WealthPLAN Partners LLC Boosts Stock Position in General Electric (NYSE:GE)
WealthPLAN Partners LLC lifted its position in General Electric (NYSE:GE) by 15.3% in the 2nd quarter, HoldingsChannel reports. The firm owned 46,291 shares of the conglomerate’s stock after purchasing an additional 6,143 shares during the quarter. WealthPLAN Partners LLC’s holdings in General Electric were worth $306,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its holdings in General Electric by 1.4% in the second quarter. BlackRock Inc. now owns 564,187,905 shares of the conglomerate’s stock valued at $3,853,404,000 after purchasing an additional 7,629,478 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of General Electric by 6.1% in the first quarter. Geode Capital Management LLC now owns 127,442,619 shares of the conglomerate’s stock worth $1,009,780,000 after buying an additional 7,346,879 shares during the last quarter. Pzena Investment Management LLC grew its holdings in General Electric by 16.1% during the second quarter. Pzena Investment Management LLC now owns 74,973,028 shares of the conglomerate’s stock worth $512,066,000 after acquiring an additional 10,403,515 shares during the period. Legal & General Group Plc grew its holdings in General Electric by 2.4% during the first quarter. Legal & General Group Plc now owns 55,992,720 shares of the conglomerate’s stock worth $446,288,000 after acquiring an additional 1,313,273 shares during the period. Finally, Franklin Resources Inc. raised its position in General Electric by 1.0% during the first quarter. Franklin Resources Inc. now owns 38,612,619 shares of the conglomerate’s stock valued at $306,585,000 after acquiring an additional 367,555 shares in the last quarter. 59.95% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages have recently commented on GE. Deutsche Bank dropped their price objective on shares of General Electric from $6.51 to $6.25 and set a “hold” rating on the stock in a research note on Thursday, July 30th. Zacks Investment Research cut shares of General Electric from a “hold” rating to a “sell” rating and set a $7.50 price objective for the company. in a report on Friday, June 12th. ValuEngine upgraded shares of General Electric from a “hold” rating to a “buy” rating in a research report on Monday, August 3rd. TheStreet upgraded General Electric from a “d+” rating to a “c-” rating in a research report on Tuesday, June 9th. Finally, Bank of America reaffirmed a “buy” rating and issued a $11.00 price target on shares of General Electric in a report on Monday, June 15th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $9.02.
GE traded up $0.17 on Wednesday, hitting $6.27. 3,072,641 shares of the company’s stock were exchanged, compared to its average volume of 94,355,742. General Electric has a fifty-two week low of $5.48 and a fifty-two week high of $13.26. The stock has a market cap of $53.40 billion, a price-to-earnings ratio of -10.60 and a beta of 0.91. The firm has a 50-day moving average price of $6.39 and a 200-day moving average price of $6.97. The company has a current ratio of 2.21, a quick ratio of 1.95 and a debt-to-equity ratio of 2.05.
General Electric (NYSE:GE) last posted its quarterly earnings results on Wednesday, July 29th. The conglomerate reported ($0.15) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.09) by ($0.06). General Electric had a positive return on equity of 7.94% and a negative net margin of 5.10%. The business had revenue of $17.75 billion during the quarter, compared to analysts’ expectations of $17.27 billion. During the same period in the prior year, the business posted $0.17 earnings per share. The business’s quarterly revenue was down 38.4% on a year-over-year basis. On average, equities analysts predict that General Electric will post -0.08 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 26th. Stockholders of record on Monday, September 28th will be issued a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 0.64%. The ex-dividend date of this dividend is Friday, September 25th. General Electric’s dividend payout ratio is currently 6.15%.
General Electric Company Profile
General Electric Company operates as a high-tech industrial company worldwide. It operates through Power, Renewable Energy, Aviation, Oil & Gas, Healthcare, Transportation, Lighting, and Capital segments. The Power segment offers technologies, solutions, and services related to energy production, including gas and steam turbines, generators, and high voltage equipment; and power generation services.
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