State of Michigan Retirement System raised its holdings in General Electric (NYSE:GE) by 0.4% during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,332,128 shares of the conglomerate’s stock after purchasing an additional 10,300 shares during the quarter. State of Michigan Retirement System’s holdings in General Electric were worth $20,849,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Bellecapital International Ltd. lifted its stake in shares of General Electric by 166.4% in the 2nd quarter. Bellecapital International Ltd. now owns 48,990 shares of the conglomerate’s stock valued at $514,000 after acquiring an additional 30,600 shares during the last quarter. Resource Management LLC lifted its stake in shares of General Electric by 22.4% in the 2nd quarter. Resource Management LLC now owns 76,386 shares of the conglomerate’s stock valued at $802,000 after acquiring an additional 13,977 shares during the last quarter. ANTIPODES PARTNERS Ltd lifted its stake in shares of General Electric by 5.6% in the 2nd quarter. ANTIPODES PARTNERS Ltd now owns 14,753,170 shares of the conglomerate’s stock valued at $154,908,000 after acquiring an additional 781,672 shares during the last quarter. Comerica Bank lifted its stake in shares of General Electric by 1.6% in the 2nd quarter. Comerica Bank now owns 1,954,457 shares of the conglomerate’s stock valued at $19,506,000 after acquiring an additional 31,411 shares during the last quarter. Finally, Carroll Financial Associates Inc. lifted its stake in shares of General Electric by 13.5% in the 2nd quarter. Carroll Financial Associates Inc. now owns 117,920 shares of the conglomerate’s stock valued at $1,238,000 after acquiring an additional 14,033 shares during the last quarter. Institutional investors own 59.28% of the company’s stock.
In other General Electric news, Director Paula Rosput Reynolds acquired 5,000 shares of the stock in a transaction dated Wednesday, August 14th. The stock was purchased at an average cost of $9.05 per share, with a total value of $45,250.00. Following the transaction, the director now owns 16,500 shares in the company, valued at approximately $149,325. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, VP Thomas S. Timko acquired 10,000 shares of the stock in a transaction dated Monday, August 19th. The stock was acquired at an average cost of $8.83 per share, with a total value of $88,300.00. The disclosure for this purchase can be found here. Over the last three months, insiders bought 801,068 shares of company stock valued at $6,954,745. Corporate insiders own 1.13% of the company’s stock.
General Electric (NYSE:GE) last posted its quarterly earnings data on Wednesday, July 31st. The conglomerate reported $0.17 earnings per share for the quarter, topping the Thomson Reuters’ 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 firm had revenue of $28.83 billion during the quarter, compared to analyst estimates of $28.83 billion. During the same period last year, the company posted $0.19 EPS. The business’s quarterly revenue was down 1.1% on a year-over-year basis. On average, analysts forecast that General Electric will post 0.6 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Monday, September 16th will be given a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 0.44%. The ex-dividend date of this dividend is Friday, September 13th. General Electric’s dividend payout ratio (DPR) is presently 6.15%.
GE has been the subject of several analyst reports. JPMorgan Chase & Co. reaffirmed a “sell” rating on shares of General Electric in a research report on Monday, October 7th. Morgan Stanley initiated coverage on General Electric in a research report on Thursday, September 5th. They set an “equal weight” rating and a $10.00 target price for the company. Credit Suisse Group set a $11.00 target price on General Electric and gave the stock a “hold” rating in a research report on Friday, September 13th. ValuEngine raised General Electric from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Finally, Citigroup set a $14.00 target price on General Electric and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and seven have issued a buy rating to the company’s stock. General Electric has an average rating of “Hold” and an average price target of $10.55.
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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