Berkshire Bank Decreases Stake in General Electric (NYSE:GE)

Berkshire Bank lowered its stake in General Electric (NYSE:GE) by 87.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,479 shares of the conglomerate’s stock after selling 45,339 shares during the period. Berkshire Bank’s holdings in General Electric were worth $667,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of GE. Atalanta Sosnoff Capital LLC purchased a new position in shares of General Electric during the third quarter worth $1,267,000. Pensionfund DSM Netherlands purchased a new position in shares of General Electric during the third quarter worth $1,648,000. Mascoma Wealth Management LLC purchased a new position in shares of General Electric during the third quarter worth $54,000. McAdam LLC raised its holdings in shares of General Electric by 54.1% during the third quarter. McAdam LLC now owns 16,327 shares of the conglomerate’s stock worth $1,682,000 after purchasing an additional 5,734 shares during the last quarter. Finally, Virtu Financial LLC purchased a new position in shares of General Electric during the second quarter worth $232,000.

GE traded up $0.15 on Thursday, reaching $102.23. 5,569,121 shares of the company’s stock were exchanged, compared to its average volume of 8,669,891. The stock has a market cap of $112.26 billion, a PE ratio of -196.60, a P/E/G ratio of 9.35 and a beta of 1.03. General Electric has a twelve month low of $79.68 and a twelve month high of $116.17. The stock’s fifty day moving average price is $104.27 and its 200-day moving average price is $104.77. The company has a debt-to-equity ratio of 1.47, a current ratio of 1.80 and a quick ratio of 1.50.

General Electric (NYSE:GE) last posted its quarterly earnings results on Monday, October 25th. The conglomerate reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.14. The firm had revenue of $18.43 billion for the quarter, compared to analyst estimates of $19.17 billion. General Electric had a negative net margin of 0.05% and a positive return on equity of 5.88%. General Electric’s quarterly revenue was down .5% on a year-over-year basis. During the same period in the previous year, the business posted $0.48 earnings per share. As a group, research analysts predict that General Electric will post 2.01 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Monday, October 25th. Investors of record on Monday, September 27th were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, September 24th. This represents a $0.32 dividend on an annualized basis and a yield of 0.31%. General Electric’s payout ratio is presently -61.54%.

In other General Electric news, Director Leslie Seidman purchased 1,000 shares of the stock in a transaction that occurred on Monday, November 22nd. The shares were purchased at an average cost of $100.59 per share, for a total transaction of $100,590.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have purchased 2,051 shares of company stock worth $210,673 over the last 90 days. 0.71% of the stock is currently owned by company insiders.

GE has been the subject of several recent research reports. Morgan Stanley initiated coverage on shares of General Electric in a report on Tuesday. They set an “overweight” rating and a $125.00 target price for the company. Wolfe Research raised their price target on shares of General Electric from $132.00 to $136.00 and gave the company an “outperform” rating in a research report on Wednesday, November 10th. Royal Bank of Canada raised their price target on shares of General Electric from $127.00 to $130.00 and gave the company an “outperform” rating in a research report on Wednesday, November 10th. Jefferies Financial Group began coverage on shares of General Electric in a research report on Tuesday. They set a “hold” rating and a $100.00 price target on the stock. Finally, Cowen raised their price target on shares of General Electric from $108.00 to $126.00 and gave the company a “market perform” rating in a research report on Wednesday, November 10th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, General Electric has an average rating of “Buy” and a consensus price target of $122.18.

General Electric Company Profile

General Electric Co engages in the provision of technology and financial services. It operates through the following segments: Power, Renewable Energy, Aviation, Healthcare, and Capital. The Power segment offers technologies, solutions, and services related to energy production, which includes gas and steam turbines, generators, and power generation services.

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

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