General Electric Co. (GE) Stake Reduced by Pinnacle Advisory Group Inc.
Pinnacle Advisory Group Inc. lowered its position in General Electric Co. (NYSE:GE) by 11.1% during the second quarter, according to its most recent filing with the SEC. The firm owned 23,727 shares of the company’s stock after selling 2,955 shares during the period. Pinnacle Advisory Group Inc.’s holdings in General Electric were worth $746,000 at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. Patten & Patten Inc. TN boosted its stake in General Electric by 1.5% in the second quarter. Patten & Patten Inc. TN now owns 640,718 shares of the company’s stock valued at $20,170,000 after buying an additional 9,512 shares during the last quarter. Baxter Bros Inc. bought a new stake in General Electric during the second quarter valued at about $11,436,000. Howland Capital Management LLC boosted its stake in General Electric by 7.6% in the second quarter. Howland Capital Management LLC now owns 1,255,577 shares of the company’s stock valued at $39,526,000 after buying an additional 89,178 shares during the last quarter. Osborn Rohs Williams & Donohoe Ltd boosted its stake in General Electric by 1.2% in the second quarter. Osborn Rohs Williams & Donohoe Ltd now owns 290,268 shares of the company’s stock valued at $9,138,000 after buying an additional 3,405 shares during the last quarter. Finally, Cacti Asset Management LLC boosted its stake in General Electric by 1.2% in the second quarter. Cacti Asset Management LLC now owns 97,525 shares of the company’s stock valued at $3,070,000 after buying an additional 1,175 shares during the last quarter. Institutional investors own 55.81% of the company’s stock.
General Electric Co. (NYSE:GE) traded down 0.321% during mid-day trading on Tuesday, hitting $29.545. The company had a trading volume of 15,947,444 shares. The company has a 50-day moving average price of $30.54 and a 200 day moving average price of $30.81. General Electric Co. has a 52-week low of $26.96 and a 52-week high of $33.00. The company has a market capitalization of $264.76 billion, a P/E ratio of 24.975 and a beta of 1.15.
General Electric (NYSE:GE) last posted its quarterly earnings data on Friday, July 22nd. The company reported $0.51 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.46 by $0.05. General Electric had a return on equity of 15.04% and a net margin of 9.14%. The firm earned $33.49 million during the quarter, compared to the consensus estimate of $31.76 billion. During the same period in the prior year, the company earned $0.31 EPS. The firm’s revenue was up 14.6% compared to the same quarter last year. On average, analysts forecast that General Electric Co. will post $1.50 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 25th. Investors of record on Monday, September 19th will be paid a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 3.10%. The ex-dividend date is Thursday, September 15th. General Electric’s dividend payout ratio is currently 77.97%.
Several equities research analysts have recently issued reports on GE shares. Cowen and Company started coverage on shares of General Electric in a research report on Tuesday, June 7th. They set a “market perform” rating and a $29.00 price objective on the stock. Bank of America Corp. reiterated a “buy” rating on shares of General Electric in a research report on Monday, June 6th. Vetr cut shares of General Electric from a “buy” rating to a “hold” rating and set a $31.34 price objective on the stock. in a research report on Tuesday, June 7th. Royal Bank Of Canada reissued an “outperform” rating on shares of General Electric in a report on Monday, June 20th. Finally, Zacks Investment Research lowered shares of General Electric from a “hold” rating to a “sell” rating in a report on Wednesday, June 22nd. Two analysts have rated the stock with a sell rating, nine have given a hold rating and twelve have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $32.65.
In other news, Chairman Jeffrey R. Immelt acquired 50,000 shares of General Electric stock in a transaction that occurred on Tuesday, July 26th. The stock was purchased at an average cost of $31.45 per share, with a total value of $1,572,500.00. Following the purchase, the chairman now owns 2,198,688 shares in the company, valued at $69,148,737.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.23% of the stock is owned by corporate insiders.
About General Electric
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