Hemenway Trust Co LLC Has $207,000 Holdings in General Electric (GE)
Hemenway Trust Co LLC trimmed its holdings in shares of General Electric (NYSE:GE) by 21.9% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 18,320 shares of the conglomerate’s stock after selling 5,150 shares during the quarter. Hemenway Trust Co LLC’s holdings in General Electric were worth $207,000 at the end of the most recent quarter.
A number of other institutional investors have also bought and sold shares of GE. FMR LLC grew its position in shares of General Electric by 158.6% in the second quarter. FMR LLC now owns 205,696,411 shares of the conglomerate’s stock valued at $2,799,528,000 after purchasing an additional 126,169,069 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in shares of General Electric by 43.9% in the first quarter. The Manufacturers Life Insurance Company now owns 90,257,543 shares of the conglomerate’s stock valued at $1,216,672,000 after purchasing an additional 27,527,425 shares during the last quarter. Pzena Investment Management LLC grew its position in shares of General Electric by 334.5% in the second quarter. Pzena Investment Management LLC now owns 17,048,137 shares of the conglomerate’s stock valued at $232,025,000 after purchasing an additional 13,124,900 shares during the last quarter. Morgan Stanley grew its position in shares of General Electric by 26.1% in the second quarter. Morgan Stanley now owns 54,507,783 shares of the conglomerate’s stock valued at $741,852,000 after purchasing an additional 11,294,608 shares during the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC grew its position in shares of General Electric by 15.2% in the first quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 74,590,954 shares of the conglomerate’s stock valued at $1,005,486,000 after purchasing an additional 9,835,343 shares during the last quarter. 54.48% of the stock is currently owned by hedge funds and other institutional investors.
Several brokerages have recently issued reports on GE. Deutsche Bank lowered their price target on General Electric from $11.00 to $7.00 and set a “hold” rating on the stock in a research report on Friday, November 30th. Morningstar set a $13.70 price target on General Electric and gave the company a “buy” rating in a research report on Wednesday, November 21st. Royal Bank of Canada reissued a “buy” rating and set a $13.00 target price on shares of General Electric in a research report on Tuesday, November 20th. Goldman Sachs Group set a $9.00 target price on General Electric and gave the stock a “neutral” rating in a research report on Friday, November 16th. Finally, Credit Suisse Group decreased their target price on General Electric from $12.00 to $10.00 and set a “neutral” rating on the stock in a research report on Monday, November 12th. Five investment analysts have rated the stock with a sell rating, twelve have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $13.86.
General Electric (NYSE:GE) last announced its quarterly earnings results on Tuesday, October 30th. The conglomerate reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.06). The business had revenue of $29.57 billion for the quarter, compared to the consensus estimate of $30.08 billion. General Electric had a positive return on equity of 10.29% and a negative net margin of 27.36%. The firm’s revenue for the quarter was down 3.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.29 EPS. As a group, sell-side analysts anticipate that General Electric will post 0.67 earnings per share for the current fiscal year.
In other General Electric news, Chairman H Lawrence Culp, Jr. purchased 225,000 shares of the business’s stock in a transaction on Thursday, November 1st. The stock was purchased at an average price of $9.73 per share, for a total transaction of $2,189,250.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Alexander Dimitrief purchased 10,000 shares of the business’s stock in a transaction on Tuesday, November 6th. The shares were acquired at an average price of $9.48 per share, with a total value of $94,800.00. Following the purchase, the senior vice president now owns 103,075 shares of the company’s stock, valued at $977,151. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 295,000 shares of company stock valued at $2,783,250. Corporate insiders own 1.12% of the company’s stock.
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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.
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