Cardinal Capital Management cut its holdings in General Electric (NYSE:GE) by 1.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 324,870 shares of the conglomerate’s stock after selling 3,939 shares during the quarter. General Electric accounts for approximately 1.3% of Cardinal Capital Management’s holdings, making the stock its 27th largest position. Cardinal Capital Management’s holdings in General Electric were worth $4,421,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in GE. Mount Yale Investment Advisors LLC purchased a new position in shares of General Electric during the first quarter valued at about $116,000. Santori & Peters Inc. bought a new position in shares of General Electric in the 4th quarter valued at about $120,000. Archford Capital Strategies LLC bought a new position in shares of General Electric in the 1st quarter valued at about $121,000. Blue Chip Wealth Management Inc. bought a new position in shares of General Electric in the 1st quarter valued at about $135,000. Finally, Harborview Advisors LLC bought a new position in shares of General Electric in the 1st quarter valued at about $137,000. 53.74% of the stock is currently owned by institutional investors and hedge funds.
In other news, Director H Lawrence Culp, Jr. purchased 191,000 shares of the business’s stock in a transaction on Tuesday, July 24th. The shares were acquired at an average cost of $13.04 per share, with a total value of $2,490,640.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.12% of the stock is currently owned by insiders.
General Electric (NYSE:GE) last issued its quarterly earnings data on Friday, July 20th. The conglomerate reported $0.19 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.18 by $0.01. General Electric had a negative net margin of 6.59% and a positive return on equity of 10.40%. The company had revenue of $30.10 billion for the quarter, compared to analyst estimates of $29.39 billion. During the same period last year, the company posted $0.21 earnings per share. General Electric’s revenue was up 3.5% compared to the same quarter last year. Analysts anticipate that General Electric will post 0.96 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, October 25th. Shareholders of record on Monday, September 17th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 3.90%. The ex-dividend date of this dividend is Friday, September 14th. General Electric’s dividend payout ratio is currently 45.71%.
A number of brokerages recently commented on GE. Goldman Sachs Group reaffirmed a “neutral” rating and issued a $14.00 price target on shares of General Electric in a report on Wednesday, June 27th. Royal Bank of Canada set a $15.00 price target on shares of General Electric and gave the company a “neutral” rating in a report on Wednesday, July 11th. Barclays reaffirmed a “neutral” rating and issued a $16.00 price target on shares of General Electric in a report on Monday, July 9th. Deutsche Bank set a $15.00 price objective on shares of General Electric and gave the stock a “hold” rating in a research note on Thursday, July 12th. Finally, MED raised shares of General Electric from a “sell” rating to a “hold” rating and set a $15.00 price objective for the company in a research note on Thursday, July 12th. Six analysts have rated the stock with a sell rating, fourteen have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. General Electric presently has a consensus rating of “Hold” and a consensus price target of $16.26.
About General Electric
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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