Sumitomo Life Insurance Co. Lowers Position in General Electric (NYSE:GE)

Sumitomo Life Insurance Co. reduced its stake in General Electric (NYSE:GE) by 4.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 11,782 shares of the conglomerate’s stock after selling 610 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in General Electric were worth $1,504,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Prime Capital Investment Advisors LLC grew its stake in General Electric by 29.3% in the 4th quarter. Prime Capital Investment Advisors LLC now owns 28,311 shares of the conglomerate’s stock valued at $3,613,000 after purchasing an additional 6,419 shares during the period. Fifth Third Bancorp grew its stake in General Electric by 12.5% in the 4th quarter. Fifth Third Bancorp now owns 261,187 shares of the conglomerate’s stock valued at $33,335,000 after purchasing an additional 28,985 shares during the period. O Shaughnessy Asset Management LLC grew its stake in shares of General Electric by 10.9% during the 3rd quarter. O Shaughnessy Asset Management LLC now owns 109,332 shares of the conglomerate’s stock worth $12,087,000 after acquiring an additional 10,722 shares during the period. Hoey Investments Inc. grew its stake in shares of General Electric by 51,152.3% during the 3rd quarter. Hoey Investments Inc. now owns 22,551 shares of the conglomerate’s stock worth $2,493,000 after acquiring an additional 22,507 shares during the period. Finally, Qsemble Capital Management LP bought a new position in shares of General Electric during the 3rd quarter worth $1,846,000. Institutional investors own 74.77% of the company’s stock.

Insider Buying and Selling at General Electric

In other General Electric news, SVP Michael J. Holston sold 22,055 shares of General Electric stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $144.87, for a total transaction of $3,195,107.85. Following the completion of the transaction, the senior vice president now owns 56,284 shares in the company, valued at $8,153,863.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other General Electric news, SVP Michael J. Holston sold 22,055 shares of General Electric stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $144.87, for a total transaction of $3,195,107.85. Following the completion of the transaction, the senior vice president now owns 56,284 shares in the company, valued at $8,153,863.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Michael J. Holston sold 13,601 shares of General Electric stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $135.55, for a total value of $1,843,615.55. Following the transaction, the senior vice president now owns 48,339 shares of the company’s stock, valued at approximately $6,552,351.45. The disclosure for this sale can be found here. 0.66% of the stock is owned by company insiders.

General Electric Price Performance

Shares of GE stock opened at $154.63 on Monday. The firm has a market cap of $169.05 billion, a P/E ratio of 18.47, a P/E/G ratio of 3.03 and a beta of 1.29. General Electric has a fifty-two week low of $74.78 and a fifty-two week high of $158.44. The business’s 50 day moving average price is $157.82 and its 200-day moving average price is $133.19. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.85 and a current ratio of 1.18.

General Electric (NYSE:GE) last released its quarterly earnings results on Tuesday, January 23rd. The conglomerate reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.90 by $0.13. General Electric had a return on equity of 10.88% and a net margin of 13.95%. The company had revenue of $19.42 billion for the quarter, compared to analyst estimates of $17.27 billion. During the same period in the previous year, the company posted $1.24 earnings per share. The firm’s revenue was up 15.4% on a year-over-year basis. On average, equities research analysts anticipate that General Electric will post 3.78 earnings per share for the current year.

General Electric Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 25th. Shareholders of record on Monday, April 15th will be paid a dividend of $0.28 per share. This is a boost from General Electric’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Friday, April 12th. This represents a $1.12 dividend on an annualized basis and a yield of 0.72%. General Electric’s payout ratio is presently 13.38%.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Bank of America cut their price target on General Electric from $175.00 to $165.00 and set a “buy” rating for the company in a research note on Monday, April 8th. Vertical Research assumed coverage on General Electric in a report on Thursday, April 4th. They set a “buy” rating and a $160.00 price objective on the stock. Barclays dropped their price objective on General Electric from $181.00 to $175.00 and set an “overweight” rating on the stock in a report on Wednesday, April 3rd. StockNews.com assumed coverage on General Electric in a report on Saturday. They set a “hold” rating on the stock. Finally, The Goldman Sachs Group assumed coverage on General Electric in a report on Tuesday, April 9th. They set a “buy” rating and a $190.00 price objective on the stock. Two research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $160.07.

About General Electric

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.