Hennessy Advisors Inc. Raises Stake in General Electric (GE)
Hennessy Advisors Inc. lifted its holdings in shares of General Electric (NYSE:GE) by 1.3% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 635,786 shares of the conglomerate’s stock after purchasing an additional 8,210 shares during the quarter. Hennessy Advisors Inc.’s holdings in General Electric were worth $8,653,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds have also modified their holdings of GE. Steward Partners Investment Advisory LLC raised its holdings in General Electric by 4.9% in the second quarter. Steward Partners Investment Advisory LLC now owns 247,542 shares of the conglomerate’s stock valued at $3,369,000 after acquiring an additional 11,476 shares in the last quarter. Penn Davis Mcfarland Inc. acquired a new stake in General Electric in the second quarter valued at approximately $221,000. Bridge Creek Capital Management LLC raised its holdings in General Electric by 3.4% in the second quarter. Bridge Creek Capital Management LLC now owns 190,895 shares of the conglomerate’s stock valued at $2,598,000 after acquiring an additional 6,221 shares in the last quarter. Whittier Trust Co. raised its holdings in General Electric by 2.4% in the second quarter. Whittier Trust Co. now owns 735,086 shares of the conglomerate’s stock valued at $19,310,000 after acquiring an additional 16,882 shares in the last quarter. Finally, First Command Bank raised its holdings in General Electric by 55.4% in the second quarter. First Command Bank now owns 81,852 shares of the conglomerate’s stock valued at $1,114,000 after acquiring an additional 29,165 shares in the last quarter. 53.74% of the stock is currently owned by institutional investors and hedge funds.
GE stock opened at $12.71 on Friday. The company has a debt-to-equity ratio of 1.39, a quick ratio of 1.51 and a current ratio of 1.81. General Electric has a twelve month low of $11.94 and a twelve month high of $25.21. The company has a market cap of $107.06 billion, a price-to-earnings ratio of 12.10, a P/E/G ratio of 2.34 and a beta of 0.96.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 25th. Shareholders of record on Monday, September 17th will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, September 14th. This represents a $0.48 dividend on an annualized basis and a yield of 3.78%. General Electric’s payout ratio is currently 45.71%.
Several analysts recently weighed in on GE shares. Royal Bank of Canada reaffirmed a “neutral” rating and issued a $15.00 target price on shares of General Electric in a report on Wednesday, August 8th. JPMorgan Chase & Co. reaffirmed a “sell” rating and issued a $11.00 target price on shares of General Electric in a report on Monday, May 28th. Zacks Investment Research raised shares of General Electric from a “sell” rating to a “hold” rating in a report on Tuesday, July 24th. Bank of America reduced their target price on shares of General Electric from $17.00 to $16.00 and set a “hold” rating on the stock in a report on Friday, July 27th. Finally, Goldman Sachs Group reaffirmed a “neutral” rating and issued a $14.00 target price on shares of General Electric in a report on Tuesday, May 22nd. Four research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. General Electric presently has an average rating of “Hold” and a consensus price target of $16.99.
In related news, Director H Lawrence Culp, Jr. acquired 191,000 shares of the business’s stock in a transaction on Tuesday, July 24th. The shares were bought at an average price of $13.04 per share, with a total value of $2,490,640.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.12% of the stock is currently owned by company insiders.
General Electric Company Profile
General Electric Company operates as a digital industrial company worldwide. It operates through Power, Renewable Energy, Oil & Gas, Aviation, Healthcare, Transportation, Lighting, and Capital segments. The Power segment offers technologies, solutions, and services related to energy production, including gas and steam turbines, engines, generators, and high voltage equipment; and power generation services and digital solutions.
Further Reading: Short Selling – Explanation For Shorting Stocks
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 (NYSE:GE).
Receive News & Ratings for General Electric Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for General Electric and related companies with MarketBeat.com's FREE daily email newsletter.