Griffin Asset Management Inc. Invests $7.97 Million in General Electric Company (GE) Stock
Griffin Asset Management Inc. purchased a new stake in shares of General Electric Company (NYSE:GE) in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 295,174 shares of the conglomerate’s stock, valued at approximately $7,973,000. General Electric makes up 2.1% of Griffin Asset Management Inc.’s investment portfolio, making the stock its 9th biggest position.
Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. boosted 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 buying an additional 3,297,890 shares during the last quarter. BlackRock Inc. boosted 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 buying an additional 19,422,516 shares during the last quarter. Capital World Investors boosted 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 buying an additional 11,194,678 shares during the last quarter. Capital Research Global Investors boosted 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 buying an additional 14,316,281 shares during the last quarter. Finally, Franklin Resources Inc. boosted 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 buying an additional 23,764,129 shares during the last quarter. Institutional investors and hedge funds own 55.74% of the company’s stock.
A number of equities research analysts recently issued reports on GE shares. J P Morgan Chase & Co restated an “underweight” rating and issued a $22.00 price objective on shares of General Electric in a research note on Thursday, September 7th. Deutsche Bank restated a “sell” rating and issued a $21.00 price objective (down from $24.00) on shares of General Electric in a research note on Monday, September 11th. Vetr cut General Electric from a “strong-buy” rating to a “buy” rating and set a $25.63 price objective on the stock. in a research note on Wednesday, September 13th. Royal Bank of Canada restated a “buy” rating and issued a $31.00 price objective on shares of General Electric in a research note on Friday, September 15th. Finally, Argus lowered their price objective on General Electric from $30.00 to $27.00 and set a “buy” rating on the stock in a research note on Monday, September 18th. Six research analysts have rated the stock with a sell rating, seven have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $23.39.
General Electric (NYSE:GE) last posted its quarterly earnings data on Friday, October 20th. The conglomerate reported $0.29 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.49 by ($0.20). The company had revenue of $33.47 billion during the quarter, compared to the consensus estimate of $32.51 billion. General Electric had a return on equity of 13.72% and a net margin of 6.08%. The firm’s revenue for the quarter was up 11.5% on a year-over-year basis. During the same quarter last year, the company posted $0.32 earnings per share. analysts anticipate that General Electric Company will post 1.07 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 25th. Investors of record on Wednesday, December 27th will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 2.69%. The ex-dividend date of this dividend is Tuesday, December 26th. General Electric’s dividend payout ratio (DPR) is 120.00%.
In other news, Director Steven M. Mollenkopf bought 5,500 shares of the business’s stock in a transaction on Thursday, November 16th. The stock was acquired at an average price of $18.24 per share, with a total value of $100,320.00. Following the completion of the purchase, the director now directly owns 5,500 shares in the company, valued at $100,320. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Francisco Dsouza bought 55,000 shares of the business’s stock in a transaction on Monday, November 20th. The stock was purchased at an average cost of $17.94 per share, with a total value of $986,700.00. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 120,500 shares of company stock worth $2,183,220. 0.36% of the stock is owned by company insiders.
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