Covenant Asset Management LLC Has $351,000 Position in General Electric (GE)
Covenant Asset Management LLC decreased its holdings in General Electric (NYSE:GE) by 21.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 14,502 shares of the conglomerate’s stock after selling 3,906 shares during the quarter. Covenant Asset Management LLC’s holdings in General Electric were worth $351,000 at the end of the most recent reporting period.
Several other institutional investors have also modified their holdings of GE. Vanguard Group Inc. lifted its holdings in General Electric by 0.6% in the second quarter. Vanguard Group Inc. now owns 600,238,644 shares of the conglomerate’s stock valued at $16,212,445,000 after buying an additional 3,297,890 shares during the period. BlackRock Inc. lifted its holdings in General Electric by 3.9% in the second quarter. BlackRock Inc. now owns 517,315,514 shares of the conglomerate’s stock valued at $13,972,691,000 after buying an additional 19,422,516 shares during the period. Capital World Investors lifted its holdings in General Electric by 8.6% in the second quarter. Capital World Investors now owns 141,322,676 shares of the conglomerate’s stock valued at $3,817,125,000 after buying an additional 11,194,678 shares during the period. Capital Research Global Investors lifted its holdings in General Electric by 18.6% in the second quarter. Capital Research Global Investors now owns 91,205,460 shares of the conglomerate’s stock valued at $2,463,459,000 after buying an additional 14,316,281 shares during the period. Finally, Franklin Resources Inc. lifted its holdings in General Electric by 43.8% in the second quarter. Franklin Resources Inc. now owns 78,024,403 shares of the conglomerate’s stock valued at $2,107,438,000 after buying an additional 23,764,129 shares during the period. 55.62% of the stock is currently owned by institutional investors.
General Electric (NYSE GE) opened at $17.43 on Wednesday. General Electric has a fifty-two week low of $17.36 and a fifty-two week high of $32.05. The firm has a market cap of $151,761.48, a PE ratio of 21.79, a PEG ratio of 1.90 and a beta of 1.06. The company has a current ratio of 1.86, a quick ratio of 1.53 and a debt-to-equity ratio of 1.14.
General Electric (NYSE:GE) last announced its quarterly earnings data on Friday, October 20th. The conglomerate reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.20). General Electric had a net margin of 6.08% and a return on equity of 13.72%. The company had revenue of $33.47 billion for the quarter, compared to analyst estimates of $32.51 billion. During the same quarter in the prior year, the company posted $0.32 EPS. General Electric’s revenue for the quarter was up 11.5% on a year-over-year basis. sell-side analysts forecast that General Electric will post 1.07 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 25th. Stockholders of record on Wednesday, December 27th will be issued a dividend of $0.12 per share. The ex-dividend date is Tuesday, December 26th. This represents a $0.48 annualized dividend and a dividend yield of 2.75%. General Electric’s dividend payout ratio is currently 120.00%.
In other General Electric news, Director Steven M. Mollenkopf bought 5,500 shares of the stock in a transaction that occurred on Thursday, November 16th. The shares were bought at an average price of $18.24 per share, for a total transaction of $100,320.00. Following the acquisition, the director now directly owns 5,500 shares of the company’s stock, valued at approximately $100,320. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman John Leonard Flannery bought 60,000 shares of the stock in a transaction that occurred on Wednesday, November 15th. The stock was acquired at an average price of $18.27 per share, for a total transaction of $1,096,200.00. Following the acquisition, the chairman now directly owns 575,477 shares in the company, valued at $10,513,964.79. The disclosure for this purchase can be found here. Insiders have bought 120,500 shares of company stock worth $2,183,220 in the last quarter. Company insiders own 0.36% of the company’s stock.
Several equities analysts recently issued reports on the stock. Vetr lowered shares of General Electric from a “hold” rating to a “sell” rating and set a $23.72 target price on the stock. in a report on Monday, September 25th. Cowen restated a “hold” rating and issued a $19.00 target price on shares of General Electric in a report on Wednesday, November 8th. Deutsche Bank set a $21.00 target price on shares of General Electric and gave the company a “sell” rating in a report on Monday, October 23rd. JPMorgan Chase & Co. restated an “underweight” rating on shares of General Electric in a report on Thursday, September 21st. Finally, Goldman Sachs Group set a $23.00 target price on shares of General Electric and gave the company a “hold” rating in a report on Tuesday, October 17th. Six analysts have rated the stock with a sell rating, seven have issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $23.39.
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About General Electric
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