General Electric Co. (GE) Position Cut by Proffitt & Goodson Inc.
Proffitt & Goodson Inc. reduced its position in shares of General Electric Co. (NYSE:GE) by 4.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 51,311 shares of the company’s stock after selling 2,600 shares during the period. General Electric comprises about 0.9% of Proffitt & Goodson Inc.’s holdings, making the stock its 11th largest position. Proffitt & Goodson Inc.’s holdings in General Electric were worth $1,615,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Acadian Asset Management LLC increased its position in shares of General Electric by 291.0% in the second quarter. Acadian Asset Management LLC now owns 4,872,359 shares of the company’s stock valued at $153,380,000 after buying an additional 3,626,125 shares during the last quarter. Nordea Investment Management AB increased its position in shares of General Electric by 41.4% in the second quarter. Nordea Investment Management AB now owns 2,490,749 shares of the company’s stock valued at $78,409,000 after buying an additional 729,800 shares during the last quarter. First Quadrant L P CA increased its position in shares of General Electric by 27.2% in the second quarter. First Quadrant L P CA now owns 2,344,064 shares of the company’s stock valued at $73,791,000 after buying an additional 501,098 shares during the last quarter. Baxter Bros Inc. acquired a new position in shares of General Electric during the second quarter valued at $11,436,000. Finally, Merriman Wealth Management LLC acquired a new position in shares of General Electric during the second quarter valued at $5,939,000. 55.81% of the stock is owned by institutional investors.
Shares of General Electric Co. (NYSE:GE) traded down 0.45% during midday trading on Thursday, hitting $28.77. The stock had a trading volume of 28,392,165 shares. General Electric Co. has a one year low of $27.10 and a one year high of $33.00. The stock has a 50 day moving average of $30.11 and a 200-day moving average of $30.72. The company has a market cap of $257.81 billion, a P/E ratio of 24.32 and a beta of 1.15.
General Electric (NYSE:GE) last issued its earnings results on Friday, July 22nd. The company reported $0.51 earnings per share for the quarter, topping 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 company earned $33.49 million during the quarter, compared to the consensus estimate of $31.76 billion. During the same quarter in the prior year, the business earned $0.31 earnings per share. The company’s revenue was up 14.6% compared to the same quarter last year. Analysts forecast that General Electric Co. will post $1.50 EPS for the current fiscal year.
The firm also recently declared 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 dividend yield of 3.20%. The ex-dividend date of this dividend is Thursday, September 15th. General Electric’s dividend payout ratio (DPR) is 77.97%.
Several research analysts have recently weighed in on the company. Sanford C. Bernstein reaffirmed a “market perform” rating and set a $34.00 target price on shares of General Electric in a research note on Wednesday. Stifel Nicolaus set a $31.00 price objective on General Electric and gave the company a “buy” rating in a research note on Wednesday. RBC Capital Markets set a $36.00 price objective on General Electric and gave the company a “buy” rating in a research note on Tuesday. Vetr raised General Electric from a “buy” rating to a “strong-buy” rating and set a $32.35 price objective for the company in a research note on Monday. Finally, Citigroup Inc. reduced their price objective on General Electric from $36.00 to $35.00 and set a “buy” rating for the company in a research note on Monday. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $32.79.
In other General Electric news, Chairman Jeffrey R. Immelt purchased 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 26th. The shares were acquired at an average price of $31.45 per share, for a total transaction of $1,572,500.00. Following the completion of the purchase, the chairman now owns 2,198,688 shares in the company, valued at approximately $69,148,737.60. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.23% of the stock is owned by corporate insiders.
General Electric Company Profile
Want to see what other hedge funds are holding GE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for General Electric Co. (NYSE:GE).
Receive News & Ratings for General Electric Co. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for General Electric Co. and related companies with MarketBeat.com's FREE daily email newsletter.