General Electric (GE) Stake Lowered by Cypress Capital Group
Cypress Capital Group lessened its position in General Electric (NYSE:GE) by 17.7% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 94,965 shares of the conglomerate’s stock after selling 20,357 shares during the period. Cypress Capital Group’s holdings in General Electric were worth $1,292,000 as of its most recent filing with the SEC.
Other large investors have also recently modified their holdings of the company. Archford Capital Strategies LLC acquired a new position in General Electric during the 1st quarter worth about $121,000. Fusion Family Wealth LLC lifted its position in General Electric by 153.3% during the 2nd quarter. Fusion Family Wealth LLC now owns 8,264 shares of the conglomerate’s stock worth $112,000 after buying an additional 5,002 shares in the last quarter. Mount Yale Investment Advisors LLC acquired a new position in General Electric during the 1st quarter worth about $116,000. Private Capital Management LLC acquired a new position in General Electric during the 2nd quarter worth about $136,000. Finally, Blue Chip Wealth Management Inc. acquired a new position in General Electric during the 1st quarter worth about $135,000. Institutional investors own 54.25% of the company’s stock.
Shares of GE stock opened at $7.84 on Tuesday. The company has a debt-to-equity ratio of 2.03, a current ratio of 1.66 and a quick ratio of 1.36. The stock has a market capitalization of $69.63 billion, a PE ratio of 7.47, a P/E/G ratio of 2.27 and a beta of 0.95. General Electric has a one year low of $7.72 and a one year high of $19.39.
The business also recently declared a quarterly dividend, which was paid on Thursday, October 25th. Stockholders of record on Monday, September 17th were paid a $0.12 dividend. The ex-dividend date was Friday, September 14th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 6.12%. General Electric’s dividend payout ratio (DPR) is presently 45.71%.
In related news, SVP Alexander Dimitrief purchased 10,000 shares of the stock in a transaction dated Tuesday, November 6th. The stock was bought at an average cost of $9.48 per share, with a total value of $94,800.00. Following the purchase, the senior vice president now directly owns 103,075 shares in the company, valued at approximately $977,151. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Francisco Dsouza purchased 60,000 shares of the stock in a transaction dated Wednesday, November 14th. The stock was bought at an average cost of $8.32 per share, with a total value of $499,200.00. Following the completion of the purchase, the director now owns 151,500 shares in the company, valued at $1,260,480. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 295,000 shares of company stock valued at $2,783,250. 1.12% of the stock is currently owned by company insiders.
Several brokerages recently issued reports on GE. Goldman Sachs Group set a $9.00 price target on shares of General Electric and gave the stock a “neutral” rating in a research report on Friday. Credit Suisse Group dropped their price objective on General Electric from $12.00 to $10.00 and set a “neutral” rating for the company in a report on Monday, November 12th. JPMorgan Chase & Co. dropped their price objective on General Electric from $10.00 to $6.00 and set an “underweight” rating for the company in a report on Friday, November 9th. Barclays dropped their price objective on General Electric from $16.00 to $13.00 and set an “overweight” rating for the company in a report on Wednesday, October 31st. Finally, Deutsche Bank dropped their price objective on General Electric from $13.00 to $11.00 and set a “hold” rating for the company in a report on Wednesday, October 31st. Five research analysts have rated the stock with a sell rating, twelve have issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $14.33.
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: Reverse Stock Split
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