BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Trims Stock Position in General Electric (NYSE:GE)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp reduced its stake in shares of General Electric (NYSE:GE) by 12.8% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 182,646 shares of the conglomerate’s stock after selling 26,761 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in General Electric were worth $34,443,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Catalyst Capital Advisors LLC increased its position in General Electric by 117.7% during the 3rd quarter. Catalyst Capital Advisors LLC now owns 270 shares of the conglomerate’s stock valued at $51,000 after purchasing an additional 146 shares during the period. Mackenzie Financial Corp grew its position in shares of General Electric by 10.5% in the 2nd quarter. Mackenzie Financial Corp now owns 603,988 shares of the conglomerate’s stock worth $96,016,000 after buying an additional 57,372 shares during the period. Marietta Investment Partners LLC purchased a new stake in shares of General Electric in the 2nd quarter worth about $1,569,000. GAMMA Investing LLC grew its position in shares of General Electric by 25.4% in the 2nd quarter. GAMMA Investing LLC now owns 16,999 shares of the conglomerate’s stock worth $2,702,000 after buying an additional 3,442 shares during the period. Finally, Senator Investment Group LP purchased a new stake in shares of General Electric in the 2nd quarter worth about $34,973,000. 74.77% of the stock is owned by hedge funds and other institutional investors.

General Electric Stock Up 1.0 %

NYSE:GE opened at $182.32 on Friday. General Electric has a 1-year low of $94.54 and a 1-year high of $194.80. The company has a 50-day moving average of $183.01 and a 200 day moving average of $171.66. The firm has a market cap of $197.32 billion, a PE ratio of 32.04, a price-to-earnings-growth ratio of 1.78 and a beta of 1.19. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.13 and a quick ratio of 0.85.

General Electric (NYSE:GE) last released its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.15 EPS for the quarter, beating the consensus estimate of $1.13 by $0.02. The business had revenue of $9.84 billion during the quarter, compared to analyst estimates of $9.02 billion. General Electric had a net margin of 11.48% and a return on equity of 18.93%. The company’s quarterly revenue was up 5.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.82 earnings per share. As a group, research analysts anticipate that General Electric will post 4.24 EPS for the current fiscal year.

General Electric Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Thursday, September 26th were given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 0.61%. The ex-dividend date of this dividend was Thursday, September 26th. General Electric’s payout ratio is 19.68%.

Insider Buying and Selling at General Electric

In other General Electric news, SVP Riccardo Procacci sold 7,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $181.13, for a total value of $1,267,910.00. Following the sale, the senior vice president now owns 13,289 shares in the company, valued at approximately $2,407,036.57. This represents a 34.50 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Russell Stokes sold 15,550 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $178.29, for a total value of $2,772,409.50. Following the completion of the sale, the senior vice president now owns 148,857 shares in the company, valued at approximately $26,539,714.53. This represents a 9.46 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.66% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on GE shares. Royal Bank of Canada dropped their price target on shares of General Electric from $210.00 to $200.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 23rd. Melius Research upped their target price on shares of General Electric from $194.00 to $202.00 in a research note on Tuesday, October 22nd. Bank of America upped their target price on shares of General Electric from $180.00 to $200.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft upped their target price on shares of General Electric from $212.00 to $235.00 and gave the company a “buy” rating in a research note on Thursday, October 3rd. Finally, Wells Fargo & Company raised their price objective on shares of General Electric from $205.00 to $210.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. Two analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $200.93.

About General Electric

General Electric Company, doing business as GE Aerospace, designs and produces commercial and defense aircraft engines, integrated engine components, electric power, and mechanical aircraft systems. It also offers aftermarket services to support its products. The company operates in the United States, Europe, China, Asia, the Americas, the Middle East, and Africa.