Principle Wealth Partners LLC bought a new stake in General Electric (NYSE:GE) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 141,948 shares of the conglomerate’s stock, valued at approximately $1,269,000.
Other institutional investors and hedge funds have also made changes to their positions in the company. Price T Rowe Associates Inc. MD increased its holdings in shares of General Electric by 26.3% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 365,565,828 shares of the conglomerate’s stock valued at $3,838,441,000 after acquiring an additional 76,193,032 shares during the last quarter. Nuveen Asset Management LLC bought a new position in General Electric in the 2nd quarter valued at about $433,181,000. Renaissance Technologies LLC lifted its position in General Electric by 254.9% in the 2nd quarter. Renaissance Technologies LLC now owns 53,270,354 shares of the conglomerate’s stock valued at $559,339,000 after acquiring an additional 38,260,700 shares in the last quarter. BlackRock Inc. lifted its position in General Electric by 1.9% in the 2nd quarter. BlackRock Inc. now owns 512,742,827 shares of the conglomerate’s stock valued at $5,383,800,000 after acquiring an additional 9,483,976 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in General Electric by 1.4% in the 2nd quarter. Vanguard Group Inc. now owns 648,159,140 shares of the conglomerate’s stock valued at $6,805,671,000 after acquiring an additional 8,989,832 shares in the last quarter. 58.97% of the stock is currently owned by institutional investors.
In related news, Director Thomas W. Horton purchased 55,248 shares of General Electric stock in a transaction that occurred on Monday, August 12th. The shares were bought at an average price of $9.02 per share, for a total transaction of $498,336.96. Following the completion of the transaction, the director now directly owns 55,248 shares of the company’s stock, valued at $498,336.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Thomas S. Timko purchased 10,000 shares of General Electric stock in a transaction that occurred on Monday, August 19th. The shares were bought at an average price of $8.83 per share, for a total transaction of $88,300.00. The disclosure for this purchase can be found here. Insiders acquired 801,068 shares of company stock worth $6,954,745 in the last 90 days. Corporate insiders own 1.13% of the company’s stock.
General Electric (NYSE:GE) last posted its quarterly earnings data on Wednesday, October 30th. The conglomerate reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.03. General Electric had a negative net margin of 4.39% and a positive return on equity of 11.69%. The company had revenue of $23.36 billion during the quarter, compared to the consensus estimate of $22.93 billion. During the same period in the previous year, the firm posted $0.14 EPS. The firm’s revenue was down .1% compared to the same quarter last year. On average, sell-side analysts predict that General Electric will post 0.61 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Monday, September 16th were given a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.35%. The ex-dividend date was Friday, September 13th. General Electric’s payout ratio is 6.15%.
GE has been the topic of several recent research reports. Citigroup set a $14.00 price target on shares of General Electric and gave the company a “buy” rating in a research report on Wednesday, September 4th. Royal Bank of Canada reissued a “buy” rating and issued a $13.00 price target on shares of General Electric in a report on Wednesday, October 30th. UBS Group downgraded shares of General Electric from a “buy” rating to a “neutral” rating and cut their price target for the company from $13.00 to $11.50 in a report on Monday, July 15th. William Blair reissued a “buy” rating on shares of General Electric in a report on Friday, August 16th. Finally, JPMorgan Chase & Co. set a $5.00 price target on shares of General Electric and gave the company an “underweight” rating in a report on Friday, November 1st. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have assigned a buy rating to the stock. General Electric presently has an average rating of “Hold” and an average target price of $10.41.
General Electric Company Profile
General Electric Company operates as a high-tech industrial company worldwide. It operates through Power, Renewable Energy, Aviation, Oil & Gas, Healthcare, Transportation, Lighting, and Capital segments. The Power segment offers technologies, solutions, and services related to energy production, including gas and steam turbines, generators, and high voltage equipment; and power generation services.
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