RNC Capital Management LLC Sells 625 Shares of General Electric (NYSE:GE)

Posted by James Conley on Mar 19th, 2023

RNC Capital Management LLC trimmed its stake in General Electric (NYSE:GE – Get Rating) by 13.8% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 3,906 shares of the conglomerate’s stock after selling 625 shares during the period. RNC Capital Management LLC’s holdings in General Electric were worth $327,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in GE. RE Dickinson Investment Advisors LLC grew its holdings in shares of General Electric by 37.5% in the 3rd quarter. RE Dickinson Investment Advisors LLC now owns 477 shares of the conglomerate’s stock valued at $30,000 after buying an additional 130 shares during the period. Plancorp LLC grew its stake in General Electric by 1.5% in the first quarter. Plancorp LLC now owns 9,628 shares of the conglomerate’s stock valued at $881,000 after acquiring an additional 138 shares during the period. Circle Wealth Management LLC increased its holdings in shares of General Electric by 2.6% in the second quarter. Circle Wealth Management LLC now owns 5,611 shares of the conglomerate’s stock worth $357,000 after acquiring an additional 141 shares in the last quarter. Money Concepts Capital Corp raised its position in shares of General Electric by 17.0% during the third quarter. Money Concepts Capital Corp now owns 992 shares of the conglomerate’s stock worth $61,000 after purchasing an additional 144 shares during the period. Finally, CVA Family Office LLC lifted its holdings in shares of General Electric by 9.3% during the 3rd quarter. CVA Family Office LLC now owns 1,702 shares of the conglomerate’s stock valued at $105,000 after purchasing an additional 145 shares in the last quarter. 70.12% of the stock is owned by institutional investors.

General Electric Stock Performance

Shares of General Electric stock opened at $90.29 on Friday. The company has a current ratio of 1.16, a quick ratio of 0.86 and a debt-to-equity ratio of 0.76. General Electric has a 12-month low of $46.55 and a 12-month high of $94.94. The business’s 50 day moving average is $83.12 and its 200-day moving average is $78.75.

General Electric (NYSE:GE – Get Rating) last issued its earnings results on Tuesday, January 24th. The conglomerate reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates of $1.11 by $0.13. The business had revenue of $21.79 billion for the quarter, compared to the consensus estimate of $22.11 billion. General Electric had a net margin of 0.29% and a return on equity of 8.47%. The firm’s revenue for the quarter was up 7.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.92 earnings per share. On average, equities research analysts predict that General Electric will post 1.97 earnings per share for the current year.

General Electric Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 25th. Investors of record on Tuesday, March 7th will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.35%. The ex-dividend date is Tuesday, March 6th. General Electric’s payout ratio is currently -1,066.67%.

Analyst Upgrades and Downgrades

Several brokerages have commented on GE. Bank of America raised their target price on shares of General Electric from $92.00 to $96.00 and gave the stock a “buy” rating in a report on Monday, March 6th. The Goldman Sachs Group boosted their price objective on shares of General Electric from $84.00 to $96.00 and gave the company a “buy” rating in a research report on Monday, March 13th. Wells Fargo & Company lowered their target price on General Electric from $82.00 to $80.00 and set an “equal weight” rating for the company in a report on Wednesday, January 25th. TheStreet raised General Electric from a “c” rating to a “b-” rating in a research note on Friday, February 10th. Finally, Oppenheimer upped their price objective on General Electric from $98.00 to $102.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 14th. Two investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, General Electric presently has a consensus rating of “Moderate Buy” and an average price target of $93.14.

General Electric Company Profile

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General Electric Co engages in the provision of commercial and military aircraft engines and systems, wind, and other renewable energy generation equipment and grid solutions, and gas, steam, nuclear, and other power generation equipment. It operates through the following segments: Aviation, Healthcare, Renewable Energy, and Power.