Iberiabank Corp lowered its stake in shares of General Electric (NYSE:GE) by 71.7% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 17,544 shares of the conglomerate’s stock after selling 44,519 shares during the period. Iberiabank Corp’s holdings in General Electric were worth $120,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently modified their holdings of GE. Pinnacle Bank boosted its holdings in General Electric by 6.3% during the first quarter. Pinnacle Bank now owns 23,251 shares of the conglomerate’s stock worth $185,000 after purchasing an additional 1,378 shares during the last quarter. Telemus Capital LLC lifted its position in shares of General Electric by 8.5% during the 1st quarter. Telemus Capital LLC now owns 17,868 shares of the conglomerate’s stock worth $117,000 after buying an additional 1,393 shares in the last quarter. Lincoln Capital LLC boosted its stake in shares of General Electric by 3.2% in the 2nd quarter. Lincoln Capital LLC now owns 46,046 shares of the conglomerate’s stock worth $314,000 after buying an additional 1,446 shares during the last quarter. Fulton Breakefield Broenniman LLC grew its holdings in shares of General Electric by 14.3% in the first quarter. Fulton Breakefield Broenniman LLC now owns 12,125 shares of the conglomerate’s stock valued at $96,000 after acquiring an additional 1,516 shares in the last quarter. Finally, Private Asset Management Inc. grew its holdings in shares of General Electric by 4.3% in the second quarter. Private Asset Management Inc. now owns 38,234 shares of the conglomerate’s stock valued at $261,000 after acquiring an additional 1,580 shares in the last quarter. 61.93% of the stock is owned by hedge funds and other institutional investors.
Several research analysts have weighed in on GE shares. JPMorgan Chase & Co. reissued a “hold” rating and issued a $5.00 price objective on shares of General Electric in a research report on Thursday, April 30th. Citigroup cut their price target on shares of General Electric from $11.00 to $9.00 and set a “buy” rating on the stock in a report on Thursday, April 23rd. Credit Suisse Group reduced their price target on shares of General Electric from $9.00 to $8.00 and set a “neutral” rating for the company in a research report on Thursday, April 30th. Zacks Investment Research lowered shares of General Electric from a “hold” rating to a “sell” rating and set a $7.50 price objective on the stock. in a research report on Friday, June 12th. Finally, Cfra downgraded shares of General Electric to a “hold” rating in a research report on Thursday, April 9th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and eight have assigned a buy rating to the stock. General Electric currently has an average rating of “Hold” and an average target price of $9.02.
General Electric (NYSE:GE) last issued its quarterly earnings results on Wednesday, July 29th. The conglomerate reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.06). The company had revenue of $17.75 billion for the quarter, compared to the consensus estimate of $17.27 billion. General Electric had a negative net margin of 5.10% and a positive return on equity of 7.94%. General Electric’s revenue was down 38.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.17 earnings per share. On average, research analysts expect that General Electric will post -0.01 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, July 27th. Shareholders of record on Monday, June 29th were issued a $0.01 dividend. The ex-dividend date of this dividend was Friday, June 26th. This represents a $0.04 annualized dividend and a yield of 0.66%. General Electric’s dividend payout ratio (DPR) is presently 6.15%.
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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