Argus Investors Counsel Inc. Increases Holdings in General Electric Company (GE)
Argus Investors Counsel Inc. raised its holdings in shares of General Electric Company (NYSE:GE) by 16.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 137,120 shares of the conglomerate’s stock after acquiring an additional 19,820 shares during the period. Argus Investors Counsel Inc.’s holdings in General Electric were worth $3,704,000 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. Ullmann Financial Group Inc. acquired a new stake in General Electric during the 1st quarter valued at approximately $106,000. Feltz Wealth PLAN Inc. acquired a new stake in General Electric during the 1st quarter valued at approximately $114,000. PHH Investments Ltd. lifted its stake in General Electric by 105.0% during the 1st quarter. PHH Investments Ltd. now owns 3,905 shares of the conglomerate’s stock valued at $116,000 after acquiring an additional 2,000 shares during the period. Cable Hill Partners LLC lifted its stake in General Electric by 12.5% during the 1st quarter. Cable Hill Partners LLC now owns 7,037 shares of the conglomerate’s stock valued at $210,000 after acquiring an additional 780 shares during the period. Finally, Parametrica Management Ltd acquired a new stake in General Electric during the 1st quarter valued at approximately $214,000. Institutional investors and hedge funds own 54.71% of the company’s stock.
Several analysts have commented on GE shares. UBS AG restated a “buy” rating and set a $31.00 price objective (down from $35.00) on shares of General Electric in a research note on Tuesday, July 25th. Deutsche Bank AG set a $24.00 target price on shares of General Electric and gave the company a “sell” rating in a report on Monday, May 29th. Citigroup Inc. reaffirmed a “buy” rating and set a $34.00 target price (down from $36.00) on shares of General Electric in a report on Monday, July 10th. Royal Bank Of Canada reaffirmed a “buy” rating and set a $31.00 target price on shares of General Electric in a report on Friday, September 15th. Finally, Goldman Sachs Group, Inc. (The) set a $29.00 target price on shares of General Electric and gave the company a “neutral” rating in a report on Friday, July 7th. Five research analysts have rated the stock with a sell rating, eight have issued a hold rating and ten have issued a buy rating to the stock. General Electric presently has an average rating of “Hold” and an average price target of $28.98.
General Electric Company (NYSE:GE) traded up 0.48% during midday trading on Friday, hitting $24.87. 39,717,546 shares of the stock were exchanged. The stock has a market cap of $215.32 billion, a P/E ratio of 30.29 and a beta of 1.22. General Electric Company has a one year low of $23.58 and a one year high of $32.38. The firm has a 50-day moving average price of $24.74 and a 200-day moving average price of $27.46.
General Electric (NYSE:GE) last announced its quarterly earnings results on Friday, July 21st. The conglomerate reported $0.28 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.03. General Electric had a return on equity of 14.59% and a net margin of 6.45%. The business had revenue of $29.56 billion during the quarter, compared to analysts’ expectations of $29.07 billion. During the same quarter last year, the business posted $0.51 earnings per share. The business’s revenue for the quarter was down 11.8% on a year-over-year basis. On average, equities research analysts anticipate that General Electric Company will post $1.56 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 25th. Stockholders of record on Monday, September 18th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.86%. The ex-dividend date is Friday, September 15th. General Electric’s dividend payout ratio is currently 118.52%.
In other news, insider Alexander Dimitrief purchased 1,845 shares of the company’s stock in a transaction dated Monday, July 24th. The stock was acquired at an average price of $25.54 per share, for a total transaction of $47,121.30. Following the completion of the transaction, the insider now directly owns 65,597 shares in the company, valued at approximately $1,675,347.38. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO John Leonard Flannery purchased 103,983 shares of the company’s stock in a transaction dated Tuesday, August 8th. The stock was purchased at an average price of $25.56 per share, with a total value of $2,657,805.48. Following the transaction, the chief executive officer now owns 509,430 shares of the company’s stock, valued at $13,021,030.80. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 233,253 shares of company stock valued at $5,860,264. Company insiders own 0.36% of the company’s stock.
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