Old Port Advisors Sells 176 Shares of General Electric (NYSE:GE)

Old Port Advisors lessened its stake in shares of General Electric (NYSE:GE) by 3.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,531 shares of the conglomerate’s stock after selling 176 shares during the quarter. Old Port Advisors’ holdings in General Electric were worth $1,043,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Capital International Investors lifted its holdings in shares of 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 2nd quarter valued at about $2,613,332,000. Capital World Investors boosted its position in General Electric by 2,818.1% in the first 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 grew its stake in General Electric by 5.8% during the second quarter. Legal & General Group Plc now owns 8,405,731 shares of the conglomerate’s stock worth $1,336,257,000 after buying an additional 459,201 shares during the last quarter. Finally, Canada Pension Plan Investment Board increased its holdings in shares of General Electric by 221.6% during the first quarter. Canada Pension Plan Investment Board now owns 7,121,741 shares of the conglomerate’s stock worth $1,250,079,000 after buying an additional 4,907,530 shares in the last quarter. Institutional investors and hedge funds own 74.77% of the company’s stock.

General Electric Trading Down 2.1 %

Shares of NYSE GE opened at $175.30 on Tuesday. General Electric has a fifty-two week low of $84.66 and a fifty-two week high of $194.80. The firm has a market capitalization of $190.08 billion, a P/E ratio of 30.81, a P/E/G ratio of 1.74 and a beta of 1.18. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.13 and a quick ratio of 0.85. The company’s 50 day simple moving average is $179.99 and its 200 day simple moving average is $168.69.

General Electric (NYSE:GE) last posted its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.15 earnings per share for the quarter, beating analysts’ consensus estimates of $1.13 by $0.02. General Electric had a return on equity of 18.93% and a net margin of 11.48%. The company had revenue of $9.84 billion for the quarter, compared to the consensus estimate of $9.02 billion. During the same quarter in the prior year, the business posted $0.82 EPS. The firm’s quarterly revenue was up 5.8% on a year-over-year basis. On average, analysts predict that General Electric will post 4.2 EPS for the current year.

General Electric Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Thursday, September 26th were issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 0.64%. The ex-dividend date was Thursday, September 26th. General Electric’s dividend payout ratio (DPR) is currently 19.68%.

Analysts Set New Price Targets

Several brokerages have recently commented on GE. Wells Fargo & Company boosted their target price on General Electric from $205.00 to $210.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. Bank of America boosted their price objective on General Electric from $180.00 to $200.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Sanford C. Bernstein raised their target price on General Electric from $201.00 to $225.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. Citigroup upped their price target on shares of General Electric from $198.00 to $216.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Finally, Royal Bank of Canada lowered their price objective on shares of General Electric from $210.00 to $200.00 and set an “outperform” rating for the company in a research report on Wednesday, October 23rd. Two investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $200.93.

General Electric Company 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.