General Electric Company (GE) Position Reduced by Family Management Corp
Family Management Corp reduced its stake in shares of General Electric Company (NYSE:GE) by 6.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 190,140 shares of the conglomerate’s stock after selling 13,133 shares during the quarter. General Electric accounts for approximately 3.5% of Family Management Corp’s holdings, making the stock its 8th biggest position. Family Management Corp owned 0.28% of General Electric worth $5,135,000 as of its most recent SEC filing.
A number of other large investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in shares of General Electric by 0.6% in the 2nd quarter. Vanguard Group Inc. now owns 600,238,644 shares of the conglomerate’s stock worth $16,212,445,000 after purchasing an additional 3,297,890 shares during the last quarter. BlackRock Inc. grew its holdings in shares of General Electric by 3.9% in the 2nd quarter. BlackRock Inc. now owns 517,315,514 shares of the conglomerate’s stock worth $13,972,691,000 after purchasing an additional 19,422,516 shares during the last quarter. Capital World Investors grew its holdings in shares of General Electric by 8.6% in the 2nd quarter. Capital World Investors now owns 141,322,676 shares of the conglomerate’s stock worth $3,817,125,000 after purchasing an additional 11,194,678 shares during the last quarter. Capital Research Global Investors grew its holdings in shares of General Electric by 18.6% in the 2nd quarter. Capital Research Global Investors now owns 91,205,460 shares of the conglomerate’s stock worth $2,463,459,000 after purchasing an additional 14,316,281 shares during the last quarter. Finally, Franklin Resources Inc. grew its holdings in shares of General Electric by 43.8% in the 2nd quarter. Franklin Resources Inc. now owns 78,024,403 shares of the conglomerate’s stock worth $2,107,438,000 after purchasing an additional 23,764,129 shares during the last quarter. Hedge funds and other institutional investors own 55.74% of the company’s stock.
Several research firms have recently weighed in on GE. Stifel Nicolaus set a $18.00 target price on shares of General Electric and gave the stock a “neutral” rating in a report on Monday. Goldman Sachs Group set a $19.00 target price on shares of General Electric and gave the stock a “neutral” rating in a report on Thursday, November 30th. Deutsche Bank decreased their price objective on shares of General Electric from $18.00 to $15.00 and set a “sell” rating on the stock in a report on Tuesday, November 21st. J P Morgan Chase & Co set a $17.00 price objective on shares of General Electric and gave the stock a “sell” rating in a report on Wednesday, November 15th. Finally, Bank of America reissued a “buy” rating and set a $23.00 price objective (down previously from $27.00) on shares of General Electric in a report on Tuesday, November 14th. Six equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $23.39.
General Electric (NYSE:GE) last released its earnings results on Friday, October 20th. The conglomerate reported $0.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.20). General Electric had a net margin of 6.08% and a return on equity of 13.72%. The business had revenue of $33.47 billion for the quarter, compared to analyst estimates of $32.51 billion. During the same quarter in the previous year, the company posted $0.32 earnings per share. The business’s revenue for the quarter was up 11.5% on a year-over-year basis. research analysts expect that General Electric Company will post 1.07 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 25th. Shareholders of record on Wednesday, December 27th will be given a dividend of $0.12 per share. The ex-dividend date is Tuesday, December 26th. This represents a $0.48 dividend on an annualized basis and a yield of 2.72%. General Electric’s payout ratio is presently 120.00%.
In other news, Director Francisco Dsouza purchased 55,000 shares of the business’s stock in a transaction that occurred on Monday, November 20th. The shares were acquired at an average cost of $17.94 per share, for a total transaction of $986,700.00. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman John Leonard Flannery purchased 60,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 15th. The stock was purchased at an average price of $18.27 per share, for a total transaction of $1,096,200.00. Following the completion of the transaction, the chairman now directly owns 575,477 shares in the company, valued at $10,513,964.79. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 120,500 shares of company stock worth $2,183,220. Corporate insiders own 0.36% of the company’s stock.
General Electric Company Profile
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