Patten & Patten Inc. TN Acquires 11,941 Shares of General Electric Company (GE)
Patten & Patten Inc. TN raised its position in shares of General Electric Company (NYSE:GE) by 1.8% during the second quarter, Holdings Channel reports. The institutional investor owned 668,805 shares of the conglomerate’s stock after buying an additional 11,941 shares during the period. General Electric comprises 2.0% of Patten & Patten Inc. TN’s holdings, making the stock its 6th largest position. Patten & Patten Inc. TN’s holdings in General Electric were worth $18,064,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Norges Bank purchased a new position in shares of General Electric during the fourth quarter valued at approximately $2,383,193,000. Harris Associates L P increased its position in shares of General Electric by 26.4% in the first quarter. Harris Associates L P now owns 46,376,143 shares of the conglomerate’s stock valued at $1,382,009,000 after buying an additional 9,681,420 shares during the period. Teachers Advisors LLC increased its position in shares of General Electric by 16.5% in the fourth quarter. Teachers Advisors LLC now owns 18,282,715 shares of the conglomerate’s stock valued at $577,734,000 after buying an additional 2,592,455 shares during the period. UBS Oconnor LLC increased its position in shares of General Electric by 795.5% in the first quarter. UBS Oconnor LLC now owns 2,025,000 shares of the conglomerate’s stock valued at $60,345,000 after buying an additional 1,798,877 shares during the period. Finally, Nationwide Fund Advisors increased its position in shares of General Electric by 41.6% in the first quarter. Nationwide Fund Advisors now owns 5,420,262 shares of the conglomerate’s stock valued at $161,524,000 after buying an additional 1,591,790 shares during the period. Institutional investors and hedge funds own 54.29% of the company’s stock.
Shares of General Electric Company (GE) traded down 0.40% during mid-day trading on Friday, hitting $25.20. 19,217,278 shares of the stock traded hands. The company’s 50 day moving average is $26.28 and its 200 day moving average is $28.52. General Electric Company has a one year low of $25.19 and a one year high of $32.38. The firm has a market capitalization of $218.18 billion, a P/E ratio of 30.69 and a beta of 1.21.
General Electric (NYSE:GE) last released its quarterly earnings results on Friday, July 21st. The conglomerate reported $0.28 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.25 by $0.03. General Electric had a net margin of 6.45% and a return on equity of 14.59%. The business had revenue of $29.56 billion for the quarter, compared to the consensus estimate of $29.07 billion. During the same period in the prior year, the company posted $0.51 earnings per share. General Electric’s revenue was down 11.8% compared to the same quarter last year. On average, equities analysts expect that General Electric Company will post $1.57 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 25th. Investors of record on Monday, June 19th were paid a $0.24 dividend. The ex-dividend date was Thursday, June 15th. This represents a $0.96 annualized dividend and a dividend yield of 3.81%. General Electric’s dividend payout ratio (DPR) is presently 118.52%.
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Several research analysts recently commented on GE shares. Argus dropped their target price on shares of General Electric from $36.00 to $33.00 and set a “buy” rating on the stock in a report on Monday, April 24th. Vetr upgraded shares of General Electric from a “hold” rating to a “buy” rating and set a $30.43 target price on the stock in a report on Thursday, April 27th. Stifel Nicolaus lifted their target price on shares of General Electric from $32.00 to $33.00 and gave the stock a “buy” rating in a report on Tuesday, April 25th. Citigroup Inc. reiterated a “buy” rating and issued a $34.00 target price (down previously from $36.00) on shares of General Electric in a report on Monday, July 10th. Finally, UBS AG reiterated a “buy” rating and issued a $31.00 target price (down previously from $35.00) on shares of General Electric in a report on Tuesday, July 25th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. General Electric currently has an average rating of “Hold” and an average price target of $30.08.
In other General Electric news, Vice Chairman Elizabeth J. Comstock sold 24,693 shares of the stock in a transaction dated Wednesday, August 9th. The shares were sold at an average price of $25.65, for a total transaction of $633,375.45. Following the sale, the insider now directly owns 175,717 shares in the company, valued at $4,507,141.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Jeffrey R. Immelt acquired 100,000 shares of General Electric stock in a transaction on Monday, May 15th. The shares were purchased at an average price of $28.07 per share, for a total transaction of $2,807,000.00. Following the completion of the purchase, the chairman now directly owns 2,561,926 shares of the company’s stock, valued at $71,913,262.82. The disclosure for this purchase can be found here. Insiders purchased 253,253 shares of company stock worth $6,770,864 over the last 90 days. 0.36% of the stock is currently owned by corporate insiders.
About General Electric
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