General Electric (GE) Stake Lowered by Congress Asset Management Co. MA
Congress Asset Management Co. MA trimmed its position in shares of General Electric (NYSE:GE) by 73.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 50,967 shares of the conglomerate’s stock after selling 143,860 shares during the period. Congress Asset Management Co. MA’s holdings in General Electric were worth $889,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. Cutter & CO Brokerage Inc. increased its holdings in General Electric by 0.3% in the 2nd quarter. Cutter & CO Brokerage Inc. now owns 20,620 shares of the conglomerate’s stock valued at $557,000 after acquiring an additional 67 shares during the last quarter. NorthRock Partners LLC increased its holdings in General Electric by 0.9% in the 2nd quarter. NorthRock Partners LLC now owns 8,842 shares of the conglomerate’s stock valued at $241,000 after acquiring an additional 80 shares during the last quarter. Shapiro Capital Management LLC increased its holdings in General Electric by 0.8% in the 2nd quarter. Shapiro Capital Management LLC now owns 18,868 shares of the conglomerate’s stock valued at $510,000 after acquiring an additional 147 shares during the last quarter. CFO4Life Group LLC increased its holdings in General Electric by 0.9% in the 2nd quarter. CFO4Life Group LLC now owns 16,610 shares of the conglomerate’s stock valued at $449,000 after acquiring an additional 152 shares during the last quarter. Finally, Sunbelt Securities Inc. increased its holdings in General Electric by 0.3% in the 2nd quarter. Sunbelt Securities Inc. now owns 54,208 shares of the conglomerate’s stock valued at $1,464,000 after acquiring an additional 176 shares during the last quarter. Hedge funds and other institutional investors own 56.12% of the company’s stock.
In other news, insider Alexander Dimitrief purchased 2,689 shares of the company’s stock in a transaction that occurred on Monday, January 29th. The stock was purchased at an average cost of $16.16 per share, with a total value of $43,454.24. Following the purchase, the insider now owns 81,185 shares in the company, valued at $1,311,949.60. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Electric Co General sold 3,883,000 shares of General Electric stock in a transaction dated Tuesday, April 24th. The stock was sold at an average price of $15.00, for a total transaction of $58,245,000.00. The disclosure for this sale can be found here. Insiders own 1.12% of the company’s stock.
General Electric (NYSE:GE) last posted its earnings results on Friday, April 20th. The conglomerate reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.11 by $0.05. General Electric had a negative net margin of 6.16% and a positive return on equity of 11.22%. The firm had revenue of $28.66 billion for the quarter, compared to the consensus estimate of $27.26 billion. During the same period in the previous year, the firm posted $0.14 EPS. The business’s quarterly revenue was up 6.6% on a year-over-year basis. equities analysts forecast that General Electric will post 1 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 25th. Stockholders of record on Monday, February 26th were issued a $0.12 dividend. The ex-dividend date of this dividend was Friday, February 23rd. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.34%. General Electric’s dividend payout ratio (DPR) is presently 45.71%.
A number of brokerages have issued reports on GE. Vetr downgraded shares of General Electric from a “strong-buy” rating to a “buy” rating and set a $21.08 price target on the stock. in a report on Wednesday, January 10th. Goldman Sachs set a $14.00 price target on shares of General Electric and gave the company a “hold” rating in a report on Monday, April 16th. Stifel Nicolaus lifted their price target on shares of General Electric from $13.00 to $15.00 and gave the company a “hold” rating in a report on Friday. JPMorgan Chase reiterated an “underweight” rating and issued a $14.00 price target (down from $16.00) on shares of General Electric in a report on Monday, February 12th. Finally, Credit Suisse Group set a $15.00 price target on shares of General Electric and gave the company a “neutral” rating in a report on Friday. Seven analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $17.91.
General Electric Company Profile
General Electric Company operates as a digital industrial company worldwide. It operates through Power, Renewable Energy, Oil & Gas, Aviation, Healthcare, Transportation, Lighting, and Capital segments. The Power segment offers technologies, solutions, and services related to energy production, including gas and steam turbines, engines, generators, and high voltage equipment; and power generation services and digital solutions.
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