Sanders Morris Harris LLC boosted its holdings in shares of General Electric (NYSE:GE) by 6.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 443,052 shares of the conglomerate’s stock after buying an additional 28,499 shares during the quarter. Sanders Morris Harris LLC’s holdings in General Electric were worth $2,773,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in GE. Public Employees Retirement Association of Colorado grew its position in General Electric by 4.6% during the first quarter. Public Employees Retirement Association of Colorado now owns 1,659,048 shares of the conglomerate’s stock valued at $13,173,000 after buying an additional 72,905 shares during the period. Thrivent Financial for Lutherans boosted its position in shares of General Electric by 1.5% in the first quarter. Thrivent Financial for Lutherans now owns 496,984 shares of the conglomerate’s stock worth $3,940,000 after purchasing an additional 7,311 shares during the period. Silvercrest Asset Management Group LLC boosted its position in shares of General Electric by 7.2% in the first quarter. Silvercrest Asset Management Group LLC now owns 416,388 shares of the conglomerate’s stock worth $3,307,000 after purchasing an additional 28,051 shares during the period. Cohen & Steers Inc. bought a new position in shares of General Electric in the first quarter worth approximately $72,000. Finally, United Capital Financial Advisers LLC boosted its position in shares of General Electric by 9.6% in the first quarter. United Capital Financial Advisers LLC now owns 752,498 shares of the conglomerate’s stock worth $5,975,000 after purchasing an additional 65,930 shares during the period. Institutional investors own 59.95% of the company’s stock.
In other news, Director Edward P. Garden sold 3,264,481 shares of the stock in a transaction on Friday, July 31st. The shares were sold at an average price of $6.09, for a total value of $19,880,689.29. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Trian Fund Management, L.P. sold 15,569,158 shares of the stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $6.14, for a total transaction of $95,594,630.12. The disclosure for this sale can be found here. Corporate insiders own 0.90% of the company’s stock.
A number of equities analysts have weighed in on GE shares. Goldman Sachs Group reiterated a “buy” rating and issued a $10.00 price target on shares of General Electric in a research report on Friday, October 9th. JPMorgan Chase & Co. reiterated a “fair value” rating on shares of General Electric in a research report on Monday, August 31st. Oppenheimer reiterated a “hold” rating on shares of General Electric in a research report on Monday, August 3rd. Deutsche Bank Aktiengesellschaft upped their target price on shares of General Electric from $6.25 to $6.81 and gave the stock a “hold” rating in a research report on Tuesday, October 13th. Finally, Zacks Investment Research upgraded shares of General Electric from a “strong sell” rating to a “hold” rating and set a $7.00 target price for the company in a research report on Wednesday. Eight analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. General Electric presently has a consensus rating of “Buy” and an average price target of $9.09.
General Electric stock traded up $0.42 during mid-day trading on Friday, reaching $7.29. 169,147,263 shares of the company’s stock traded hands, compared to its average volume of 97,304,438. The company has a market cap of $63.81 billion, a price-to-earnings ratio of -12.57 and a beta of 0.92. The stock has a 50 day moving average of $6.41 and a two-hundred day moving average of $6.65. The company has a quick ratio of 1.95, a current ratio of 2.21 and a debt-to-equity ratio of 2.05. General Electric has a 12-month low of $5.48 and a 12-month high of $13.26.
General Electric (NYSE:GE) last released its quarterly earnings results on Wednesday, July 29th. The conglomerate reported ($0.15) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.09) by ($0.06). The business had revenue of $17.75 billion for the quarter, compared to analysts’ expectations of $17.27 billion. General Electric had a negative net margin of 5.10% and a positive return on equity of 7.94%. General Electric’s revenue for the quarter was down 38.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.17 EPS. As a group, sell-side analysts forecast that General Electric will post -0.05 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 26th. Investors of record on Monday, September 28th will be paid a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 0.55%. The ex-dividend date of this dividend is Friday, September 25th. General Electric’s payout ratio is 6.15%.
About General Electric
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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