Acorn Wealth Advisors LLC Sells 58 Shares of General Electric (NYSE:GE)

Acorn Wealth Advisors LLC cut its stake in General Electric (NYSE:GE) by 2.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,689 shares of the conglomerate’s stock after selling 58 shares during the period. Acorn Wealth Advisors LLC’s holdings in General Electric were worth $507,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in GE. Studio Investment Management LLC boosted its holdings in General Electric by 97.5% in the second quarter. Studio Investment Management LLC now owns 158 shares of the conglomerate’s stock valued at $25,000 after acquiring an additional 78 shares during the last quarter. Toth Financial Advisory Corp acquired a new position in General Electric in the third quarter valued at approximately $25,000. Valley Wealth Managers Inc. acquired a new position in General Electric in the third quarter valued at approximately $25,000. O Brien Wealth Partners LLC acquired a new position in General Electric in the third quarter valued at approximately $27,000. Finally, Peterson Financial Group Inc. acquired a new position in General Electric in the third quarter valued at approximately $28,000. 74.77% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on GE. Bank of America boosted their price target on General Electric from $180.00 to $200.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Royal Bank of Canada lowered their target price on General Electric from $210.00 to $200.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 23rd. Sanford C. Bernstein upped their target price on General Electric from $201.00 to $225.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. Citigroup upped their target price on General Electric from $198.00 to $216.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on General Electric from $212.00 to $235.00 and gave the stock a “buy” rating in a research report on Thursday, October 3rd. Two research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $200.93.

General Electric Stock Performance

Shares of GE stock traded up $1.14 on Monday, hitting $182.29. 683,146 shares of the stock were exchanged, compared to its average volume of 6,157,858. The company has a current ratio of 1.13, a quick ratio of 0.85 and a debt-to-equity ratio of 0.95. The firm has a market capitalization of $197.29 billion, a PE ratio of 31.84, a P/E/G ratio of 1.78 and a beta of 1.19. General Electric has a one year low of $94.54 and a one year high of $194.80. The firm’s 50 day moving average is $183.22 and its two-hundred day moving average is $171.13.

General Electric (NYSE:GE) last posted its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.15 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.02. The company had revenue of $9.84 billion during the quarter, compared to the consensus estimate of $9.02 billion. General Electric had a return on equity of 18.93% and a net margin of 11.48%. The firm’s quarterly revenue was up 5.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.82 EPS. Sell-side analysts expect that General Electric will post 4.24 earnings per share for the current fiscal year.

General Electric Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Thursday, September 26th were issued a dividend of $0.28 per share. The ex-dividend date was Thursday, September 26th. This represents a $1.12 dividend on an annualized basis and a yield of 0.61%. General Electric’s dividend payout ratio (DPR) is 19.68%.

Insider Buying and Selling

In related news, SVP Russell Stokes sold 15,550 shares of the stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $178.29, for a total transaction of $2,772,409.50. Following the sale, the senior vice president now owns 148,857 shares of the company’s stock, valued at approximately $26,539,714.53. This represents a 9.46 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Riccardo Procacci sold 7,000 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $181.13, for a total value of $1,267,910.00. Following the sale, the senior vice president now directly owns 13,289 shares in the company, valued at $2,407,036.57. This trade represents a 34.50 % decrease in their position. The disclosure for this sale can be found here. 0.66% of the stock is currently owned by insiders.

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.