WealthPLAN Partners LLC Reduces Position in General Electric (GE)
WealthPLAN Partners LLC lowered its stake in General Electric (NYSE:GE) by 18.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 31,690 shares of the conglomerate’s stock after selling 7,189 shares during the quarter. WealthPLAN Partners LLC’s holdings in General Electric were worth $242,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. Sei Investments Co. boosted its position in shares of General Electric by 5.2% in the 2nd quarter. Sei Investments Co. now owns 603,376 shares of the conglomerate’s stock valued at $8,211,000 after purchasing an additional 30,019 shares during the period. Wedbush Securities Inc. boosted its position in shares of General Electric by 1.5% in the 2nd quarter. Wedbush Securities Inc. now owns 281,643 shares of the conglomerate’s stock valued at $3,833,000 after purchasing an additional 4,072 shares during the period. Pekin Singer Strauss Asset Management IL boosted its position in shares of General Electric by 1.1% in the 2nd quarter. Pekin Singer Strauss Asset Management IL now owns 383,933 shares of the conglomerate’s stock valued at $5,225,000 after purchasing an additional 4,192 shares during the period. Morningstar Investment Services LLC boosted its position in shares of General Electric by 0.9% in the 2nd quarter. Morningstar Investment Services LLC now owns 1,586,006 shares of the conglomerate’s stock valued at $21,585,000 after purchasing an additional 13,415 shares during the period. Finally, Cornell Pochily Investment Advisors Inc. boosted its position in shares of General Electric by 85,260.9% in the 2nd quarter. Cornell Pochily Investment Advisors Inc. now owns 19,633 shares of the conglomerate’s stock valued at $278,000 after purchasing an additional 19,610 shares during the period. Institutional investors own 54.46% of the company’s stock.
Shares of GE traded up $0.23 during midday trading on Monday, reaching $10.04. 17,488,711 shares of the stock were exchanged, compared to its average volume of 109,736,400. General Electric has a 12-month low of $6.66 and a 12-month high of $15.59. The company has a debt-to-equity ratio of 2.14, a current ratio of 1.66 and a quick ratio of 1.36. The company has a market capitalization of $85.18 billion, a PE ratio of 15.45, a price-to-earnings-growth ratio of 3.06 and a beta of 0.99.
The company also recently declared a quarterly dividend, which was paid on Friday, January 25th. Stockholders of record on Thursday, December 20th were paid a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.40%. The ex-dividend date was Wednesday, December 19th. General Electric’s dividend payout ratio (DPR) is presently 6.15%.
In other news, Director Francisco Dsouza purchased 60,000 shares of the business’s stock in a transaction dated Wednesday, November 14th. The stock was bought at an average cost of $8.32 per share, with a total value of $499,200.00. Following the purchase, the director now directly owns 151,500 shares of the company’s stock, valued at $1,260,480. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. 1.12% of the stock is owned by company insiders.
GE has been the subject of several research analyst reports. JPMorgan Chase & Co. reissued a “sell” rating and issued a $10.00 price objective on shares of General Electric in a research note on Thursday, October 25th. Royal Bank of Canada reissued a “buy” rating and issued a $15.00 price objective on shares of General Electric in a research note on Tuesday, October 30th. Goldman Sachs Group set a $14.00 price objective on General Electric and gave the stock a “neutral” rating in a research note on Tuesday, October 30th. Citigroup reduced their price objective on General Electric from $19.00 to $18.00 and set a “buy” rating for the company in a research note on Tuesday, October 30th. Finally, ValuEngine downgraded General Electric from a “sell” rating to a “strong sell” rating in a research note on Wednesday, October 31st. Two equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and nine have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $13.04.
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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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