General Electric (GE) Shares Bought by HighPoint Advisor Group LLC
HighPoint Advisor Group LLC grew its holdings in shares of General Electric (NYSE:GE) by 8.7% during the second quarter, HoldingsChannel.com reports. The firm owned 146,961 shares of the conglomerate’s stock after buying an additional 11,739 shares during the quarter. HighPoint Advisor Group LLC’s holdings in General Electric were worth $1,808,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds have also modified their holdings of GE. FMR LLC grew its holdings in General Electric by 158.6% during the second quarter. FMR LLC now owns 205,696,411 shares of the conglomerate’s stock worth $2,799,528,000 after acquiring an additional 126,169,069 shares during the period. The Manufacturers Life Insurance Company grew its holdings in General Electric by 43.9% during the first quarter. The Manufacturers Life Insurance Company now owns 90,257,543 shares of the conglomerate’s stock worth $1,216,672,000 after acquiring an additional 27,527,425 shares during the period. Franklin Resources Inc. grew its holdings in General Electric by 11.0% during the first quarter. Franklin Resources Inc. now owns 204,957,949 shares of the conglomerate’s stock worth $2,762,834,000 after acquiring an additional 20,275,020 shares during the period. Pzena Investment Management LLC grew its holdings in General Electric by 334.5% during the second quarter. Pzena Investment Management LLC now owns 17,048,137 shares of the conglomerate’s stock worth $232,025,000 after acquiring an additional 13,124,900 shares during the period. Finally, Morgan Stanley grew its holdings in General Electric by 26.1% during the second quarter. Morgan Stanley now owns 54,507,783 shares of the conglomerate’s stock worth $741,852,000 after acquiring an additional 11,294,608 shares during the period. 54.25% of the stock is currently owned by institutional investors.
A number of equities analysts recently weighed in on GE shares. Gordon Haskett started coverage on General Electric in a research report on Friday, October 12th. They issued a “sell” rating for the company. Royal Bank of Canada decreased their price target on General Electric to $13.00 and set a “neutral” rating for the company in a research report on Friday, September 28th. Oppenheimer reiterated a “neutral” rating on shares of General Electric in a research report on Tuesday, October 2nd. Citigroup set a $21.00 price target on General Electric and gave the company a “buy” rating in a research report on Monday, October 1st. Finally, Goldman Sachs Group set a $14.00 price target on General Electric and gave the company a “neutral” rating in a research report on Tuesday, October 30th. Five equities 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 given a strong buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $14.09.
General Electric (NYSE:GE) last announced its quarterly earnings data on Tuesday, October 30th. The conglomerate reported $0.14 EPS for the quarter, missing the Zacks’ consensus estimate of $0.20 by ($0.06). General Electric had a positive return on equity of 10.29% and a negative net margin of 27.36%. The business had revenue of $29.57 billion for the quarter, compared to analyst estimates of $30.08 billion. During the same quarter in the previous year, the business posted $0.29 earnings per share. The company’s revenue was down 3.6% compared to the same quarter last year. Equities analysts expect that General Electric will post 0.67 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 25th. Shareholders of record on Monday, September 17th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, September 14th. This represents a $0.48 dividend on an annualized basis and a yield of 6.15%. General Electric’s payout ratio is presently 45.71%.
In other news, Chairman H Lawrence Culp, Jr. purchased 225,000 shares of General Electric stock in a transaction dated Thursday, November 1st. The stock was acquired at an average cost of $9.73 per share, for a total transaction of $2,189,250.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Alexander Dimitrief purchased 10,000 shares of General Electric stock in a transaction dated Tuesday, November 6th. The shares were purchased at an average price of $9.48 per share, with a total value of $94,800.00. Following the completion of the acquisition, the senior vice president now owns 103,075 shares in the company, valued at $977,151. The disclosure for this purchase can be found here. Insiders have acquired a total of 295,000 shares of company stock valued at $2,783,250 over the last 90 days. Corporate insiders own 1.12% of the company’s stock.
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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.
Further Reading: Cost of Capital Explained
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