State Board of Administration of Florida Retirement System Has $164.62 Million Stake in General Electric (GE)
State Board of Administration of Florida Retirement System cut its holdings in shares of General Electric (NYSE:GE) by 1.7% during the second quarter, HoldingsChannel.com reports. The fund owned 12,095,627 shares of the conglomerate’s stock after selling 215,029 shares during the period. State Board of Administration of Florida Retirement System’s holdings in General Electric were worth $164,621,000 at the end of the most recent reporting period.
Other large investors have also bought and sold shares of the company. The Manufacturers Life Insurance Company lifted its stake in General Electric by 43.9% in the 1st quarter. The Manufacturers Life Insurance Company now owns 90,257,543 shares of the conglomerate’s stock valued at $1,216,672,000 after buying an additional 27,527,425 shares in the last quarter. Franklin Resources Inc. lifted its stake in General Electric by 11.0% in the 1st quarter. Franklin Resources Inc. now owns 204,957,949 shares of the conglomerate’s stock valued at $2,762,834,000 after buying an additional 20,275,020 shares in the last quarter. Pzena Investment Management LLC lifted its stake in General Electric by 334.5% in the 2nd quarter. Pzena Investment Management LLC now owns 17,048,137 shares of the conglomerate’s stock valued at $232,025,000 after buying an additional 13,124,900 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC lifted its stake in General Electric by 15.2% in the 1st quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 74,590,954 shares of the conglomerate’s stock valued at $1,005,486,000 after buying an additional 9,835,343 shares in the last quarter. Finally, ANTIPODES PARTNERS Ltd purchased a new position in General Electric in the 2nd quarter valued at about $99,659,000. Hedge funds and other institutional investors own 53.79% of the company’s stock.
A number of research analysts recently weighed in on GE shares. Bank of America reaffirmed a “hold” rating and issued a $14.00 price target on shares of General Electric in a research note on Thursday, October 4th. Royal Bank of Canada reaffirmed a “neutral” rating and issued a $15.00 price target on shares of General Electric in a research note on Wednesday, August 8th. ValuEngine raised shares of General Electric from a “strong sell” rating to a “sell” rating in a research note on Saturday, October 6th. Zacks Investment Research raised shares of General Electric from a “sell” rating to a “hold” rating in a research note on Tuesday, July 24th. Finally, JPMorgan Chase & Co. set a $11.00 price target on shares of General Electric and gave the company a “sell” rating in a research note on Monday, August 27th. Six equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $16.26.
General Electric (NYSE:GE) last released its earnings results on Friday, July 20th. The conglomerate reported $0.19 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.18 by $0.01. General Electric had a negative net margin of 6.59% and a positive return on equity of 10.40%. The business had revenue of $30.10 billion for the quarter, compared to analyst estimates of $29.39 billion. During the same period last year, the company posted $0.21 EPS. The business’s revenue was up 3.5% on a year-over-year basis. Sell-side analysts forecast that General Electric will post 0.93 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 25th. Shareholders of record on Monday, September 17th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 3.88%. The ex-dividend date of this dividend is Friday, September 14th. General Electric’s dividend payout ratio (DPR) is 45.71%.
In other General Electric news, Director H Lawrence Culp, Jr. bought 191,000 shares of the firm’s stock in a transaction on Tuesday, July 24th. The shares were acquired at an average cost of $13.04 per share, with a total value of $2,490,640.00. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 1.12% of the company’s stock.
About General Electric
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.
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