Boys Arnold & Co. Inc. Lowers Position in General Electric (GE)
Boys Arnold & Co. Inc. trimmed its position in shares of General Electric (NYSE:GE) by 10.0% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 326,236 shares of the conglomerate’s stock after selling 36,323 shares during the quarter. General Electric makes up approximately 1.3% of Boys Arnold & Co. Inc.’s investment portfolio, making the stock its 14th biggest holding. Boys Arnold & Co. Inc.’s holdings in General Electric were worth $7,888,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. MPS Loria Financial Planners LLC bought a new stake in shares of General Electric in the 2nd quarter valued at approximately $113,000. Ffcm LLC bought a new stake in shares of General Electric in the 2nd quarter valued at approximately $114,000. Corbenic Partners LLC grew its stake in shares of General Electric by 15.7% in the 2nd quarter. Corbenic Partners LLC now owns 5,340 shares of the conglomerate’s stock valued at $144,000 after purchasing an additional 725 shares during the period. Bristlecone Advisors LLC bought a new stake in shares of General Electric in the 3rd quarter valued at approximately $164,000. Finally, Tuttle Tactical Management LLC bought a new stake in shares of General Electric in the 2nd quarter valued at approximately $209,000. Hedge funds and other institutional investors own 55.63% of the company’s stock.
In other news, Chairman John Leonard Flannery acquired 60,000 shares of General Electric stock in a transaction on Wednesday, November 15th. The shares were purchased at an average price of $18.27 per share, with a total value of $1,096,200.00. Following the acquisition, the chairman now owns 575,477 shares in the company, valued at $10,513,964.79. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Steven M. Mollenkopf acquired 5,500 shares of General Electric stock in a transaction on Thursday, November 16th. The shares were purchased at an average cost of $18.24 per share, for a total transaction of $100,320.00. Following the acquisition, the director now owns 5,500 shares in the company, valued at approximately $100,320. The disclosure for this purchase can be found here. In the last ninety days, insiders have acquired 120,500 shares of company stock worth $2,183,220. Company insiders own 0.36% of the company’s stock.
General Electric (NYSE:GE) last posted its quarterly earnings data on Friday, October 20th. The conglomerate reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.20). General Electric had a return on equity of 13.72% and a net margin of 6.08%. The firm had revenue of $33.47 billion for the quarter, compared to analyst estimates of $32.51 billion. During the same period in the prior year, the company posted $0.32 EPS. The firm’s quarterly revenue was up 11.5% compared to the same quarter last year. research analysts anticipate that General Electric will post 1.07 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 25th. Shareholders of record on Wednesday, December 27th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 2.59%. The ex-dividend date of this dividend is Tuesday, December 26th. General Electric’s dividend payout ratio is 55.81%.
Several equities research analysts have recently weighed in on GE shares. Stifel Nicolaus reiterated a “buy” rating and issued a $26.00 price objective on shares of General Electric in a research note on Thursday, October 12th. Argus reduced their target price on General Electric from $30.00 to $27.00 and set a “buy” rating on the stock in a report on Monday, September 18th. Royal Bank of Canada reissued a “buy” rating and issued a $31.00 target price on shares of General Electric in a report on Friday, September 15th. Vetr downgraded General Electric from a “strong-buy” rating to a “buy” rating and set a $25.63 target price on the stock. in a report on Wednesday, September 13th. Finally, Bank of America raised General Electric from a “neutral” rating to a “buy” rating and set a $27.00 target price on the stock in a report on Monday, October 23rd. Six research analysts have rated the stock with a sell rating, eight have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. General Electric presently has an average rating of “Hold” and a consensus price target of $23.33.
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