Van ECK Associates Corp reduced its position in shares of General Electric (NYSE:GE – Free Report) by 12.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,418 shares of the conglomerate’s stock after selling 503 shares during the period. Van ECK Associates Corp’s holdings in General Electric were worth $327,000 as of its most recent SEC filing.
A number of other institutional investors have also made changes to their positions in the company. Kathmere Capital Management LLC raised its holdings in General Electric by 12.8% in the first quarter. Kathmere Capital Management LLC now owns 3,197 shares of the conglomerate’s stock valued at $306,000 after acquiring an additional 363 shares in the last quarter. Envestnet Asset Management Inc. increased its stake in General Electric by 16.4% during the fourth quarter. Envestnet Asset Management Inc. now owns 512,099 shares of the conglomerate’s stock valued at $42,908,000 after purchasing an additional 72,120 shares during the last quarter. Ignite Planners LLC increased its stake in General Electric by 9.8% during the first quarter. Ignite Planners LLC now owns 3,431 shares of the conglomerate’s stock valued at $324,000 after purchasing an additional 305 shares during the last quarter. Dupont Capital Management Corp increased its stake in General Electric by 152.5% during the first quarter. Dupont Capital Management Corp now owns 7,960 shares of the conglomerate’s stock valued at $761,000 after purchasing an additional 4,808 shares during the last quarter. Finally, Benjamin F. Edwards & Company Inc. increased its stake in General Electric by 21.6% during the first quarter. Benjamin F. Edwards & Company Inc. now owns 9,902 shares of the conglomerate’s stock valued at $947,000 after purchasing an additional 1,757 shares during the last quarter. 74.75% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several analysts have weighed in on the stock. Royal Bank of Canada boosted their target price on shares of General Electric from $120.00 to $130.00 in a research note on Wednesday, July 26th. UBS Group boosted their target price on shares of General Electric from $95.00 to $109.00 in a research note on Thursday, April 13th. Bank of America boosted their target price on shares of General Electric from $108.00 to $120.00 in a research note on Thursday, July 6th. Oppenheimer downgraded shares of General Electric from an “outperform” rating to a “market perform” rating in a report on Monday, July 31st. Finally, Wells Fargo & Company increased their price objective on shares of General Electric from $100.00 to $105.00 in a report on Monday, July 10th. Three analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, General Electric presently has a consensus rating of “Moderate Buy” and a consensus price target of $118.47.
General Electric Trading Up 1.5 %
Shares of GE stock opened at $114.73 on Tuesday. The company has a quick ratio of 0.90, a current ratio of 1.25 and a debt-to-equity ratio of 0.61. The stock has a 50-day simple moving average of $108.37 and a 200 day simple moving average of $97.43. General Electric has a fifty-two week low of $48.06 and a fifty-two week high of $117.96. The stock has a market capitalization of $124.87 billion, a P/E ratio of 13.61, a P/E/G ratio of 6.92 and a beta of 1.28.
General Electric (NYSE:GE – Get Free Report) last issued its earnings results on Tuesday, July 25th. The conglomerate reported $0.68 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.22. The firm had revenue of $15.85 billion during the quarter, compared to analysts’ expectations of $14.76 billion. General Electric had a net margin of 13.32% and a return on equity of 9.30%. The firm’s revenue for the quarter was up 18.6% compared to the same quarter last year. During the same period last year, the firm posted $0.78 earnings per share. On average, sell-side analysts expect that General Electric will post 2.33 earnings per share for the current fiscal year.
General Electric Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 25th. Shareholders of record on Tuesday, July 11th were paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.28%. The ex-dividend date of this dividend was Monday, July 10th. General Electric’s dividend payout ratio is presently 3.80%.
Insider Buying and Selling at General Electric
In other General Electric news, SVP Scott Strazik sold 173,873 shares of the company’s stock in a transaction dated Wednesday, May 10th. The shares were sold at an average price of $99.56, for a total transaction of $17,310,795.88. Following the completion of the sale, the senior vice president now directly owns 56,049 shares of the company’s stock, valued at $5,580,238.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, major shareholder General Electric Pension Trust purchased 35,160 shares of General Electric stock in a transaction dated Friday, June 30th. The stock was acquired at an average cost of $995.44 per share, with a total value of $34,999,670.40. Following the completion of the transaction, the insider now directly owns 175,160 shares of the company’s stock, valued at $174,361,270.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Scott Strazik sold 173,873 shares of the stock in a transaction that occurred on Wednesday, May 10th. The stock was sold at an average price of $99.56, for a total transaction of $17,310,795.88. Following the completion of the sale, the senior vice president now directly owns 56,049 shares of the company’s stock, valued at $5,580,238.44. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 344,779 shares of company stock valued at $36,385,935. 0.67% of the stock is currently owned by corporate insiders.
About General Electric
General Electric Company operates as a high-tech industrial company in Europe, China, Asia, the Americas, the Middle East, and Africa. It offers gas and steam turbines, full balance of plant, upgrade, and service solutions, as well as data-leveraging software for power generation, industrial, government, and other customers.
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