WealthPLAN Partners LLC Grows Holdings in General Electric (GE)
WealthPLAN Partners LLC grew its holdings in shares of General Electric (NYSE:GE) by 12.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 38,879 shares of the conglomerate’s stock after buying an additional 4,376 shares during the quarter. WealthPLAN Partners LLC’s holdings in General Electric were worth $529,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in GE. Pinnacle Wealth Management Advisory Group LLC raised its holdings in General Electric by 28.1% in the first quarter. Pinnacle Wealth Management Advisory Group LLC now owns 16,411 shares of the conglomerate’s stock valued at $221,000 after acquiring an additional 3,600 shares in the last quarter. Legacy Advisors LLC raised its holdings in General Electric by 16.3% in the second quarter. Legacy Advisors LLC now owns 26,145 shares of the conglomerate’s stock valued at $356,000 after acquiring an additional 3,669 shares in the last quarter. Home Federal Bank of Tennessee raised its holdings in General Electric by 7.4% in the second quarter. Home Federal Bank of Tennessee now owns 53,210 shares of the conglomerate’s stock valued at $725,000 after acquiring an additional 3,675 shares in the last quarter. Advisors Capital Management LLC raised its holdings in General Electric by 7.6% in the first quarter. Advisors Capital Management LLC now owns 52,750 shares of the conglomerate’s stock valued at $711,000 after acquiring an additional 3,714 shares in the last quarter. Finally, Municipal Employees Retirement System of Michigan raised its holdings in General Electric by 1.1% in the first quarter. Municipal Employees Retirement System of Michigan now owns 357,730 shares of the conglomerate’s stock valued at $4,822,000 after acquiring an additional 3,820 shares in the last quarter. Institutional investors own 54.25% of the company’s stock.
Shares of NYSE:GE opened at $7.81 on Thursday. The firm has a market cap of $66.42 billion, a price-to-earnings ratio of 7.44, a price-to-earnings-growth ratio of 2.17 and a beta of 0.95. General Electric has a 1-year low of $7.53 and a 1-year high of $19.39. The company has a debt-to-equity ratio of 2.03, a quick ratio of 1.36 and a current ratio of 1.66.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 25th. Investors of record on Monday, September 17th were issued a $0.12 dividend. The ex-dividend date of this dividend was Friday, September 14th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 6.15%. General Electric’s dividend payout ratio (DPR) is presently 45.71%.
In other news, Director Francisco Dsouza acquired 60,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 14th. The shares were acquired at an average price of $8.32 per share, with a total value of $499,200.00. Following the acquisition, the director now directly owns 151,500 shares in the company, valued at $1,260,480. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Chairman H Lawrence Culp, Jr. acquired 225,000 shares of the company’s stock in a transaction that occurred on Thursday, November 1st. The stock was purchased at an average cost of $9.73 per share, for a total transaction of $2,189,250.00. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 295,000 shares of company stock worth $2,783,250. Corporate insiders own 1.12% of the company’s stock.
Several analysts recently issued reports on GE shares. Citigroup set a $21.00 price target on shares of General Electric and gave the company a “buy” rating in a report on Monday, October 1st. UBS Group cut their price target on shares of General Electric from $16.00 to $13.00 and set a “neutral” rating on the stock in a report on Wednesday, September 5th. JPMorgan Chase & Co. reaffirmed a “sell” rating and issued a $10.00 price target on shares of General Electric in a report on Thursday, October 25th. Bank of America set a $16.00 price target on shares of General Electric and gave the company a “hold” rating in a report on Monday, September 24th. Finally, Morningstar set a $15.70 target price on shares of General Electric and gave the stock a “buy” rating in a report on Monday, August 13th. Five research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $14.09.
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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.
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