Chemung Canal Trust Co. Sells 1,000 Shares of General Electric (NYSE:GE)


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Chemung Canal Trust Co. cut its stake in shares of General Electric (NYSE:GE) by 7.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 12,013 shares of the conglomerate’s stock after selling 1,000 shares during the quarter. Chemung Canal Trust Co.’s holdings in General Electric were worth $158,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of GE. Guggenheim Capital LLC raised its holdings in General Electric by 22.2% during the third quarter. Guggenheim Capital LLC now owns 429,895 shares of the conglomerate’s stock worth $2,678,000 after buying an additional 78,191 shares during the last quarter. Weld Capital Management LLC increased its holdings in General Electric by 78.2% during the third quarter. Weld Capital Management LLC now owns 27,680 shares of the conglomerate’s stock worth $172,000 after buying an additional 12,146 shares during the last quarter. First City Capital Management Inc. increased its holdings in General Electric by 96.0% during the third quarter. First City Capital Management Inc. now owns 60,563 shares of the conglomerate’s stock worth $413,000 after buying an additional 29,659 shares during the last quarter. AQR Capital Management LLC increased its holdings in General Electric by 49.9% during the third quarter. AQR Capital Management LLC now owns 12,035,786 shares of the conglomerate’s stock worth $74,983,000 after buying an additional 4,009,182 shares during the last quarter. Finally, Cubist Systematic Strategies LLC increased its holdings in General Electric by 102.8% during the third quarter. Cubist Systematic Strategies LLC now owns 2,101,690 shares of the conglomerate’s stock worth $13,094,000 after buying an additional 1,065,364 shares during the last quarter. 60.09% of the stock is currently owned by institutional investors and hedge funds.

In other news, Director Paula Rosput Reynolds bought 5,000 shares of the firm’s stock in a transaction that occurred on Friday, March 12th. The shares were bought at an average cost of $12.50 per share, with a total value of $62,500.00. Following the completion of the purchase, the director now directly owns 26,500 shares in the company, valued at $331,250. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.90% of the stock is owned by insiders.

A number of equities analysts have weighed in on GE shares. DZ Bank upgraded shares of General Electric from a “sell” rating to a “hold” rating and set a $11.00 target price for the company in a research report on Wednesday, December 16th. Credit Suisse Group reiterated a “neutral” rating and set a $13.00 target price on shares of General Electric in a research report on Monday, March 8th. Barclays increased their target price on shares of General Electric from $15.00 to $13.00 in a research report on Thursday, March 11th. Zacks Investment Research upgraded shares of General Electric from a “sell” rating to a “hold” rating and set a $14.00 target price for the company in a research report on Wednesday, March 31st. Finally, Oppenheimer restated a “market perform” rating on shares of General Electric in a research report on Wednesday, March 17th. Eight research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $12.60.

GE stock opened at $13.21 on Thursday. The company has a market capitalization of $116.05 billion, a PE ratio of 37.19, a price-to-earnings-growth ratio of 8.61 and a beta of 1.06. General Electric has a one year low of $5.48 and a one year high of $14.41. The company’s 50 day moving average price is $12.96 and its two-hundred day moving average price is $10.38. The company has a debt-to-equity ratio of 2.10, a quick ratio of 2.04 and a current ratio of 2.31.

General Electric (NYSE:GE) last posted its quarterly earnings results on Monday, January 25th. The conglomerate reported $0.08 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.01). The business had revenue of $21.93 billion for the quarter, compared to analysts’ expectations of $21.62 billion. General Electric had a return on equity of 5.37% and a net margin of 4.52%. The company’s revenue was down 16.4% compared to the same quarter last year. During the same period last year, the business posted $0.21 earnings per share. On average, research analysts predict that General Electric will post 0.04 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, April 26th. Investors of record on Monday, March 8th will be paid a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 0.30%. The ex-dividend date is Friday, March 5th. General Electric’s payout ratio is 6.15%.

General Electric Profile

General Electric Company operates as a high-tech industrial company worldwide. The company's Power segment offers heavy-duty and aeroderivative gas turbines for utilities, independent power producers, and industrial applications; maintenance, service, and upgrade solutions to plant assets and their operational lifecycle; steam power technology for fossil and nuclear applications, including boilers, generators, steam turbines, and air quality control systems; and advanced reactor technologies solutions comprising reactors, fuels, and support services for boiling water reactors.

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Institutional Ownership by Quarter for General Electric (NYSE:GE)

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