Bank of New York Mellon Corp reduced its stake in shares of General Electric (NYSE:GE) by 2.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 80,634,177 shares of the conglomerate’s stock after selling 2,207,314 shares during the quarter. Bank of New York Mellon Corp owned about 0.93% of General Electric worth $1,097,431,000 at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. Gulf International Bank UK Ltd lifted its holdings in shares of General Electric by 2.5% during the second quarter. Gulf International Bank UK Ltd now owns 2,799,022 shares of the conglomerate’s stock worth $38,094,000 after buying an additional 67,257 shares during the last quarter. Pure Financial Advisors Inc. acquired a new position in shares of General Electric during the second quarter worth approximately $207,000. Tributary Capital Management LLC lifted its holdings in shares of General Electric by 5,184.5% during the second quarter. Tributary Capital Management LLC now owns 73,455 shares of the conglomerate’s stock worth $1,000,000 after buying an additional 72,065 shares during the last quarter. Filament LLC acquired a new position in shares of General Electric during the second quarter worth approximately $154,000. Finally, Brave Asset Management Inc. lifted its holdings in shares of General Electric by 57.3% during the second quarter. Brave Asset Management Inc. now owns 64,546 shares of the conglomerate’s stock worth $878,000 after buying an additional 23,500 shares during the last quarter. 53.81% of the stock is currently owned by institutional investors.
In other news, SVP Alexander Dimitrief purchased 10,000 shares of the business’s stock in a transaction dated Tuesday, November 6th. The shares were acquired at an average price of $9.48 per share, with a total value of $94,800.00. Following the completion of the purchase, the senior vice president now directly owns 103,075 shares of the company’s stock, valued at approximately $977,151. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman H Lawrence Culp, Jr. purchased 225,000 shares of the business’s stock in a transaction dated Thursday, November 1st. The shares were purchased at an average cost of $9.73 per share, for a total transaction of $2,189,250.00. The disclosure for this purchase can be found here. 1.12% of the stock is currently owned by corporate insiders.
General Electric (NYSE:GE) last announced its earnings results on Tuesday, October 30th. The conglomerate reported $0.14 EPS for the quarter, missing the consensus estimate of $0.20 by ($0.06). The business had revenue of $29.57 billion for the quarter, compared to the consensus estimate of $30.08 billion. General Electric had a positive return on equity of 10.29% and a negative net margin of 27.36%. General Electric’s revenue for the quarter was down 3.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.29 EPS. As a group, analysts forecast that General Electric will post 0.68 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, October 25th. Stockholders of record on Monday, September 17th were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 5.59%. The ex-dividend date of this dividend was Friday, September 14th. General Electric’s payout ratio is presently 45.71%.
A number of research analysts have recently commented on GE shares. UBS Group lowered General Electric to an “add” rating and set a $23.00 price target for the company. in a report on Tuesday, October 2nd. Gabelli restated a “buy” rating on shares of General Electric in a research report on Wednesday, July 18th. Morningstar set a $15.70 price objective on General Electric and gave the company a “buy” rating in a research report on Monday, August 13th. Citigroup set a $21.00 price objective on General Electric and gave the company a “buy” rating in a research report on Monday, October 1st. Finally, Royal Bank of Canada restated a “buy” rating and set a $15.00 price objective on shares of General Electric in a research report on Tuesday, October 30th. Five investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. General Electric presently has a consensus rating of “Hold” and a consensus price target of $14.72.
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General Electric 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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