Covenant Asset Management LLC cut its stake in shares of General Electric Company (NYSE:GE) by 22.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 19,408 shares of the conglomerate’s stock after selling 5,557 shares during the period. Covenant Asset Management LLC’s holdings in General Electric were worth $578,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in the stock. Windward Capital Management Co. CA raised its position in General Electric by 35.5% in the first quarter. Windward Capital Management Co. CA now owns 24,376 shares of the conglomerate’s stock valued at $726,000 after buying an additional 6,386 shares during the period. Hermes Investment Management Ltd. raised its position in General Electric by 3.8% in the first quarter. Hermes Investment Management Ltd. now owns 2,286,606 shares of the conglomerate’s stock valued at $68,141,000 after buying an additional 84,614 shares during the period. Stewart & Patten Co. LLC raised its position in General Electric by 2.0% in the first quarter. Stewart & Patten Co. LLC now owns 954,235 shares of the conglomerate’s stock valued at $28,437,000 after buying an additional 18,257 shares during the period. Motco raised its stake in shares of General Electric by 127.6% in the first quarter. Motco now owns 260,195 shares of the conglomerate’s stock worth $7,754,000 after buying an additional 145,878 shares during the last quarter. Finally, TRUE Private Wealth Advisors raised its stake in shares of General Electric by 3.6% in the first quarter. TRUE Private Wealth Advisors now owns 35,662 shares of the conglomerate’s stock worth $1,069,000 after buying an additional 1,224 shares during the last quarter. Hedge funds and other institutional investors own 54.29% of the company’s stock.
Shares of General Electric Company (GE) traded down 0.27% during midday trading on Tuesday, hitting $25.56. The stock had a trading volume of 27,030,467 shares. The firm has a 50-day moving average price of $26.68 and a 200-day moving average price of $28.71. General Electric Company has a 1-year low of $25.26 and a 1-year high of $32.38. The firm has a market cap of $221.30 billion, a price-to-earnings ratio of 31.13 and a beta of 1.21.
General Electric (NYSE:GE) last released its earnings results on Friday, July 21st. The conglomerate reported $0.28 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.25 by $0.03. The business had revenue of $29.56 billion during the quarter, compared to analysts’ expectations of $29.07 billion. General Electric had a net margin of 6.45% and a return on equity of 14.59%. The firm’s revenue was down 11.8% on a year-over-year basis. During the same quarter last year, the company earned $0.51 earnings per share. On average, equities analysts anticipate that General Electric Company will post $1.57 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 25th. Shareholders of record on Monday, June 19th were paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 3.76%. The ex-dividend date of this dividend was Thursday, June 15th. General Electric’s dividend payout ratio is 118.52%.
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GE has been the subject of a number of analyst reports. UBS AG reissued a “buy” rating and issued a $31.00 price target (down from $35.00) on shares of General Electric in a report on Tuesday, July 25th. Deutsche Bank AG set a $24.00 target price on General Electric and gave the stock a “sell” rating in a research note on Monday, May 29th. Citigroup Inc. reaffirmed a “buy” rating and set a $34.00 target price (down from $36.00) on shares of General Electric in a research note on Monday, July 10th. Vetr downgraded General Electric from a “buy” rating to a “hold” rating and set a $28.47 target price for the company. in a research note on Thursday, May 11th. Finally, Goldman Sachs Group, Inc. (The) set a $29.00 target price on General Electric and gave the stock a “neutral” rating in a research note on Friday, July 7th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $30.08.
In other General Electric news, Chairman Jeffrey R. Immelt bought 100,000 shares of the stock in a transaction on Monday, May 15th. The stock was purchased at an average price of $28.07 per share, with a total value of $2,807,000.00. Following the acquisition, the chairman now owns 2,561,926 shares of the company’s stock, valued at $71,913,262.82. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director William G. Beattie bought 16,000 shares of the stock in a transaction on Monday, May 15th. The shares were acquired at an average cost of $28.05 per share, with a total value of $448,800.00. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 149,270 shares of company stock valued at $4,113,059. Corporate insiders own 0.36% of the company’s stock.
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