Westchester Capital Management Inc. reduced its stake in General Electric Company (NYSE:GE) by 1.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 313,250 shares of the conglomerate’s stock after selling 4,290 shares during the period. General Electric makes up 4.5% of Westchester Capital Management Inc.’s portfolio, making the stock its 4th biggest position. Westchester Capital Management Inc.’s holdings in General Electric were worth $9,335,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Feltz Wealth PLAN Inc. purchased a new stake in shares of General Electric during the first quarter valued at $114,000. Cable Hill Partners LLC boosted its position in shares of General Electric by 12.5% during the first quarter. Cable Hill Partners LLC now owns 7,037 shares of the conglomerate’s stock valued at $210,000 after buying an additional 780 shares during the last quarter. Parametrica Management Ltd purchased a new stake in shares of General Electric during the first quarter valued at $214,000. Hays Advisory LLC boosted its position in shares of General Electric by 12.2% during the first quarter. Hays Advisory LLC now owns 7,461 shares of the conglomerate’s stock valued at $222,000 after buying an additional 810 shares during the last quarter. Finally, Portfolio Solutions LLC boosted its position in shares of General Electric by 5.0% during the first quarter. Portfolio Solutions LLC now owns 7,558 shares of the conglomerate’s stock valued at $225,000 after buying an additional 362 shares during the last quarter. 54.78% of the stock is currently owned by hedge funds and other institutional investors.
Shares of General Electric Company (GE) traded down 0.37% during mid-day trading on Friday, reaching $23.93. The company had a trading volume of 66,559,977 shares. General Electric Company has a 52 week low of $23.58 and a 52 week high of $32.38. The company has a market capitalization of $207.18 billion, a price-to-earnings ratio of 29.15 and a beta of 1.22. The stock has a 50 day moving average of $24.82 and a 200-day moving average of $27.58.
General Electric (NYSE:GE) last released its quarterly earnings results on Friday, July 21st. The conglomerate reported $0.28 earnings per share for the quarter, topping analysts’ consensus estimates of $0.25 by $0.03. The company had revenue of $29.56 billion during the quarter, compared to analysts’ expectations of $29.07 billion. General Electric had a return on equity of 14.59% and a net margin of 6.45%. General Electric’s quarterly revenue was down 11.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.51 EPS. On average, analysts expect that General Electric Company will post $1.56 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 25th. Investors of record on Monday, September 18th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Friday, September 15th. This represents a $0.96 dividend on an annualized basis and a yield of 4.01%. General Electric’s payout ratio is 118.52%.
Several research firms recently commented on GE. Royal Bank Of Canada reaffirmed a “buy” rating and set a $31.00 price objective on shares of General Electric in a research report on Friday. Vetr cut General Electric from a “strong-buy” rating to a “buy” rating and set a $25.63 price objective on the stock. in a research report on Wednesday. Deutsche Bank AG reaffirmed a “sell” rating and set a $21.00 price objective (down from $24.00) on shares of General Electric in a research report on Monday. J P Morgan Chase & Co reaffirmed an “underweight” rating and set a $22.00 price objective on shares of General Electric in a research report on Thursday, September 7th. Finally, Cowen and Company reaffirmed a “hold” rating and set a $24.00 price objective on shares of General Electric in a research report on Monday, August 7th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and eleven have assigned a buy rating to the stock. General Electric presently has a consensus rating of “Hold” and an average target price of $29.42.
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In other news, Director James S. Tisch bought 100,000 shares of General Electric stock in a transaction on Tuesday, August 22nd. The stock was acquired at an average price of $24.56 per share, with a total value of $2,456,000.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Vice Chairman Elizabeth J. Comstock sold 24,693 shares of the stock in a transaction that occurred on Wednesday, August 9th. The shares were sold at an average price of $25.65, for a total value of $633,375.45. Following the transaction, the insider now directly owns 175,717 shares of the company’s stock, valued at approximately $4,507,141.05. The disclosure for this sale can be found here. Insiders purchased a total of 233,253 shares of company stock valued at $5,860,264 in the last ninety days. 0.36% of the stock is currently owned by insiders.
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