Spinnaker Trust Sells 250 Shares of General Electric (NYSE:GE)

Spinnaker Trust reduced its holdings in shares of General Electric (NYSE:GE) by 3.1% in the fourth quarter, Holdings Channel reports. The institutional investor owned 7,881 shares of the conglomerate’s stock after selling 250 shares during the period. Spinnaker Trust’s holdings in General Electric were worth $1,006,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Prime Capital Investment Advisors LLC increased its stake in shares of General Electric by 29.3% in the fourth quarter. Prime Capital Investment Advisors LLC now owns 28,311 shares of the conglomerate’s stock worth $3,613,000 after purchasing an additional 6,419 shares in the last quarter. Fifth Third Bancorp increased its stake in shares of General Electric by 12.5% in the fourth quarter. Fifth Third Bancorp now owns 261,187 shares of the conglomerate’s stock worth $33,335,000 after purchasing an additional 28,985 shares in the last quarter. O Shaughnessy Asset Management LLC increased its stake in shares of General Electric by 10.9% in the third quarter. O Shaughnessy Asset Management LLC now owns 109,332 shares of the conglomerate’s stock worth $12,087,000 after purchasing an additional 10,722 shares in the last quarter. Grandfield & Dodd LLC increased its stake in shares of General Electric by 9.3% in the fourth quarter. Grandfield & Dodd LLC now owns 269,783 shares of the conglomerate’s stock worth $34,432,000 after purchasing an additional 22,998 shares in the last quarter. Finally, Qsemble Capital Management LP purchased a new stake in shares of General Electric in the third quarter worth $1,846,000. 74.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Citigroup increased their price objective on shares of General Electric from $120.43 to $186.00 and gave the stock a “buy” rating in a research note on Thursday. JPMorgan Chase & Co. dropped their target price on shares of General Electric from $180.00 to $148.00 and set an “overweight” rating for the company in a research report on Tuesday, April 2nd. Barclays dropped their target price on shares of General Electric from $181.00 to $175.00 and set an “overweight” rating for the company in a research report on Wednesday, April 3rd. Bank of America upped their target price on shares of General Electric from $165.00 to $180.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, The Goldman Sachs Group upped their target price on shares of General Electric from $190.00 to $211.00 and gave the stock a “buy” rating in a research report on Wednesday. Two analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, General Electric presently has a consensus rating of “Moderate Buy” and an average price target of $170.00.

Insider Activity

In other news, SVP Michael J. Holston sold 13,601 shares of the stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $135.55, for a total value of $1,843,615.55. Following the sale, the senior vice president now owns 48,339 shares of the company’s stock, valued at $6,552,351.45. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, SVP Michael J. Holston sold 22,055 shares of the firm’s stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $144.87, for a total value of $3,195,107.85. Following the transaction, the senior vice president now owns 56,284 shares of the company’s stock, valued at approximately $8,153,863.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Michael J. Holston sold 13,601 shares of the firm’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $135.55, for a total transaction of $1,843,615.55. Following the completion of the transaction, the senior vice president now directly owns 48,339 shares in the company, valued at approximately $6,552,351.45. The disclosure for this sale can be found here. Insiders own 0.66% of the company’s stock.

General Electric Price Performance

GE stock traded up $1.09 during trading on Friday, hitting $162.35. 5,898,021 shares of the company’s stock traded hands, compared to its average volume of 9,321,559. General Electric has a 52 week low of $77.28 and a 52 week high of $163.65. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.85 and a current ratio of 1.17. The business has a fifty day simple moving average of $160.72 and a 200 day simple moving average of $136.09. The stock has a market capitalization of $177.71 billion, a price-to-earnings ratio of 53.22, a P/E/G ratio of 3.03 and a beta of 1.29.

General Electric (NYSE:GE) last announced its earnings results on Tuesday, April 23rd. The conglomerate reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.17. General Electric had a net margin of 5.05% and a return on equity of 12.54%. The business had revenue of $16.10 billion for the quarter, compared to the consensus estimate of $15.25 billion. During the same quarter in the prior year, the firm posted $0.27 earnings per share. The business’s revenue for the quarter was up 11.1% on a year-over-year basis. As a group, research analysts expect that General Electric will post 3.95 EPS for the current fiscal year.

General Electric Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, April 25th. Stockholders of record on Monday, April 15th were paid a $0.28 dividend. The ex-dividend date of this dividend was Friday, April 12th. This represents a $1.12 annualized dividend and a dividend yield of 0.69%. This is an increase from General Electric’s previous quarterly dividend of $0.08. General Electric’s dividend payout ratio is currently 36.72%.

General Electric Company Profile

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.