Westchester Capital Management Inc. Decreases Stake in General Electric Co. (GE)
Westchester Capital Management Inc. decreased its stake in General Electric Co. (NYSE:GE) by 0.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 334,850 shares of the company’s stock after selling 2,652 shares during the period. General Electric makes up 4.7% of Westchester Capital Management Inc.’s holdings, making the stock its 2nd largest position. Westchester Capital Management Inc.’s holdings in General Electric were worth $10,541,000 as of its most recent filing with the SEC.
Several other hedge funds also recently added to or reduced their stakes in the company. Catamount Wealth Management increased its stake in General Electric by 35.3% in the first quarter. Catamount Wealth Management now owns 3,451 shares of the company’s stock valued at $110,000 after buying an additional 901 shares during the period. James Investment Research Inc. increased its stake in General Electric by 2.6% in the second quarter. James Investment Research Inc. now owns 5,850 shares of the company’s stock valued at $184,000 after buying an additional 150 shares during the period. Cranbrook Wealth Management LLC increased its stake in General Electric by 20.1% in the second quarter. Cranbrook Wealth Management LLC now owns 5,984 shares of the company’s stock valued at $188,000 after buying an additional 1,000 shares during the period. Barry Investment Advisors LLC increased its stake in General Electric by 0.7% in the second quarter. Barry Investment Advisors LLC now owns 6,871 shares of the company’s stock valued at $216,000 after buying an additional 50 shares during the period. Finally, Northwest Investment Counselors LLC increased its stake in General Electric by 2.7% in the second quarter. Northwest Investment Counselors LLC now owns 6,860 shares of the company’s stock valued at $216,000 after buying an additional 182 shares during the period. Institutional investors own 55.81% of the company’s stock.
General Electric Co. (NYSE:GE) traded down 0.65% on Friday, hitting $29.08. The stock had a trading volume of 37,840,132 shares. The company’s 50 day moving average is $30.31 and its 200-day moving average is $30.77. The firm has a market capitalization of $260.59 billion, a price-to-earnings ratio of 24.58 and a beta of 1.15. General Electric Co. has a 1-year low of $27.10 and a 1-year high of $33.00.
General Electric (NYSE:GE) last released its quarterly earnings results on Friday, July 22nd. The company reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.05. General Electric had a net margin of 9.14% and a return on equity of 15.04%. The company earned $33.49 million during the quarter, compared to the consensus estimate of $31.76 billion. During the same period in the previous year, the business earned $0.31 earnings per share. The firm’s quarterly revenue was up 14.6% on a year-over-year basis. On average, analysts forecast that General Electric Co. will post $1.50 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 25th. Stockholders of record on Monday, September 19th will be given a $0.23 dividend. The ex-dividend date of this dividend is Thursday, September 15th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.16%. General Electric’s payout ratio is 77.97%.
Several research firms recently weighed in on GE. Oppenheimer Holdings Inc. reissued a “market perform” rating on shares of General Electric in a research report on Tuesday, June 28th. Vetr raised General Electric from a “sell” rating to a “hold” rating and set a $31.67 price objective for the company in a research report on Thursday, July 21st. TheStreet raised General Electric from a “hold” rating to a “buy” rating in a research report on Friday, July 22nd. Credit Suisse Group AG reaffirmed a “buy” rating on shares of General Electric in a report on Saturday, July 9th. Finally, Zacks Investment Research raised General Electric from a “hold” rating to a “buy” rating and set a $33.00 price target for the company in a report on Tuesday, September 27th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and twelve have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $32.81.
In other news, Chairman Jeffrey R. Immelt acquired 50,000 shares of the stock in a transaction on Tuesday, July 26th. The stock was acquired at an average cost of $31.45 per share, for a total transaction of $1,572,500.00. Following the completion of the transaction, the chairman now directly owns 2,198,688 shares in the company, valued at $69,148,737.60. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. 0.23% of the stock is currently owned by insiders.
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