Granite Investment Partners LLC cut its position in General Electric (NYSE:GE) by 8.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 63,379 shares of the conglomerate’s stock after selling 5,500 shares during the period. Granite Investment Partners LLC’s holdings in General Electric were worth $854,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors have also recently modified their holdings of GE. Barrow Hanley Mewhinney & Strauss LLC boosted its stake in shares of General Electric by 4,215.4% in the third quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 54,124,364 shares of the conglomerate’s stock worth $1,308,727,000 after acquiring an additional 52,870,164 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in General Electric by 167.4% during the fourth quarter. The Manufacturers Life Insurance Company now owns 62,730,118 shares of the conglomerate’s stock worth $1,094,640,000 after buying an additional 39,268,675 shares during the last quarter. BlackRock Inc. boosted its stake in General Electric by 1.5% during the fourth quarter. BlackRock Inc. now owns 531,732,530 shares of the conglomerate’s stock worth $9,278,731,000 after buying an additional 7,675,642 shares during the last quarter. Commerzbank Aktiengesellschaft FI boosted its stake in General Electric by 88.5% during the first quarter. Commerzbank Aktiengesellschaft FI now owns 11,941,772 shares of the conglomerate’s stock worth $160,975,000 after buying an additional 5,607,494 shares during the last quarter. Finally, Mackenzie Financial Corp boosted its stake in General Electric by 182.4% during the fourth quarter. Mackenzie Financial Corp now owns 6,477,175 shares of the conglomerate’s stock worth $113,027,000 after buying an additional 4,183,435 shares during the last quarter. 53.87% of the stock is currently owned by hedge funds and other institutional investors.
NYSE:GE opened at $13.37 on Thursday. General Electric has a 52 week low of $12.61 and a 52 week high of $27.56. The company has a current ratio of 1.76, a quick ratio of 1.48 and a debt-to-equity ratio of 1.44. The firm has a market capitalization of $116.09 billion, a price-to-earnings ratio of 12.73, a price-to-earnings-growth ratio of 2.56 and a beta of 1.02.
General Electric (NYSE:GE) last posted its earnings results on Friday, April 20th. The conglomerate reported $0.16 EPS for the quarter, beating the Zacks’ consensus estimate of $0.11 by $0.05. General Electric had a positive return on equity of 11.22% and a negative net margin of 6.16%. The company had revenue of $28.66 billion for the quarter, compared to the consensus estimate of $27.26 billion. During the same quarter in the previous year, the business earned $0.14 earnings per share. The company’s revenue for the quarter was up 6.6% on a year-over-year basis. research analysts predict that General Electric will post 0.95 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 25th. Shareholders of record on Monday, June 18th will be given a $0.12 dividend. The ex-dividend date is Friday, June 15th. This represents a $0.48 dividend on an annualized basis and a yield of 3.59%. General Electric’s dividend payout ratio is currently 45.71%.
A number of research firms have weighed in on GE. Royal Bank of Canada reissued a “neutral” rating and set a $15.00 price objective on shares of General Electric in a research note on Wednesday, June 20th. Zacks Investment Research lowered General Electric from a “hold” rating to a “strong sell” rating in a research note on Friday, June 22nd. JPMorgan Chase & Co. set a $11.00 price objective on General Electric and gave the stock a “sell” rating in a research note on Wednesday, June 27th. Goldman Sachs Group reissued a “neutral” rating and set a $14.00 price objective on shares of General Electric in a research note on Wednesday, June 27th. Finally, ValuEngine lowered General Electric from a “sell” rating to a “strong sell” rating in a research note on Wednesday, May 2nd. Six analysts have rated the stock with a sell rating, eleven have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $17.44.
In related news, major shareholder Electric Co General sold 3,883,000 shares of the business’s stock in a transaction on Tuesday, April 24th. The stock was sold at an average price of $15.00, for a total value of $58,245,000.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 1.12% of the stock is owned by insiders.
General Electric Company Profile
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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