Greenwood Capital Associates LLC Takes Position in General Electric (NYSE:GE)

Greenwood Capital Associates LLC purchased a new stake in shares of General Electric (NYSE:GE) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 25,062 shares of the conglomerate’s stock, valued at approximately $2,396,000.

A number of other large investors have also made changes to their positions in GE. Sei Investments Co. raised its holdings in shares of General Electric by 10.0% during the first quarter. Sei Investments Co. now owns 305,384 shares of the conglomerate’s stock valued at $27,925,000 after acquiring an additional 27,682 shares during the period. Prudential PLC purchased a new position in General Electric during the first quarter valued at approximately $1,518,000. Sequoia Financial Advisors LLC grew its position in General Electric by 2.9% during the first quarter. Sequoia Financial Advisors LLC now owns 11,748 shares of the conglomerate’s stock valued at $1,075,000 after purchasing an additional 334 shares in the last quarter. Merit Financial Group LLC purchased a new position in General Electric during the first quarter valued at approximately $388,000. Finally, West Family Investments Inc. purchased a new position in General Electric during the first quarter valued at approximately $230,000. Institutional investors and hedge funds own 74.83% of the company’s stock.

General Electric Price Performance

Shares of GE traded down $0.63 during trading hours on Wednesday, hitting $114.70. The stock had a trading volume of 3,101,614 shares, compared to its average volume of 6,275,591. The company’s fifty day moving average is $111.15 and its two-hundred day moving average is $101.28. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.25 and a quick ratio of 0.90. General Electric has a 52 week low of $48.06 and a 52 week high of $117.96. The stock has a market capitalization of $124.84 billion, a price-to-earnings ratio of 13.60, a P/E/G ratio of 6.98 and a beta of 1.28.

General Electric (NYSE:GE) last posted its earnings results on Tuesday, July 25th. The conglomerate reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.22. General Electric had a net margin of 13.32% and a return on equity of 9.30%. The business had revenue of $15.85 billion for the quarter, compared to analyst estimates of $14.76 billion. During the same quarter in the prior year, the firm earned $0.78 EPS. The firm’s quarterly revenue was up 18.6% compared to the same quarter last year. On average, analysts anticipate that General Electric will post 2.33 EPS for the current year.

General Electric Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 25th. Stockholders of record on Tuesday, July 11th were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.28%. The ex-dividend date of this dividend was Monday, July 10th. General Electric’s payout ratio is 3.80%.

Insider Transactions at General Electric

In other General Electric news, SVP Michael J. Holston sold 112,614 shares of the stock in a transaction dated Thursday, July 27th. The shares were sold at an average price of $115.20, for a total transaction of $12,973,132.80. Following the sale, the senior vice president now owns 57,923 shares of the company’s stock, valued at approximately $6,672,729.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, SVP Michael J. Holston sold 112,614 shares of General Electric stock in a transaction that occurred on Thursday, July 27th. The shares were sold at an average price of $115.20, for a total transaction of $12,973,132.80. Following the transaction, the senior vice president now owns 57,923 shares of the company’s stock, valued at approximately $6,672,729.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder General Electric Pension Trust acquired 35,160 shares of General Electric stock in a transaction that occurred on Friday, June 30th. The shares were purchased at an average cost of $995.44 per share, for a total transaction of $34,999,670.40. Following the purchase, the insider now directly owns 175,160 shares in the company, valued at $174,361,270.40. The disclosure for this purchase can be found here. 0.67% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have commented on GE shares. StockNews.com started coverage on shares of General Electric in a research report on Thursday, August 17th. They issued a “buy” rating for the company. Jefferies Financial Group upped their target price on shares of General Electric from $120.00 to $130.00 and gave the company a “buy” rating in a research note on Monday, July 17th. Royal Bank of Canada upped their target price on shares of General Electric from $120.00 to $130.00 in a research note on Wednesday, July 26th. The Goldman Sachs Group upped their target price on shares of General Electric from $121.00 to $133.00 and gave the company a “buy” rating in a research note on Tuesday, July 25th. Finally, Bank of America upped their target price on shares of General Electric from $108.00 to $120.00 in a research note on Thursday, July 6th. Three analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $120.00.

General Electric Company Profile

General Electric Company operates as a high-tech industrial company in Europe, China, Asia, the Americas, the Middle East, and Africa. It offers gas and steam turbines, full balance of plant, upgrade, and service solutions, as well as data-leveraging software for power generation, industrial, government, and other customers.