Cary Street Partners Asset Management LLC Trims Holdings in General Electric (NYSE:GE)

Posted by on Jun 13th, 2023

Cary Street Partners Asset Management LLC trimmed its stake in General Electric (NYSE:GE – Get Rating) by 23.9% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 596 shares of the conglomerate’s stock after selling 187 shares during the period. Cary Street Partners Asset Management LLC’s holdings in General Electric were worth $50,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in GE. Addenda Capital Inc. purchased a new stake in General Electric during the 4th quarter worth approximately $26,000. MADDEN SECURITIES Corp purchased a new stake in General Electric during the 4th quarter worth approximately $28,000. Standard Family Office LLC purchased a new stake in General Electric during the 3rd quarter worth approximately $29,000. TFO TDC LLC purchased a new stake in General Electric during the 4th quarter worth approximately $31,000. Finally, Global Wealth Management Investment Advisory Inc. increased its stake in General Electric by 808.1% during the 1st quarter. Global Wealth Management Investment Advisory Inc. now owns 336 shares of the conglomerate’s stock worth $31,000 after buying an additional 299 shares during the period. 70.12% of the stock is owned by hedge funds and other institutional investors.

General Electric Stock Down 0.1 %

Shares of NYSE:GE opened at $106.24 on Tuesday. The stock has a market cap of $115.69 billion, a P/E ratio of 13.85, a P/E/G ratio of 7.49 and a beta of 1.27. The firm has a fifty day moving average price of $100.31 and a 200 day moving average price of $89.69. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.25 and a quick ratio of 0.92. General Electric has a 1-year low of $46.55 and a 1-year high of $107.33.

General Electric (NYSE:GE – Get Rating) last issued its quarterly earnings results on Tuesday, April 25th. The conglomerate reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates 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 net margin of 11.85% and a return on equity of 9.45%. General Electric’s quarterly revenue was up 14.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.24 EPS. Sell-side analysts predict that General Electric will post 2.03 EPS for the current year.

Analyst Upgrades and Downgrades

GE has been the topic of several recent research reports. Royal Bank of Canada upped their target price on shares of General Electric from $104.00 to $113.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 26th. UBS Group boosted their price target on shares of General Electric from $95.00 to $109.00 in a report on Thursday, April 13th. The Goldman Sachs Group boosted their price target on shares of General Electric from $96.00 to $110.00 and gave the stock a “buy” rating in a report on Friday, April 14th. StockNews.com assumed coverage on shares of General Electric in a report on Thursday, May 18th. They set a “buy” rating for the company. Finally, Morgan Stanley boosted their price target on shares of General Electric from $90.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday, March 31st. Two research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, General Electric currently has an average rating of “Moderate Buy” and a consensus target price of $103.87.

Insider Buying and Selling

In other General Electric news, SVP Michael J. Holston sold 58,292 shares of the company’s stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $104.68, for a total transaction of $6,102,006.56. Following the completion of the transaction, the senior vice president now owns 70,537 shares in the company, valued at approximately $7,383,813.16. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other General Electric news, VP Thomas S. Timko sold 7,254 shares of the company’s stock in a transaction on Monday, May 1st. The shares were sold at an average price of $100.82, for a total transaction of $731,348.28. Following the completion of the transaction, the vice president now owns 20,953 shares in the company, valued at approximately $2,112,481.46. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Michael J. Holston sold 58,292 shares of the company’s stock in a transaction on Monday, May 22nd. The stock was sold at an average price of $104.68, for a total transaction of $6,102,006.56. Following the transaction, the senior vice president now owns 70,537 shares of the company’s stock, valued at approximately $7,383,813.16. The disclosure for this sale can be found here. Insiders sold a total of 239,419 shares of company stock worth $24,144,151 in the last 90 days. Company insiders own 0.67% of the company’s stock.

General Electric Company 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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