Clearbridge Investments LLC Reduces Stake in General Electric (NYSE:GE)

Posted by on May 29th, 2023

Clearbridge Investments LLC cut its holdings in shares of General Electric (NYSE:GE – Get Rating) by 98.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 10,226 shares of the conglomerate’s stock after selling 694,508 shares during the quarter. Clearbridge Investments LLC’s holdings in General Electric were worth $857,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of GE. SVB Wealth LLC lifted its holdings in shares of General Electric by 3.3% in the 4th quarter. SVB Wealth LLC now owns 26,265 shares of the conglomerate’s stock valued at $2,201,000 after buying an additional 831 shares during the period. Vise Technologies Inc. purchased a new stake in General Electric in the 4th quarter worth approximately $201,000. Clean Energy Transition LLP grew its stake in shares of General Electric by 1,592.4% during the 4th quarter. Clean Energy Transition LLP now owns 1,307,467 shares of the conglomerate’s stock worth $109,553,000 after purchasing an additional 1,230,210 shares during the period. Blair William & Co. IL grew its stake in shares of General Electric by 1.8% during the 4th quarter. Blair William & Co. IL now owns 175,321 shares of the conglomerate’s stock worth $14,690,000 after purchasing an additional 3,033 shares during the period. Finally, Vanguard Personalized Indexing Management LLC increased its holdings in shares of General Electric by 14.9% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 60,344 shares of the conglomerate’s stock valued at $5,056,000 after purchasing an additional 7,804 shares in the last quarter. 70.12% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on GE. JPMorgan Chase & Co. increased their price target on shares of General Electric from $100.00 to $102.00 and gave the stock a “neutral” rating in a report on Wednesday, April 26th. Morgan Stanley lifted their price target on General Electric from $90.00 to $110.00 and gave the company an “overweight” rating in a research note on Friday, March 31st. Barclays increased their price target on General Electric from $110.00 to $115.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 26th. TheStreet upgraded General Electric from a “c” rating to a “b-” rating in a research report on Friday, February 10th. Finally, Argus increased their target price on General Electric from $85.00 to $90.00 in a research report on Tuesday, January 31st. Two analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $103.20.

Insider Transactions at General Electric

In other General Electric news, SVP Michael J. Holston sold 58,292 shares of the business’s stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $104.68, for a total value of $6,102,006.56. Following the transaction, the senior vice president now directly owns 70,537 shares in the company, valued at approximately $7,383,813.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other General Electric news, SVP Michael J. Holston sold 58,292 shares of General Electric stock in a transaction on Monday, May 22nd. The stock was sold at an average price of $104.68, for a total value of $6,102,006.56. Following the sale, the senior vice president now owns 70,537 shares in the company, valued at $7,383,813.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Thomas S. Timko sold 7,254 shares of the stock in a transaction on Monday, May 1st. The stock was sold at an average price of $100.82, for a total value of $731,348.28. Following the transaction, the vice president now owns 20,953 shares of the company’s stock, valued at $2,112,481.46. The disclosure for this sale can be found here. Insiders have sold a total of 239,419 shares of company stock worth $24,144,151 in the last quarter. Company insiders own 0.67% of the company’s stock.

General Electric Stock Up 1.2 %

GE stock opened at $102.74 on Monday. The company has a current ratio of 1.25, a quick ratio of 0.92 and a debt-to-equity ratio of 0.61. The firm has a 50-day moving average of $97.72 and a two-hundred day moving average of $88.27. General Electric has a 12 month low of $46.55 and a 12 month high of $105.94. The company has a market cap of $111.88 billion, a price-to-earnings ratio of 13.40, a PEG ratio of 7.23 and a beta of 1.27.

General Electric (NYSE:GE – Get Rating) last posted its quarterly earnings results on Tuesday, April 25th. The conglomerate reported $0.27 EPS for the quarter, beating the consensus estimate of $0.13 by $0.14. The firm had revenue of $14.49 billion during the quarter, compared to analysts’ expectations of $13.46 billion. General Electric had a return on equity of 9.45% and a net margin of 11.85%. The business’s revenue for the quarter was up 14.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.24 earnings per share. As a group, analysts forecast that General Electric will post 2.03 earnings per share for the current fiscal year.

General Electric Profile

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General Electric Co engages in the provision of commercial and military aircraft engines and systems, wind, and other renewable energy generation equipment and grid solutions, and gas, steam, nuclear, and other power generation equipment. It operates through the following segments: Aviation, Healthcare, Renewable Energy, and Power.

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

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