Segment Wealth Management LLC Trims Stock Holdings in General Electric (NYSE:GE)

Segment Wealth Management LLC reduced its stake in shares of General Electric (NYSE:GE) by 3.2% during the third quarter, Holdings Channel reports. The institutional investor owned 9,095 shares of the conglomerate’s stock after selling 300 shares during the period. Segment Wealth Management LLC’s holdings in General Electric were worth $1,715,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Capital International Investors raised its holdings in General Electric by 9.9% during the first quarter. Capital International Investors now owns 59,100,643 shares of the conglomerate’s stock valued at $10,373,936,000 after acquiring an additional 5,309,543 shares during the period. Newport Trust Company LLC bought a new position in General Electric during the second quarter valued at approximately $2,613,332,000. Capital World Investors grew its holdings in General Electric by 2,818.1% during the 1st quarter. Capital World Investors now owns 12,749,560 shares of the conglomerate’s stock valued at $2,237,930,000 after buying an additional 12,312,648 shares in the last quarter. Legal & General Group Plc increased its stake in General Electric by 5.8% in the 2nd quarter. Legal & General Group Plc now owns 8,405,731 shares of the conglomerate’s stock worth $1,336,257,000 after acquiring an additional 459,201 shares during the last quarter. Finally, Canada Pension Plan Investment Board raised its holdings in shares of General Electric by 221.6% during the 1st quarter. Canada Pension Plan Investment Board now owns 7,121,741 shares of the conglomerate’s stock worth $1,250,079,000 after acquiring an additional 4,907,530 shares in the last quarter. 74.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

GE has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft upped their price target on shares of General Electric from $212.00 to $235.00 and gave the company a “buy” rating in a research note on Thursday, October 3rd. UBS Group boosted their target price on General Electric from $201.00 to $209.00 and gave the company a “buy” rating in a research report on Monday, July 1st. Melius Research lifted their price objective on shares of General Electric from $194.00 to $202.00 in a research note on Tuesday. Barclays raised their target price on shares of General Electric from $175.00 to $200.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Finally, Royal Bank of Canada increased their price objective on shares of General Electric from $190.00 to $210.00 in a research report on Tuesday. Two research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $198.53.

General Electric Trading Down 9.1 %

Shares of General Electric stock opened at $176.59 on Wednesday. The company has a current ratio of 1.14, a quick ratio of 0.85 and a debt-to-equity ratio of 0.95. The firm’s 50 day simple moving average is $179.24 and its two-hundred day simple moving average is $168.05. General Electric has a 12-month low of $84.58 and a 12-month high of $194.80. The firm has a market capitalization of $193.30 billion, a price-to-earnings ratio of 57.90, a PEG ratio of 1.86 and a beta of 1.18.

General Electric (NYSE:GE) last issued its earnings results on Tuesday, July 23rd. The conglomerate reported $1.20 EPS for the quarter, beating analysts’ consensus estimates of $0.99 by $0.21. The firm had revenue of $9.09 billion for the quarter, compared to analyst estimates of $8.44 billion. General Electric had a return on equity of 16.07% and a net margin of 7.66%. General Electric’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.68 earnings per share. Analysts predict that General Electric will post 4.2 EPS for the current year.

General Electric Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Thursday, September 26th will be given a dividend of $0.28 per share. The ex-dividend date is Thursday, September 26th. This represents a $1.12 dividend on an annualized basis and a yield of 0.63%. General Electric’s dividend payout ratio is presently 36.72%.

General Electric Profile

General Electric Company, doing business as GE Aerospace, designs and produces commercial and defense aircraft engines, integrated engine components, electric power, and mechanical aircraft systems. It also offers aftermarket services to support its products. The company operates in the United States, Europe, China, Asia, the Americas, the Middle East, and Africa.