Paloma Partners Management Co Purchases 53,736 Shares of General Electric (GE)
Paloma Partners Management Co raised its position in General Electric (NYSE:GE) by 73.7% in the 2nd quarter, HoldingsChannel reports. The fund owned 126,620 shares of the conglomerate’s stock after purchasing an additional 53,736 shares during the period. Paloma Partners Management Co’s holdings in General Electric were worth $1,723,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors have also recently bought and sold shares of GE. Fusion Family Wealth LLC grew its stake in shares of General Electric by 153.3% in the 2nd quarter. Fusion Family Wealth LLC now owns 8,264 shares of the conglomerate’s stock valued at $112,000 after purchasing an additional 5,002 shares during the period. Mount Yale Investment Advisors LLC bought a new stake in shares of General Electric in the 1st quarter valued at approximately $116,000. Archford Capital Strategies LLC bought a new stake in shares of General Electric in the 1st quarter valued at approximately $121,000. Blue Chip Wealth Management Inc. bought a new stake in shares of General Electric in the 1st quarter valued at approximately $135,000. Finally, Harborview Advisors LLC bought a new stake in shares of General Electric in the 1st quarter valued at approximately $137,000. 53.78% of the stock is owned by hedge funds and other institutional investors.
In other news, Chairman H Lawrence Culp, Jr. acquired 225,000 shares of General Electric stock in a transaction on Thursday, November 1st. The shares were purchased at an average price of $9.73 per share, with a total value of $2,189,250.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Alexander Dimitrief acquired 10,000 shares of General Electric stock in a transaction on Tuesday, November 6th. The shares were purchased at an average cost of $9.48 per share, for a total transaction of $94,800.00. Following the acquisition, the senior vice president now owns 103,075 shares in the company, valued at approximately $977,151. The disclosure for this purchase can be found here. In the last ninety days, insiders have acquired 295,000 shares of company stock worth $2,783,250. Company insiders own 1.12% of the company’s stock.
General Electric (NYSE:GE) last released its quarterly earnings results on Tuesday, October 30th. The conglomerate reported $0.14 EPS for the quarter, missing the Zacks’ consensus estimate of $0.20 by ($0.06). General Electric had a positive return on equity of 10.29% and a negative net margin of 27.36%. The business had revenue of $29.57 billion for the quarter, compared to the consensus estimate of $30.08 billion. During the same quarter last year, the company earned $0.29 earnings per share. The firm’s revenue was down 3.6% on a year-over-year basis. Analysts forecast that General Electric will post 0.67 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 25th. Shareholders of record on Monday, September 17th were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 5.88%. The ex-dividend date of this dividend was Friday, September 14th. General Electric’s dividend payout ratio is 45.71%.
GE has been the topic of several analyst reports. Goldman Sachs Group set a $14.00 price objective on General Electric and gave the company a “neutral” rating in a research note on Friday, July 20th. Cowen reiterated a “hold” rating and issued a $14.50 price objective on shares of General Electric in a research note on Friday, July 20th. JPMorgan Chase & Co. set a $11.00 price objective on General Electric and gave the company a “sell” rating in a research note on Monday, July 23rd. Argus lowered General Electric from a “buy” rating to a “hold” rating in a research note on Monday, July 23rd. Finally, Royal Bank of Canada set a $15.00 price target on General Electric and gave the stock a “neutral” rating in a research report on Monday, July 23rd. Five investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $14.61.
COPYRIGHT VIOLATION WARNING: “Paloma Partners Management Co Purchases 53,736 Shares of General Electric (GE)” was posted by The Cerbat Gem and is the property of of The Cerbat Gem. If you are accessing this story on another site, it was illegally copied and republished in violation of international copyright law. The correct version of this story can be accessed at https://www.thecerbatgem.com/2018/11/16/paloma-partners-management-co-purchases-53736-shares-of-general-electric-ge.html.
About General Electric
General Electric Company operates as a digital industrial company worldwide. It operates through Power, Renewable Energy, Oil & Gas, Aviation, Healthcare, Transportation, Lighting, and Capital segments. The Power segment offers technologies, solutions, and services related to energy production, including gas and steam turbines, engines, generators, and high voltage equipment; and power generation services and digital solutions.
Read More: S&P 500 Index
Want to see what other hedge funds are holding GE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for General Electric (NYSE:GE).
Receive News & Ratings for General Electric Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for General Electric and related companies with MarketBeat.com's FREE daily email newsletter.