Teachers Retirement System of The State of Kentucky cut its holdings in General Electric (NYSE:GE) by 7.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 728,490 shares of the conglomerate’s stock after selling 55,750 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in General Electric were worth $7,868,000 as of its most recent SEC filing.
Several other institutional investors have also bought and sold shares of GE. BlackRock Inc. raised its holdings in General Electric by 0.4% during the fourth quarter. BlackRock Inc. now owns 566,506,492 shares of the conglomerate’s stock worth $6,118,268,000 after purchasing an additional 2,194,969 shares during the last quarter. FMR LLC raised its holdings in shares of General Electric by 15.9% in the fourth quarter. FMR LLC now owns 480,790,647 shares of the conglomerate’s stock worth $5,192,540,000 after acquiring an additional 65,865,371 shares during the last quarter. Pzena Investment Management LLC raised its holdings in shares of General Electric by 0.7% in the fourth quarter. Pzena Investment Management LLC now owns 89,859,216 shares of the conglomerate’s stock worth $970,480,000 after acquiring an additional 632,923 shares during the last quarter. Norges Bank acquired a new position in shares of General Electric in the fourth quarter worth $714,522,000. Finally, Southeastern Asset Management Inc. TN raised its holdings in shares of General Electric by 12.6% in the third quarter. Southeastern Asset Management Inc. TN now owns 37,604,179 shares of the conglomerate’s stock worth $234,274,000 after acquiring an additional 4,215,596 shares during the last quarter. Hedge funds and other institutional investors own 60.09% of the company’s stock.
In related news, Director Paula Rosput Reynolds bought 5,000 shares of the firm’s stock in a transaction dated Friday, March 12th. The stock was bought at an average price of $12.50 per share, with a total value of $62,500.00. Following the completion of the transaction, the director now directly owns 26,500 shares of the company’s stock, valued at $331,250. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.90% of the stock is currently owned by insiders.
General Electric (NYSE:GE) last posted its quarterly earnings results on Monday, January 25th. The conglomerate reported $0.08 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.09 by ($0.01). General Electric had a net margin of 4.52% and a return on equity of 5.37%. The firm had revenue of $21.93 billion for the quarter, compared to analysts’ expectations of $21.62 billion. During the same period last year, the firm posted $0.21 EPS. General Electric’s revenue was down 16.4% on a year-over-year basis. Equities analysts forecast that General Electric will post 0.04 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, April 26th. Shareholders of record on Monday, March 8th will be given a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 0.30%. The ex-dividend date is Friday, March 5th. General Electric’s dividend payout ratio (DPR) is presently 6.15%.
A number of research firms have recently weighed in on GE. DZ Bank raised General Electric from a “sell” rating to a “hold” rating and set a $11.00 price target for the company in a report on Wednesday, December 16th. Credit Suisse Group reissued a “neutral” rating and issued a $13.00 price target on shares of General Electric in a report on Monday, March 8th. Argus boosted their price target on General Electric from $10.00 to $14.00 and gave the stock a “buy” rating in a report on Thursday, December 10th. Deutsche Bank Aktiengesellschaft boosted their price target on General Electric from $13.00 to $14.00 and gave the stock a “hold” rating in a report on Wednesday, March 17th. Finally, Cowen reiterated a “hold” rating and issued a $10.00 target price on shares of General Electric in a research note on Thursday, March 11th. Eight equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $12.60.
General Electric Company Profile
General Electric Company operates as a high-tech industrial company worldwide. The company's Power segment offers heavy-duty and aeroderivative gas turbines for utilities, independent power producers, and industrial applications; maintenance, service, and upgrade solutions to plant assets and their operational lifecycle; steam power technology for fossil and nuclear applications, including boilers, generators, steam turbines, and air quality control systems; and advanced reactor technologies solutions comprising reactors, fuels, and support services for boiling water reactors.
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