Two Sigma Advisers LP raised its stake in shares of General Electric (NYSE:GE) by 23,589.5% in the 4th quarter, Holdings Channel reports. The firm owned 6,380,300 shares of the conglomerate’s stock after purchasing an additional 6,353,367 shares during the quarter. Two Sigma Advisers LP’s holdings in General Electric were worth $48,299,000 at the end of the most recent quarter.
A number of other large investors also recently made changes to their positions in GE. Bridgewater Associates LP acquired a new stake in shares of General Electric in the 3rd quarter valued at about $22,723,000. Cornell Pochily Investment Advisors Inc. grew its stake in shares of General Electric by 114.2% in the 4th quarter. Cornell Pochily Investment Advisors Inc. now owns 32,487 shares of the conglomerate’s stock valued at $246,000 after buying an additional 17,317 shares during the period. National Pension Service grew its stake in shares of General Electric by 0.3% in the 3rd quarter. National Pension Service now owns 7,744,745 shares of the conglomerate’s stock valued at $87,438,000 after buying an additional 22,956 shares during the period. Griffin Asset Management Inc. grew its stake in shares of General Electric by 2.7% in the 3rd quarter. Griffin Asset Management Inc. now owns 219,449 shares of the conglomerate’s stock valued at $2,478,000 after buying an additional 5,801 shares during the period. Finally, Virtu Financial LLC grew its stake in shares of General Electric by 42.9% in the 4th quarter. Virtu Financial LLC now owns 440,515 shares of the conglomerate’s stock valued at $3,335,000 after buying an additional 132,151 shares during the period. 58.60% of the stock is owned by institutional investors and hedge funds.
In other General Electric news, Director Edward P. Garden sold 3,370,314 shares of General Electric stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $9.53, for a total transaction of $32,119,092.42. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Russell Stokes sold 49,904 shares of General Electric stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $9.93, for a total transaction of $495,546.72. Following the transaction, the insider now directly owns 265,986 shares in the company, valued at approximately $2,641,240.98. The disclosure for this sale can be found here. In the last ninety days, insiders sold 4,709,756 shares of company stock worth $45,535,810. 1.13% of the stock is owned by insiders.
General Electric (NYSE:GE) last announced its quarterly earnings results on Tuesday, April 30th. The conglomerate reported $0.14 earnings per share for the quarter, beating the Thomson Reuters’ 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 for the quarter, compared to analysts’ expectations of $27.31 billion. During the same quarter last year, the firm earned $0.16 EPS. The firm’s revenue for the quarter was down 1.8% compared to the same quarter last year. As a group, sell-side analysts expect that General Electric will post 0.61 earnings per share for the current year.
Several brokerages have recently commented on GE. Deutsche Bank raised their target price on General Electric from $8.00 to $11.00 and gave the company a “positive” rating in a research note on Monday, February 25th. They noted that the move was a valuation call. Cowen restated a “hold” rating and issued a $8.00 target price on shares of General Electric in a research note on Tuesday, February 26th. Gabelli restated a “buy” rating on shares of General Electric in a research note on Tuesday, February 26th. Bank of America restated a “hold” rating and issued a $11.00 target price on shares of General Electric in a research note on Thursday, January 31st. Finally, Zacks Investment Research downgraded General Electric from a “hold” rating to a “sell” rating in a research note on Tuesday, March 19th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and ten have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $12.11.
General Electric Company Profile
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.
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