General Electric (NYSE:GE) Position Trimmed by Altfest L J & Co. Inc.

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Altfest L J & Co. Inc. trimmed its holdings in shares of General Electric (NYSE:GE) by 94.7% in the first quarter, HoldingsChannel reports. The firm owned 1,800 shares of the conglomerate’s stock after selling 32,357 shares during the period. Altfest L J & Co. Inc.’s holdings in General Electric were worth $265,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Standard Life Aberdeen plc grew its position in shares of General Electric by 5.6% in the 3rd quarter. Standard Life Aberdeen plc now owns 4,318,339 shares of the conglomerate’s stock worth $48,776,000 after buying an additional 227,934 shares during the last quarter. Great Lakes Advisors LLC grew its position in shares of General Electric by 6.2% in the 3rd quarter. Great Lakes Advisors LLC now owns 5,660,230 shares of the conglomerate’s stock worth $63,904,000 after buying an additional 331,577 shares during the last quarter. Matthew Goff Investment Advisor LLC grew its position in shares of General Electric by 8.0% in the 3rd quarter. Matthew Goff Investment Advisor LLC now owns 226,342 shares of the conglomerate’s stock worth $2,555,000 after buying an additional 16,810 shares during the last quarter. Federated Investors Inc. PA grew its position in General Electric by 25.4% during the 3rd quarter. Federated Investors Inc. PA now owns 1,671,038 shares of the conglomerate’s stock worth $18,866,000 after purchasing an additional 338,218 shares during the last quarter. Finally, Vanguard Group Inc grew its position in General Electric by 1.0% during the 3rd quarter. Vanguard Group Inc now owns 635,893,221 shares of the conglomerate’s stock worth $7,179,235,000 after purchasing an additional 6,167,111 shares during the last quarter. 57.91% of the stock is owned by hedge funds and other institutional investors.

Shares of NYSE GE opened at $10.12 on Wednesday. The company has a quick ratio of 1.50, a current ratio of 1.77 and a debt-to-equity ratio of 1.62. General Electric has a 12 month low of $6.66 and a 12 month high of $14.44. The company has a market cap of $87.03 billion, a price-to-earnings ratio of 15.57, a price-to-earnings-growth ratio of 2.27 and a beta of 0.97.

General Electric (NYSE:GE) last announced its quarterly earnings data on Tuesday, April 30th. The conglomerate reported $0.14 EPS for the quarter, beating the consensus estimate of $0.09 by $0.05. General Electric had a negative net margin of 14.65% and a positive return on equity of 10.32%. The business had revenue of $27.29 billion during the quarter, compared to analysts’ expectations of $27.31 billion. During the same period in the previous year, the business posted $0.16 EPS. The business’s quarterly revenue was down 1.8% compared to the same quarter last year. As a group, equities research analysts forecast that General Electric will post 0.61 earnings per share for the current year.

In related news, Director Edward P. Garden sold 3,370,314 shares of the business’s stock in a transaction on Friday, May 24th. The shares were sold at an average price of $9.53, for a total value of $32,119,092.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Edward P. Garden sold 1,289,538 shares of the business’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $10.02, for a total transaction of $12,921,170.76. Following the completion of the transaction, the director now owns 25,000 shares of the company’s stock, valued at $250,500. The disclosure for this sale can be found here. Insiders own 1.13% of the company’s stock.

Several analysts have weighed in on GE shares. Credit Suisse Group reissued a “neutral” rating and set a $11.00 target price on shares of General Electric in a research report on Friday, March 8th. Zacks Investment Research raised shares of General Electric from a “hold” rating to a “buy” rating and set a $11.00 target price on the stock in a research report on Monday, May 20th. Deutsche Bank boosted their target price on shares of General Electric from $8.00 to $11.00 and gave the stock a “positive” rating in a research report on Monday, February 25th. They noted that the move was a valuation call. William Blair reissued a “buy” rating on shares of General Electric in a research report on Thursday, May 23rd. Finally, Gordon Haskett downgraded shares of General Electric to an “underperform” rating and set a $7.00 target price on the stock. in a research report on Wednesday, March 6th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and ten have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $12.11.

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About General Electric

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.

Further Reading: Strike Price

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Institutional Ownership by Quarter for General Electric (NYSE:GE)

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