Hayek Kallen Investment Management reduced its holdings in General Electric (NYSE:GE) by 23.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 21,515 shares of the conglomerate’s stock after selling 6,691 shares during the period. Hayek Kallen Investment Management’s holdings in General Electric were worth $192,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of the business. Ashburton Jersey Ltd bought a new stake in General Electric in the 2nd quarter valued at about $25,000. Venturi Wealth Management LLC acquired a new position in General Electric during the 3rd quarter worth approximately $25,000. Employers Holdings Inc. acquired a new position in General Electric during the 2nd quarter worth approximately $28,000. Fusion Family Wealth LLC increased its position in General Electric by 10,516.0% in the 2nd quarter. Fusion Family Wealth LLC now owns 2,654 shares of the conglomerate’s stock valued at $28,000 after acquiring an additional 2,629 shares during the period. Finally, Manchester Financial Inc. acquired a new position in General Electric in the 2nd quarter valued at approximately $30,000. Hedge funds and other institutional investors own 58.97% of the company’s stock.
Several equities analysts have issued reports on GE shares. JPMorgan Chase & Co. set a $5.00 price target on shares of General Electric and gave the company an “underweight” rating in a research report on Friday, November 1st. Credit Suisse Group restated a “hold” rating and issued a $10.00 price target on shares of General Electric in a research report on Monday, November 4th. Citigroup set a $14.00 price target on shares of General Electric and gave the company a “buy” rating in a research report on Wednesday, September 4th. UBS Group cut shares of General Electric from a “buy” rating to a “neutral” rating and decreased their price target for the company from $13.00 to $11.50 in a research report on Monday, July 15th. Finally, William Blair restated a “buy” rating on shares of General Electric in a research report on Friday, August 16th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $10.41.
Shares of NYSE:GE traded up $0.23 during trading on Friday, reaching $11.52. The stock had a trading volume of 61,022,582 shares, compared to its average volume of 60,476,536. The firm’s fifty day moving average is $9.25 and its 200 day moving average is $9.58. The company has a debt-to-equity ratio of 2.67, a quick ratio of 1.60 and a current ratio of 1.84. General Electric has a 52 week low of $6.66 and a 52 week high of $11.75. The stock has a market cap of $100.61 billion, a price-to-earnings ratio of 17.72, a P/E/G ratio of 2.46 and a beta of 1.13.
General Electric (NYSE:GE) last posted its quarterly earnings data on Wednesday, October 30th. The conglomerate reported $0.15 EPS for the quarter, beating the Zacks’ consensus estimate of $0.12 by $0.03. General Electric had a negative net margin of 4.39% and a positive return on equity of 11.69%. The company had revenue of $23.36 billion for the quarter, compared to analyst estimates of $22.93 billion. During the same period in the prior year, the firm posted $0.14 EPS. The company’s quarterly revenue was down .1% on a year-over-year basis. On average, research analysts forecast that General Electric will post 0.61 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Monday, September 16th were paid a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.35%. The ex-dividend date was Friday, September 13th. General Electric’s dividend payout ratio (DPR) is 6.15%.
In other news, Chairman H Lawrence Culp, Jr. bought 331,684 shares of the stock in a transaction dated Monday, August 12th. The stock was bought at an average price of $9.04 per share, for a total transaction of $2,998,423.36. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Thomas S. Timko bought 10,000 shares of the stock in a transaction dated Monday, August 19th. The stock was purchased at an average price of $8.83 per share, with a total value of $88,300.00. The disclosure for this purchase can be found here. Insiders acquired 801,068 shares of company stock worth $6,954,745 over the last ninety days. Insiders own 1.13% of the company’s stock.
About General Electric
General Electric Company operates as a high-tech industrial company worldwide. It operates through Power, Renewable Energy, Aviation, Oil & Gas, Healthcare, Transportation, Lighting, and Capital segments. The Power segment offers technologies, solutions, and services related to energy production, including gas and steam turbines, generators, and high voltage equipment; and power generation services.
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