Cannell & Co. reduced its position in General Electric (NYSE:GE – Free Report) by 32.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,450 shares of the conglomerate’s stock after selling 1,160 shares during the quarter. Cannell & Co.’s holdings in General Electric were worth $269,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently bought and sold shares of the business. FMR LLC boosted its holdings in General Electric by 5.7% in the first quarter. FMR LLC now owns 63,795,835 shares of the conglomerate’s stock valued at $6,098,882,000 after purchasing an additional 3,463,502 shares during the period. State Street Corp raised its position in General Electric by 17.3% in the 1st quarter. State Street Corp now owns 48,490,012 shares of the conglomerate’s stock valued at $4,639,533,000 after purchasing an additional 7,157,356 shares in the last quarter. TCI Fund Management Ltd. purchased a new position in shares of General Electric in the 1st quarter valued at about $2,496,379,000. Geode Capital Management LLC grew its position in shares of General Electric by 1.7% during the first quarter. Geode Capital Management LLC now owns 19,272,027 shares of the conglomerate’s stock worth $1,837,514,000 after buying an additional 319,196 shares in the last quarter. Finally, Moneta Group Investment Advisors LLC increased its stake in shares of General Electric by 122,242.2% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 13,438,063 shares of the conglomerate’s stock worth $878,644,000 after buying an additional 13,427,079 shares during the period. 74.83% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of research analysts recently issued reports on GE shares. Citigroup lifted their price target on shares of General Electric from $126.00 to $135.00 and gave the stock a “buy” rating in a research note on Thursday, July 27th. The Goldman Sachs Group raised their price target on General Electric from $121.00 to $133.00 and gave the company a “buy” rating in a research note on Tuesday, July 25th. Royal Bank of Canada lifted their price target on General Electric from $130.00 to $131.00 and gave the stock an “outperform” rating in a report on Wednesday, October 25th. Morgan Stanley increased their price objective on General Electric from $122.00 to $125.00 and gave the company an “overweight” rating in a report on Thursday, August 10th. Finally, Oppenheimer cut General Electric from an “outperform” rating to a “market perform” rating in a research note on Monday, July 31st. Three investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $122.93.
General Electric Stock Up 1.5 %
Shares of NYSE:GE opened at $117.25 on Wednesday. General Electric has a 1-year low of $59.57 and a 1-year high of $117.96. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.17 and a quick ratio of 0.82. The stock has a market cap of $127.61 billion, a P/E ratio of 13.22, a P/E/G ratio of 3.26 and a beta of 1.26. The firm has a fifty day moving average price of $111.32 and a 200 day moving average price of $109.22.
General Electric (NYSE:GE – Get Free Report) last issued its quarterly earnings results on Tuesday, October 24th. The conglomerate reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.26. General Electric had a return on equity of 11.10% and a net margin of 14.38%. The firm had revenue of $17.35 billion for the quarter, compared to analysts’ expectations of $15.46 billion. During the same quarter in the previous year, the firm posted $0.35 EPS. The firm’s revenue for the quarter was up 19.9% on a year-over-year basis. Sell-side analysts predict that General Electric will post 2.65 EPS for the current year.
General Electric Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Wednesday, October 25th. Investors of record on Tuesday, September 26th were issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.27%. The ex-dividend date of this dividend was Monday, September 25th. General Electric’s dividend payout ratio is presently 3.61%.
General Electric 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.
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