Keybank National Association OH cut its stake in General Electric (NYSE:GE) by 11.7% in the second quarter, HoldingsChannel.com reports. The fund owned 1,239,754 shares of the conglomerate’s stock after selling 163,807 shares during the period. Keybank National Association OH’s holdings in General Electric were worth $13,017,000 at the end of the most recent quarter.
Several other hedge funds also recently made changes to their positions in the company. Landmark Financial Advisors LLC raised its stake in General Electric by 11.3% during the 4th quarter. Landmark Financial Advisors LLC now owns 16,702 shares of the conglomerate’s stock worth $126,000 after acquiring an additional 1,699 shares in the last quarter. Honeywell International Inc. acquired a new stake in General Electric during the 4th quarter worth $3,799,000. Garrison Financial Corp raised its stake in General Electric by 75.9% during the 4th quarter. Garrison Financial Corp now owns 102,557 shares of the conglomerate’s stock worth $3,038,000 after acquiring an additional 44,240 shares in the last quarter. Allen Investment Management LLC raised its stake in General Electric by 50.4% during the 4th quarter. Allen Investment Management LLC now owns 832,696 shares of the conglomerate’s stock worth $6,304,000 after acquiring an additional 278,936 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund raised its stake in General Electric by 1,719.1% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 17,319,274 shares of the conglomerate’s stock worth $2,288,000 after acquiring an additional 16,367,170 shares in the last quarter. 57.49% of the stock is owned by institutional investors.
Several brokerages recently commented on GE. William Blair reiterated a “buy” rating on shares of General Electric in a research note on Thursday, June 13th. Cowen reiterated a “hold” rating and set a $8.00 price target on shares of General Electric in a research note on Wednesday, May 1st. Deutsche Bank set a $10.00 price target on shares of General Electric and gave the stock a “hold” rating in a research note on Thursday, May 2nd. Zacks Investment Research lowered shares of General Electric from a “strong-buy” rating to a “hold” rating and set a $12.00 price target on the stock. in a research note on Friday, August 2nd. Finally, Citigroup set a $14.00 price target on shares of General Electric and gave the stock a “buy” rating in a research note on Wednesday, June 19th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have given a buy rating to the company. General Electric has a consensus rating of “Hold” and an average target price of $11.68.
General Electric (NYSE:GE) last posted its quarterly earnings data on Wednesday, July 31st. The conglomerate reported $0.17 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.05. The company had revenue of $28.83 billion for the quarter, compared to analyst estimates of $28.83 billion. General Electric had a negative net margin of 15.38% and a positive return on equity of 10.64%. General Electric’s quarterly revenue was down 1.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.19 earnings per share. On average, equities analysts predict that General Electric will post 0.64 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 25th. Shareholders of record on Monday, July 1st were paid a $0.01 dividend. The ex-dividend date was Friday, June 28th. This represents a $0.04 dividend on an annualized basis and a yield of 0.44%. General Electric’s dividend payout ratio is presently 6.15%.
In other news, Director Edward P. Garden sold 1,289,538 shares of General Electric stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $10.02, for a total value of $12,921,170.76. Following the sale, the director now owns 25,000 shares of the company’s stock, valued at $250,500. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider L Kevin Cox bought 105,600 shares of the stock in a transaction dated Tuesday, August 13th. The stock was purchased at an average cost of $9.42 per share, for a total transaction of $994,752.00. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 492,532 shares of company stock worth $4,491,512. 1.13% of the stock is currently owned by company insiders.
About General Electric
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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