.6% on a year-over-year basis. On average, equities research analysts predict that General Electric will post 0.7 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 25th. Investors of record on Monday, September 17th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 5.17%. The ex-dividend date was Friday, September 14th. General Electric’s payout ratio is presently 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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