General Electric (GE) Stake Lessened by Eastern Bank

Eastern Bank lowered its position in shares of General Electric (NYSE:GE) by 7.0% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 175,821 shares of the conglomerate’s stock after selling 13,170 shares during the period. Eastern Bank’s holdings in General Electric were worth $1,984,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Pinnacle Wealth Management Advisory Group LLC boosted its position in General Electric by 28.1% in the 1st quarter. Pinnacle Wealth Management Advisory Group LLC now owns 16,411 shares of the conglomerate’s stock valued at $221,000 after buying an additional 3,600 shares during the period. Legacy Advisors LLC boosted its position in General Electric by 16.3% in the 2nd quarter. Legacy Advisors LLC now owns 26,145 shares of the conglomerate’s stock valued at $356,000 after buying an additional 3,669 shares during the period. Home Federal Bank of Tennessee boosted its position in General Electric by 7.4% in the 2nd quarter. Home Federal Bank of Tennessee now owns 53,210 shares of the conglomerate’s stock valued at $725,000 after buying an additional 3,675 shares during the period. Clarius Group LLC boosted its position in General Electric by 16.1% in the 2nd quarter. Clarius Group LLC now owns 27,865 shares of the conglomerate’s stock valued at $379,000 after buying an additional 3,864 shares during the period. Finally, Harvest Capital Management Inc boosted its position in General Electric by 12.3% in the 2nd quarter. Harvest Capital Management Inc now owns 35,354 shares of the conglomerate’s stock valued at $481,000 after buying an additional 3,866 shares during the period. Institutional investors and hedge funds own 54.48% of the company’s stock.

Shares of NYSE:GE opened at $7.01 on Friday. General Electric has a 12 month low of $6.99 and a 12 month high of $19.39. The company has a current ratio of 1.66, a quick ratio of 1.36 and a debt-to-equity ratio of 2.03. The firm has a market cap of $63.21 billion, a P/E ratio of 6.68, a P/E/G ratio of 2.07 and a beta of 0.88.

General Electric (NYSE:GE) last announced its quarterly earnings results on Tuesday, October 30th. The conglomerate reported $0.14 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 company had revenue of $29.57 billion for the quarter, compared to analyst estimates of $30.08 billion. During the same quarter in the prior year, the business earned $0.29 earnings per share. General Electric’s revenue was down 3.6% compared to the same quarter last year. Equities analysts expect that General Electric will post 0.67 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, January 25th. Investors of record on Thursday, December 20th will be paid a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 0.57%. General Electric’s dividend payout ratio is currently 45.71%.

A number of equities research analysts have recently weighed in on GE shares. Bank of America restated a “hold” rating and issued a $14.00 price objective on shares of General Electric in a report on Thursday, October 4th. Credit Suisse Group restated a “neutral” rating and issued a $12.00 price objective on shares of General Electric in a report on Wednesday, October 31st. ValuEngine upgraded shares of General Electric from a “strong sell” rating to a “sell” rating in a report on Saturday, October 6th. Deutsche Bank reduced their price objective on shares of General Electric from $11.00 to $7.00 and set a “hold” rating on the stock in a report on Friday, November 30th. Finally, JPMorgan Chase & Co. set a $10.00 price objective on shares of General Electric and gave the company a “sell” rating in a report on Wednesday, October 31st. Five equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $13.86.

In other General Electric news, Director Francisco Dsouza acquired 60,000 shares of the company’s stock in a transaction on Wednesday, November 14th. The shares were bought at an average cost of $8.32 per share, for a total transaction of $499,200.00. Following the completion of the purchase, the director now owns 151,500 shares in the company, valued at approximately $1,260,480. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Alexander Dimitrief acquired 10,000 shares of the company’s stock in a transaction on Tuesday, November 6th. The stock was acquired at an average price of $9.48 per share, for a total transaction of $94,800.00. Following the completion of the purchase, 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. Insiders have purchased a total of 295,000 shares of company stock worth $2,783,250 over the last quarter. 1.12% of the stock is owned by company insiders.

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General Electric 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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