Woodmont Investment Counsel LLC trimmed its stake in General Electric (NYSE:GE) by 53.1% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 14,056 shares of the conglomerate’s stock after selling 15,893 shares during the period. Woodmont Investment Counsel LLC’s holdings in General Electric were worth $191,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Fusion Family Wealth LLC grew its stake 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 during the last quarter. Mount Yale Investment Advisors LLC purchased a new position in General Electric during the 1st quarter worth $116,000. Archford Capital Strategies LLC purchased a new position in General Electric during the 1st quarter worth $121,000. Blue Chip Wealth Management Inc. purchased a new position in General Electric during the 1st quarter worth $135,000. Finally, Harborview Advisors LLC purchased a new position in General Electric during the 1st quarter worth $137,000. 53.81% of the stock is owned by hedge funds and other institutional investors.
In related news, Chairman H Lawrence Culp, Jr. bought 225,000 shares of the stock in a transaction dated Thursday, November 1st. The shares were purchased at an average price of $9.73 per share, for a total transaction of $2,189,250.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Alexander Dimitrief bought 10,000 shares of the stock in a transaction dated Tuesday, November 6th. The stock was bought at an average price of $9.48 per share, for a total transaction of $94,800.00. Following the purchase, the senior vice president now directly owns 103,075 shares of the company’s stock, valued at $977,151. The disclosure for this purchase can be found here. 1.12% of the stock is currently owned by insiders.
General Electric (NYSE:GE) last posted its quarterly earnings results on Tuesday, October 30th. The conglomerate reported $0.14 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.20 by ($0.06). The firm had revenue of $29.57 billion for the quarter, compared to analysts’ expectations of $30.08 billion. General Electric had a negative net margin of 27.36% and a positive return on equity of 10.29%. The firm’s revenue for the quarter was down 3.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.29 EPS. On average, research analysts forecast that General Electric will post 0.68 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, October 25th. Shareholders of record on Monday, September 17th were paid a dividend of $0.12 per share. The ex-dividend date was Friday, September 14th. This represents a $0.48 annualized dividend and a yield of 5.59%. General Electric’s payout ratio is presently 45.71%.
Several brokerages recently weighed in on GE. JPMorgan Chase & Co. dropped their target price on General Electric from $10.00 to $6.00 and set an “underweight” rating on the stock in a research note on Friday. Barclays dropped their target price on General Electric from $16.00 to $13.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 31st. Deutsche Bank dropped their target price on General Electric from $13.00 to $11.00 and set a “hold” rating on the stock in a research note on Wednesday, October 31st. Credit Suisse Group restated a “neutral” rating and set a $12.00 target price on shares of General Electric in a research note on Wednesday, October 31st. Finally, UBS Group upgraded General Electric from a “neutral” rating to a “buy” rating and set a $13.00 target price on the stock in a research note on Wednesday, October 31st. Five equities 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 company’s stock. The company has a consensus rating of “Hold” and an average price target of $14.72.
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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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