Kessler Investment Group LLC Increases Stake in General Electric Company (NYSE:GE)
Kessler Investment Group LLC boosted its position in General Electric Company (NYSE:GE) by 1,367.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 84,351 shares of the conglomerate’s stock after buying an additional 78,601 shares during the period. General Electric comprises approximately 2.9% of Kessler Investment Group LLC’s investment portfolio, making the stock its 18th largest position. Kessler Investment Group LLC’s holdings in General Electric were worth $2,278,000 as of its most recent SEC filing.
Other hedge funds have also recently bought and sold shares of the company. Ullmann Financial Group Inc. bought a new position in shares of General Electric during the first quarter worth about $106,000. Feltz Wealth PLAN Inc. acquired a new position in shares of General Electric during the first quarter worth $114,000. PHH Investments Ltd. increased its position in shares of General Electric by 105.0% in the first quarter. PHH Investments Ltd. now owns 3,905 shares of the conglomerate’s stock worth $116,000 after buying an additional 2,000 shares in the last quarter. Heritage Way Advisors LLC acquired a new position in shares of General Electric during the fourth quarter worth $205,000. Finally, Cheviot Value Management LLC acquired a new position in shares of General Electric during the fourth quarter worth $208,000. 54.31% of the stock is currently owned by institutional investors.
General Electric Company (NYSE:GE) traded up 0.99% during midday trading on Monday, hitting $25.45. 9,059,638 shares of the stock were exchanged. The firm’s 50-day moving average price is $26.28 and its 200 day moving average price is $28.52. The firm has a market capitalization of $220.34 billion, a P/E ratio of 31.00 and a beta of 1.21. General Electric Company has a 1-year low of $25.19 and a 1-year high of $32.38.
General Electric (NYSE:GE) last released its quarterly earnings data on Friday, July 21st. The conglomerate reported $0.28 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $0.03. General Electric had a net margin of 6.45% and a return on equity of 14.59%. The company had revenue of $29.56 billion during the quarter, compared to the consensus estimate of $29.07 billion. During the same period last year, the firm earned $0.51 EPS. General Electric’s revenue for the quarter was down 11.8% on a year-over-year basis. Analysts expect that General Electric Company will post $1.57 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, July 25th. Shareholders of record on Monday, June 19th were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 3.81%. The ex-dividend date of this dividend was Thursday, June 15th. General Electric’s dividend payout ratio is presently 118.52%.
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A number of research analysts have commented on GE shares. J P Morgan Chase & Co set a $22.00 target price on General Electric and gave the company a “sell” rating in a research note on Monday, July 24th. Vetr cut General Electric from a “buy” rating to a “hold” rating and set a $29.71 price target for the company. in a research report on Monday, June 12th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $27.00 price target on shares of General Electric in a research report on Monday, July 17th. Argus reduced their price target on General Electric from $36.00 to $33.00 and set a “buy” rating for the company in a research report on Monday, April 24th. Finally, Stifel Nicolaus boosted their price target on General Electric from $32.00 to $33.00 and gave the stock a “buy” rating in a research report on Tuesday, April 25th. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $30.08.
In related news, Vice Chairman Elizabeth J. Comstock sold 24,693 shares of the stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $25.65, for a total transaction of $633,375.45. Following the transaction, the insider now owns 175,717 shares of the company’s stock, valued at approximately $4,507,141.05. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director William G. Beattie bought 4,000 shares of General Electric stock in a transaction that occurred on Wednesday, May 17th. The shares were acquired at an average cost of $27.70 per share, for a total transaction of $110,800.00. The disclosure for this purchase can be found here. Insiders acquired a total of 137,253 shares of company stock worth $3,515,064 over the last quarter. Corporate insiders own 0.36% of the company’s stock.
About General Electric
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