General Electric Co. (GE) Stake Cut by Morningstar Investment Services LLC
Morningstar Investment Services LLC lowered its position in General Electric Co. (NYSE:GE) by 3.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,110,488 shares of the company’s stock after selling 74,570 shares during the period. General Electric makes up approximately 2.1% of Morningstar Investment Services LLC’s holdings, making the stock its 7th largest position. Morningstar Investment Services LLC’s holdings in General Electric were worth $66,459,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Catamount Wealth Management raised 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. raised 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 raised 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 raised 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 raised 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. 55.81% of the stock is currently owned by hedge funds and other institutional investors.
Shares of General Electric Co. (NYSE:GE) traded up 0.42% during midday trading on Friday, reaching $28.89. The company’s stock had a trading volume of 28,181,380 shares. General Electric Co. has a 12 month low of $27.10 and a 12 month high of $33.00. The stock’s 50-day moving average is $29.97 and its 200 day moving average is $30.69. The stock has a market capitalization of $258.89 billion, a P/E ratio of 24.42 and a beta of 1.15.
General Electric (NYSE:GE) last announced its quarterly earnings results on Friday, July 22nd. The company reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $31.76 billion. During the same quarter in the previous year, the firm earned $0.31 earnings per share. The business’s quarterly revenue was up 14.6% compared to the same quarter last year. On average, analysts expect that General Electric Co. will post $1.50 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 25th. Shareholders of record on Monday, September 19th will be given a $0.23 dividend. The ex-dividend date is Thursday, September 15th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.18%. General Electric’s dividend payout ratio is currently 77.97%.
GE has been the topic of a number of analyst reports. Vetr raised General Electric from a “sell” rating to a “hold” rating and set a $30.93 price objective on the stock in a research note on Thursday, July 7th. Credit Suisse Group AG reaffirmed an “outperform” rating and set a $34.00 price objective on shares of General Electric in a research note on Monday, June 27th. JPMorgan Chase & Co. reaffirmed an “underweight” rating and set a $26.00 price objective on shares of General Electric in a research note on Thursday, August 11th. Bank of America Corp. reaffirmed a “buy” rating and set a $37.00 price objective on shares of General Electric in a research note on Thursday, October 6th. Finally, Zacks Investment Research raised General Electric from a “sell” rating to a “hold” rating in a research note on Wednesday, July 13th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $32.79.
In related news, Chairman Jeffrey R. Immelt purchased 50,000 shares of General Electric stock in a transaction on Tuesday, July 26th. The stock was bought at an average price of $31.45 per share, with a total value of $1,572,500.00. Following the completion of the transaction, the chairman now directly owns 2,198,688 shares of the company’s stock, valued at $69,148,737.60. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. 0.23% of the stock is owned by company insiders.
General Electric Company Profile
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