Westpac Banking Corp cut its stake in General Electric Company (NYSE:GE) by 36.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 537,643 shares of the conglomerate’s stock after selling 309,169 shares during the period. Westpac Banking Corp’s holdings in General Electric were worth $17,092,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the company. Insight 2811 Inc. raised its stake in General Electric by 0.3% in the first quarter. Insight 2811 Inc. now owns 37,789 shares of the conglomerate’s stock valued at $1,126,000 after buying an additional 118 shares during the period. Blue Fin Capital Inc. increased its position in shares of General Electric by 0.3% in the first quarter. Blue Fin Capital Inc. now owns 55,992 shares of the conglomerate’s stock valued at $1,668,000 after buying an additional 158 shares in the last quarter. Huntington Steele LLC increased its position in shares of General Electric by 1.0% in the first quarter. Huntington Steele LLC now owns 16,611 shares of the conglomerate’s stock valued at $495,000 after buying an additional 165 shares in the last quarter. Commonwealth Financial Services LLC increased its position in shares of General Electric by 0.9% in the first quarter. Commonwealth Financial Services LLC now owns 23,035 shares of the conglomerate’s stock valued at $690,000 after buying an additional 203 shares in the last quarter. Finally, Meridian Investment Counsel Inc. increased its position in shares of General Electric by 0.3% in the first quarter. Meridian Investment Counsel Inc. now owns 65,895 shares of the conglomerate’s stock valued at $1,964,000 after buying an additional 218 shares in the last quarter. Hedge funds and other institutional investors own 54.29% of the company’s stock.

Shares of General Electric Company (GE) opened at 25.63 on Tuesday. The firm has a market cap of $221.90 billion, a price-to-earnings ratio of 31.22 and a beta of 1.21. General Electric Company has a 52 week low of $25.26 and a 52 week high of $32.38. The company has a 50-day moving average price of $26.94 and a 200 day moving average price of $28.78.

General Electric (NYSE:GE) last posted its quarterly earnings data on Friday, July 21st. The conglomerate reported $0.28 EPS for the quarter, topping the Zacks’ consensus estimate of $0.25 by $0.03. General Electric had a return on equity of 14.59% and a net margin of 6.45%. The firm had revenue of $29.56 billion for the quarter, compared to analyst estimates of $29.07 billion. During the same quarter last year, the company earned $0.51 EPS. The company’s revenue was down 11.8% on a year-over-year basis. Analysts expect that General Electric Company will post $1.57 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 25th. Shareholders of record on Monday, June 19th were paid a dividend of $0.24 per share. The ex-dividend date was Thursday, June 15th. This represents a $0.96 dividend on an annualized basis and a yield of 3.75%. General Electric’s dividend payout ratio (DPR) is presently 118.52%.

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Several research analysts have commented on the company. Cowen and Company reaffirmed a “hold” rating and issued a $24.00 price target on shares of General Electric in a research report on Monday. UBS AG reaffirmed a “buy” rating and issued a $31.00 price target (down from $35.00) on shares of General Electric in a research report on Tuesday, July 25th. Stifel Nicolaus dropped their price target on General Electric from $33.00 to $28.00 and set a “buy” rating on the stock in a research report on Tuesday, July 25th. Citigroup Inc. reaffirmed a “buy” rating and issued a $31.00 price target (down from $34.00) on shares of General Electric in a research report on Monday, July 24th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $26.00 price target (down from $27.00) on shares of General Electric in a research report on Monday, July 24th. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $30.08.

In related news, insider Alexander Dimitrief acquired 1,845 shares of the stock in a transaction on Monday, July 24th. The shares were purchased at an average price of $25.54 per share, for a total transaction of $47,121.30. Following the purchase, the insider now directly owns 65,597 shares in the company, valued at $1,675,347.38. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Chairman Jeffrey R. Immelt acquired 100,000 shares of the stock in a transaction on Monday, May 15th. The shares were bought at an average price of $28.07 per share, for a total transaction of $2,807,000.00. Following the purchase, the chairman now owns 2,561,926 shares in the company, valued at $71,913,262.82. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 149,270 shares of company stock worth $4,113,059. Corporate insiders own 0.36% of the company’s stock.

About General Electric

Institutional Ownership by Quarter for General Electric (NYSE:GE)

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