Griffin Asset Management Inc. Sells 99 Shares of General Electric (NYSE:GE)

Griffin Asset Management Inc. trimmed its stake in General Electric (NYSE:GE) by 0.5% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 20,472 shares of the conglomerate’s stock after selling 99 shares during the period. Griffin Asset Management Inc.’s holdings in General Electric were worth $3,254,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Criterion Capital Advisors LLC bought a new position in shares of General Electric in the 4th quarter worth $27,000. MFA Wealth Advisors LLC acquired a new position in General Electric during the 2nd quarter valued at about $31,000. Bfsg LLC acquired a new position in General Electric during the 4th quarter valued at about $32,000. Kapitalo Investimentos Ltda acquired a new position in General Electric during the 4th quarter valued at about $32,000. Finally, Richardson Financial Services Inc. acquired a new position in General Electric during the 1st quarter valued at about $34,000. 74.77% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Bank of America upped their target price on General Electric from $165.00 to $180.00 and gave the company a “buy” rating in a research report on Wednesday, April 24th. StockNews.com lowered General Electric from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Wells Fargo & Company increased their price objective on General Electric from $192.00 to $205.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Barclays upped their target price on General Electric from $175.00 to $200.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on General Electric from $195.00 to $209.00 and gave the stock a “buy” rating in a research note on Monday, June 10th. Two research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, General Electric has a consensus rating of “Moderate Buy” and an average price target of $190.38.

General Electric Price Performance

GE stock traded down $1.53 during mid-day trading on Thursday, reaching $169.67. 2,996,293 shares of the company’s stock were exchanged, compared to its average volume of 6,852,184. The company has a market cap of $185.72 billion, a price-to-earnings ratio of 55.50, a price-to-earnings-growth ratio of 1.70 and a beta of 1.21. The stock’s 50 day moving average is $163.80 and its 200 day moving average is $161.06. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.14 and a quick ratio of 0.85. General Electric has a 12-month low of $84.42 and a 12-month high of $177.20.

General Electric (NYSE:GE) last issued its quarterly earnings results on Tuesday, July 23rd. The conglomerate reported $1.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.99 by $0.21. General Electric had a return on equity of 16.07% and a net margin of 7.66%. The company had revenue of $9.09 billion for the quarter, compared to the consensus estimate of $8.44 billion. During the same quarter in the prior year, the business posted $0.68 earnings per share. General Electric’s revenue for the quarter was up 3.9% on a year-over-year basis. On average, research analysts expect that General Electric will post 4.15 EPS for the current year.

General Electric Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 25th. Shareholders of record on Thursday, July 11th were issued a dividend of $0.28 per share. The ex-dividend date of this dividend was Thursday, July 11th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.66%. General Electric’s payout ratio is currently 36.72%.

About General Electric

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.