OLD Point Trust & Financial Services N A Acquires 3,342 Shares of General Electric Company (GE)
OLD Point Trust & Financial Services N A raised its holdings in shares of General Electric Company (NYSE:GE) by 1.6% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 211,208 shares of the conglomerate’s stock after purchasing an additional 3,342 shares during the period. General Electric accounts for 3.3% of OLD Point Trust & Financial Services N A’s portfolio, making the stock its 7th largest position. OLD Point Trust & Financial Services N A’s holdings in General Electric were worth $5,705,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also made changes to their positions in the business. Harris Associates L P increased its position in shares of General Electric by 26.4% during 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 acquiring an additional 9,681,420 shares in the last quarter. UBS Oconnor LLC increased its position in shares of General Electric by 795.5% during the first quarter. UBS Oconnor LLC now owns 2,025,000 shares of the conglomerate’s stock valued at $60,345,000 after acquiring an additional 1,798,877 shares in the last quarter. Nationwide Fund Advisors increased its position in shares of General Electric by 41.6% during the first quarter. Nationwide Fund Advisors now owns 5,420,262 shares of the conglomerate’s stock valued at $161,524,000 after acquiring an additional 1,591,790 shares in the last quarter. Candriam Luxembourg S.C.A. increased its position in shares of General Electric by 134.7% during the first quarter. Candriam Luxembourg S.C.A. now owns 2,151,496 shares of the conglomerate’s stock valued at $64,118,000 after acquiring an additional 1,234,776 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its position in shares of General Electric by 17.8% during the second quarter. Russell Investments Group Ltd. now owns 8,072,829 shares of the conglomerate’s stock valued at $218,059,000 after acquiring an additional 1,222,434 shares in the last quarter. 54.69% of the stock is owned by institutional investors and hedge funds.
General Electric Company (NYSE GE) opened at 22.98 on Friday. The stock has a market cap of $198.96 billion, a PE ratio of 27.99 and a beta of 1.19. General Electric Company has a 1-year low of $22.83 and a 1-year high of $32.38. The company’s 50 day moving average is $24.25 and its 200-day moving average is $26.78.
General Electric (NYSE:GE) last announced its quarterly earnings results on Friday, July 21st. The conglomerate reported $0.28 earnings per share (EPS) for the quarter, topping the Zacks’ 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 firm 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 firm posted $0.51 earnings per share. The firm’s quarterly revenue was down 11.8% compared to the same quarter last year. Equities research analysts forecast that General Electric Company will post $1.53 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 25th. Investors of record on Monday, September 18th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 4.18%. The ex-dividend date is Friday, September 15th. General Electric’s dividend payout ratio (DPR) is presently 118.52%.
Several brokerages recently weighed in on GE. Vetr downgraded shares of General Electric from a “buy” rating to a “hold” rating and set a $29.97 price target for the company. in a research report on Monday, June 19th. BidaskClub raised shares of General Electric from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 17th. Goldman Sachs Group, Inc. (The) set a $30.00 price target on shares of General Electric and gave the company a “neutral” rating in a research report on Thursday, June 22nd. J P Morgan Chase & Co reissued an “underweight” rating and set a $22.00 price target (down previously from $27.00) on shares of General Electric in a research report on Thursday, July 6th. Finally, Standpoint Research raised shares of General Electric from a “sell” rating to a “hold” rating and set a $24.00 price target for the company in a research report on Thursday, June 29th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and ten have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $28.16.
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In other news, insider Alexander Dimitrief purchased 1,845 shares of the stock in a transaction that occurred on Monday, July 24th. The shares were purchased at an average cost of $25.54 per share, with a total value of $47,121.30. Following the completion of the acquisition, the insider now owns 65,597 shares of the company’s stock, valued at approximately $1,675,347.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James S. Tisch purchased 100,000 shares of the stock in a transaction that occurred on Tuesday, August 22nd. The shares were purchased at an average cost of $24.56 per share, for a total transaction of $2,456,000.00. The disclosure for this purchase can be found here. Insiders have purchased 233,253 shares of company stock worth $5,860,264 over the last three months. 0.36% of the stock is currently owned by insiders.
About General Electric
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