Private Asset Management Inc. lowered its stake in General Electric (NYSE:GE) by 49.3% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 147,249 shares of the conglomerate’s stock after selling 143,346 shares during the quarter. Private Asset Management Inc.’s holdings in General Electric were worth $1,662,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Archford Capital Strategies LLC bought a new stake in shares of General Electric in the first quarter worth $121,000. Fusion Family Wealth LLC lifted its position in shares of General Electric by 153.3% in the second quarter. Fusion Family Wealth LLC now owns 8,264 shares of the conglomerate’s stock worth $112,000 after purchasing an additional 5,002 shares in the last quarter. Mount Yale Investment Advisors LLC bought a new stake in shares of General Electric in the first quarter worth $116,000. Amussen Hunsaker Associates LLC bought a new stake in shares of General Electric in the second quarter worth $134,000. Finally, Private Capital Management LLC bought a new stake in shares of General Electric in the second quarter worth $136,000. 54.25% of the stock is currently owned by hedge funds and other institutional investors.
In related news, Chairman H Lawrence Culp, Jr. acquired 225,000 shares of the firm’s stock in a transaction on Thursday, November 1st. The shares were purchased at an average cost of $9.73 per share, for a total transaction of $2,189,250.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Alexander Dimitrief acquired 10,000 shares of the firm’s stock in a transaction on 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 completion of the acquisition, the senior vice president now owns 103,075 shares of the company’s stock, valued at $977,151. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 295,000 shares of company stock worth $2,783,250. Corporate insiders own 1.12% of the company’s stock.
A number of brokerages have recently commented on GE. Morningstar set a $13.70 price objective on shares of General Electric and gave the stock a “buy” rating in a research report on Wednesday, November 21st. Royal Bank of Canada reissued a “buy” rating and issued a $13.00 price objective on shares of General Electric in a research report on Tuesday, November 20th. Goldman Sachs Group set a $9.00 target price on shares of General Electric and gave the stock a “neutral” rating in a report on Friday, November 16th. Credit Suisse Group lowered their target price on shares of General Electric from $12.00 to $10.00 and set a “neutral” rating on the stock in a report on Monday, November 12th. Finally, JPMorgan Chase & Co. lowered their target price on shares of General Electric from $10.00 to $6.00 and set an “underweight” rating on the stock in a report on Friday, November 9th. Five research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $14.09.
NYSE:GE opened at $7.57 on Monday. General Electric has a one year low of $7.53 and a one year high of $19.39. The firm has a market capitalization of $65.73 billion, a price-to-earnings ratio of 7.21, a P/E/G ratio of 2.14 and a beta of 0.95. The company has a debt-to-equity ratio of 2.03, a quick ratio of 1.36 and a current ratio of 1.66.
General Electric (NYSE:GE) last released its quarterly earnings data on Tuesday, October 30th. The conglomerate reported $0.14 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.20 by ($0.06). General Electric had a negative net margin of 27.36% and a positive return on equity of 10.29%. The company had revenue of $29.57 billion during the quarter, compared to analyst estimates of $30.08 billion. During the same quarter in the prior year, the firm earned $0.29 earnings per share. General Electric’s revenue for the quarter was down 3.6% on a year-over-year basis. On average, analysts predict that General Electric will post 0.67 earnings per share for the current fiscal year.
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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.
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