General Electric (NYSE:GE) Stake Cut by Torch Wealth Management LLC

Torch Wealth Management LLC cut its position in shares of General Electric (NYSE:GE) by 2.8% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 57,055 shares of the conglomerate’s stock after selling 1,646 shares during the period. Torch Wealth Management LLC’s holdings in General Electric were worth $599,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Ashburton Jersey Ltd acquired a new position in shares of General Electric during the second quarter valued at $25,000. Manchester Financial Inc. bought a new position in General Electric during the second quarter valued at about $30,000. Lenox Wealth Advisors LLC boosted its stake in General Electric by 3,735.0% during the second quarter. Lenox Wealth Advisors LLC now owns 3,835 shares of the conglomerate’s stock valued at $40,000 after buying an additional 3,735 shares in the last quarter. Arbor Wealth Management LLC bought a new position in General Electric during the fourth quarter valued at about $30,000. Finally, Arcadia Investment Management Corp MI bought a new position in General Electric during the second quarter valued at about $42,000. Hedge funds and other institutional investors own 57.49% of the company’s stock.

Shares of NYSE:GE traded down $1.11 during midday trading on Thursday, reaching $7.92. The company had a trading volume of 299,679,867 shares, compared to its average volume of 61,059,360. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.44 and a current ratio of 1.73. General Electric has a 1-year low of $6.66 and a 1-year high of $13.78. The company has a market capitalization of $78.98 billion, a price-to-earnings ratio of 12.19, a price-to-earnings-growth ratio of 1.96 and a beta of 1.03. The company has a fifty day simple moving average of $10.13.



General Electric (NYSE:GE) last released its quarterly earnings results on Wednesday, July 31st. The conglomerate reported $0.17 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.12 by $0.05. General Electric had a positive return on equity of 10.64% and a negative net margin of 15.38%. The business had revenue of $28.83 billion during the quarter, compared to analyst estimates of $28.83 billion. During the same quarter last year, the company posted $0.19 EPS. General Electric’s revenue for the quarter was down 1.1% on a year-over-year basis. As a group, sell-side analysts forecast that General Electric will post 0.64 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Thursday, July 25th. Investors of record on Monday, July 1st were given a $0.01 dividend. The ex-dividend date of this dividend was Friday, June 28th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.50%. General Electric’s dividend payout ratio (DPR) is 6.15%.

In related news, Director Edward P. Garden sold 3,370,314 shares of the stock in a transaction on Friday, May 24th. The stock was sold at an average price of $9.53, for a total value of $32,119,092.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider L Kevin Cox purchased 105,600 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The stock was bought at an average price of $9.42 per share, with a total value of $994,752.00. The disclosure for this purchase can be found here. Insiders purchased a total of 492,532 shares of company stock valued at $4,491,512 in the last quarter. 1.13% of the stock is currently owned by corporate insiders.

Several research analysts recently weighed in on the company. Cowen reaffirmed a “hold” rating and set a $8.00 target price on shares of General Electric in a research note on Wednesday, May 1st. Zacks Investment Research cut General Electric from a “strong-buy” rating to a “hold” rating and set a $12.00 target price for the company. in a research note on Friday, August 2nd. Deutsche Bank set a $10.00 target price on General Electric and gave the company a “hold” rating in a research note on Thursday, May 2nd. Citigroup set a $14.00 target price on General Electric and gave the company a “buy” rating in a research note on Wednesday, June 19th. Finally, William Blair reaffirmed a “buy” rating on shares of General Electric in a research note on Thursday, June 13th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have given a buy rating to the company’s stock. General Electric currently has an average rating of “Hold” and a consensus price target of $11.68.

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

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