Sumitomo Mitsui Asset Management Company LTD lowered its position in shares of General Electric (NYSE:GE) by 3.6% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 577,902 shares of the conglomerate’s stock after selling 21,451 shares during the quarter. Sumitomo Mitsui Asset Management Company LTD’s holdings in General Electric were worth $4,374,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in GE. Farmers & Merchants Trust Co of Chambersburg PA boosted its position in shares of General Electric by 250.0% in the 4th quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 3,500 shares of the conglomerate’s stock valued at $26,000 after purchasing an additional 2,500 shares during the period. Mackey Komara & Dankovich LLC acquired a new position in shares of General Electric in the 4th quarter valued at $27,000. Edge Wealth Management LLC boosted its position in shares of General Electric by 47.4% in the 4th quarter. Edge Wealth Management LLC now owns 4,045 shares of the conglomerate’s stock valued at $31,000 after purchasing an additional 1,300 shares during the period. NuWave Investment Management LLC boosted its position in shares of General Electric by 170.3% in the 4th quarter. NuWave Investment Management LLC now owns 6,016 shares of the conglomerate’s stock valued at $46,000 after purchasing an additional 3,790 shares during the period. Finally, Orrstown Financial Services Inc. boosted its position in shares of General Electric by 26.6% in the 4th quarter. Orrstown Financial Services Inc. now owns 7,139 shares of the conglomerate’s stock valued at $54,000 after purchasing an additional 1,500 shares during the period. 56.98% of the stock is owned by institutional investors and hedge funds.
In other news, insider Russell Stokes sold 49,904 shares of the firm’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $9.93, for a total transaction of $495,546.72. Following the completion of the sale, the insider now directly owns 265,986 shares of the company’s stock, valued at approximately $2,641,240.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.12% of the stock is owned by company insiders.
GE opened at $9.96 on Friday. General Electric has a fifty-two week low of $6.66 and a fifty-two week high of $15.59. The company has a debt-to-equity ratio of 1.85, a current ratio of 1.81 and a quick ratio of 1.43. The stock has a market cap of $86.48 billion, a PE ratio of 15.32, a PEG ratio of 3.33 and a beta of 0.99.
General Electric (NYSE:GE) last posted its quarterly earnings results on Thursday, January 31st. The conglomerate reported $0.17 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.18 by ($0.01). General Electric had a positive return on equity of 9.85% and a negative net margin of 18.38%. The firm had revenue of $33.28 billion for the quarter, compared to analysts’ expectations of $32.01 billion. On average, research analysts forecast that General Electric will post 0.65 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, April 25th. Stockholders of record on Monday, March 11th will be paid a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.40%. The ex-dividend date is Friday, March 8th. General Electric’s dividend payout ratio (DPR) is presently 6.15%.
Several brokerages recently issued reports on GE. ValuEngine raised General Electric from a “sell” rating to a “hold” rating in a research note on Saturday, February 2nd. Credit Suisse Group reissued a “neutral” rating and issued a $11.00 price objective on shares of General Electric in a research note on Friday, March 8th. Zacks Investment Research raised General Electric from a “strong sell” rating to a “hold” rating in a research note on Monday, February 4th. Deutsche Bank reduced their price objective on General Electric from $11.00 to $7.00 and set a “hold” rating for the company in a research note on Friday, November 30th. Finally, Bank of America reissued a “hold” rating and issued a $11.00 price objective on shares of General Electric in a research note on Thursday, January 31st. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and ten have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $12.44.
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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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