First Citizens Bank & Trust Co. reduced its position in General Electric (NYSE:GE) by 23.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 35,787 shares of the conglomerate’s stock after selling 10,749 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in General Electric were worth $320,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. Ashburton Jersey Ltd bought a new position in shares of General Electric in the second quarter valued at about $25,000. Employers Holdings Inc. bought a new position in shares of General Electric in the second quarter valued at about $28,000. Fusion Family Wealth LLC raised its holdings in shares of General Electric by 10,516.0% in the second quarter. Fusion Family Wealth LLC now owns 2,654 shares of the conglomerate’s stock valued at $28,000 after buying an additional 2,629 shares during the last quarter. Manchester Financial Inc. bought a new position in shares of General Electric in the second quarter valued at about $30,000. Finally, Princeton Global Asset Management LLC raised its holdings in shares of General Electric by 307,700.0% in the second quarter. Princeton Global Asset Management LLC now owns 3,078 shares of the conglomerate’s stock valued at $32,000 after buying an additional 3,077 shares during the last quarter. 59.28% of the stock is owned by hedge funds and other institutional investors.
A number of research firms recently issued reports on GE. Royal Bank of Canada set a $13.00 price target on General Electric and gave the company a “buy” rating in a report on Monday, October 7th. Citigroup set a $14.00 price target on General Electric and gave the company a “buy” rating in a report on Wednesday, September 4th. ValuEngine raised General Electric from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Zacks Investment Research cut General Electric from a “strong-buy” rating to a “hold” rating and set a $12.00 price target for the company. in a report on Friday, August 2nd. Finally, Morgan Stanley started coverage on General Electric in a report on Thursday, September 5th. They issued an “equal weight” rating and a $10.00 price target for the company. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $10.55.
In related news, insider L Kevin Cox bought 105,600 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The stock was bought at an average cost of $9.42 per share, for a total transaction of $994,752.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Paula Rosput Reynolds bought 5,000 shares of the firm’s stock in a transaction dated Wednesday, August 14th. The shares were bought at an average price of $9.05 per share, with a total value of $45,250.00. Following the completion of the transaction, the director now directly owns 16,500 shares in the company, valued at approximately $149,325. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 801,068 shares of company stock valued at $6,954,745. Corporate insiders own 1.13% of the company’s stock.
Shares of GE stock opened at $8.96 on Monday. The stock has a 50-day moving average price of $8.86 and a 200 day moving average price of $9.55. The company has a quick ratio of 1.44, a current ratio of 1.73 and a debt-to-equity ratio of 1.65. The firm has a market cap of $78.89 billion, a price-to-earnings ratio of 13.78, a PEG ratio of 2.07 and a beta of 1.11. General Electric has a 12 month low of $6.66 and a 12 month high of $12.81.
General Electric (NYSE:GE) last announced its quarterly earnings data on Wednesday, July 31st. The conglomerate reported $0.17 EPS for the quarter, topping the Zacks’ consensus estimate of $0.12 by $0.05. The firm had revenue of $28.83 billion during the quarter, compared to analyst estimates of $28.83 billion. General Electric had a positive return on equity of 10.64% and a negative net margin of 15.38%. The company’s revenue was down 1.1% on a year-over-year basis. During the same period last year, the company earned $0.19 earnings per share. Sell-side analysts predict that General Electric will post 0.6 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Monday, September 16th will be given a $0.01 dividend. The ex-dividend date is Friday, September 13th. This represents a $0.04 dividend on an annualized basis and a yield of 0.45%. General Electric’s payout ratio is 6.15%.
General Electric Profile
General Electric Company operates as a high-tech industrial company worldwide. It operates through Power, Renewable Energy, Aviation, Oil & Gas, Healthcare, Transportation, Lighting, and Capital segments. The Power segment offers technologies, solutions, and services related to energy production, including gas and steam turbines, generators, and high voltage equipment; and power generation services.
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