Glenview Trust Co lowered its holdings in shares of General Electric (NYSE:GE) by 11.6% during the second quarter, HoldingsChannel.com reports. The firm owned 339,794 shares of the conglomerate’s stock after selling 44,551 shares during the quarter. Glenview Trust Co’s holdings in General Electric were worth $4,624,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. HC Financial Advisors Inc. purchased a new stake in General Electric during the fourth quarter valued at approximately $281,000. Stearns Financial Services Group lifted its position in General Electric by 5.8% during the first quarter. Stearns Financial Services Group now owns 319,678 shares of the conglomerate’s stock valued at $4,309,000 after acquiring an additional 17,442 shares during the last quarter. Columbia Asset Management lifted its position in General Electric by 6.3% during the first quarter. Columbia Asset Management now owns 279,953 shares of the conglomerate’s stock valued at $3,774,000 after acquiring an additional 16,534 shares during the last quarter. Schwab Charles Investment Management Inc. lifted its position in General Electric by 8.6% during the first quarter. Schwab Charles Investment Management Inc. now owns 34,433,303 shares of the conglomerate’s stock valued at $464,161,000 after acquiring an additional 2,736,657 shares during the last quarter. Finally, Centaurus Financial Inc. lifted its position in General Electric by 64.6% during the first quarter. Centaurus Financial Inc. now owns 46,866 shares of the conglomerate’s stock valued at $632,000 after acquiring an additional 18,387 shares during the last quarter. 53.81% of the stock is currently owned by institutional investors.
A number of equities research analysts recently commented on the stock. Gabelli reissued a “buy” rating on shares of General Electric in a research report on Wednesday, July 18th. Gordon Haskett assumed coverage on shares of General Electric in a research report on Friday, October 12th. They set a “sell” rating for the company. Royal Bank of Canada decreased their target price on shares of General Electric to $13.00 and set a “neutral” rating for the company in a research report on Friday, September 28th. Oppenheimer reaffirmed a “neutral” rating on shares of General Electric in a report on Tuesday, October 2nd. Finally, Citigroup set a $21.00 price target on shares of General Electric and gave the stock a “buy” rating in a report on Monday, October 1st. Five analysts have rated the stock with a sell rating, twelve have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $14.72.
Shares of General Electric stock opened at $8.58 on Friday. The company has a debt-to-equity ratio of 2.03, a current ratio of 1.66 and a quick ratio of 1.36. General Electric has a 1 year low of $8.15 and a 1 year high of $20.75. The firm has a market cap of $79.88 billion, a P/E ratio of 12.10, a price-to-earnings-growth ratio of 2.47 and a beta of 0.95.
General Electric (NYSE:GE) last issued its earnings results on Tuesday, October 30th. The conglomerate reported $0.14 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.20 by ($0.06). General Electric had a positive return on equity of 10.29% and a negative net margin of 27.36%. The business had revenue of $29.57 billion for the quarter, compared to analysts’ expectations of $30.08 billion. During the same period last year, the business earned $0.29 EPS. The company’s revenue for the quarter was down 3.6% on a year-over-year basis. As a group, equities analysts anticipate that General Electric will post 0.68 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, October 25th. Investors of record on Monday, September 17th were issued a dividend of $0.12 per share. The ex-dividend date was Friday, September 14th. This represents a $0.48 annualized dividend and a dividend yield of 5.59%. General Electric’s dividend payout ratio (DPR) is presently 45.71%.
In other news, Chairman H Lawrence Culp, Jr. purchased 225,000 shares of the company’s stock in a transaction that occurred on Thursday, November 1st. The shares were bought at an average price of $9.73 per share, for a total transaction of $2,189,250.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Alexander Dimitrief purchased 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 6th. The shares were purchased at an average price of $9.48 per share, for a total transaction of $94,800.00. Following the transaction, the senior vice president now owns 103,075 shares of the company’s stock, valued at approximately $977,151. The disclosure for this purchase can be found here. Company insiders own 1.12% of the company’s stock.
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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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