Douglas Lane & Associates LLC lowered its position in General Electric Company (NYSE:GE) by 22.0% during the first quarter, according to its most recent disclosure with the SEC. The firm owned 1,123,718 shares of the conglomerate’s stock after selling 316,616 shares during the period. Douglas Lane & Associates LLC’s holdings in General Electric were worth $33,487,000 at the end of the most recent quarter.
A number of other institutional investors have also made changes to their positions in the stock. Feltz Wealth PLAN Inc. acquired a new position in shares of General Electric during the first quarter valued at about $114,000. Empirical Finance LLC purchased a new stake in General Electric during the fourth quarter valued at $140,000. Northwest Quadrant Wealth Management LLC purchased a new stake in General Electric during the fourth quarter valued at $177,000. Heritage Way Advisors LLC purchased a new stake in General Electric during the fourth quarter valued at $205,000. Finally, Total Investment Management Inc. purchased a new stake in General Electric during the fourth quarter valued at $206,000. Hedge funds and other institutional investors own 54.29% of the company’s stock.
Shares of General Electric Company (NYSE:GE) traded down 0.27% on Tuesday, hitting $25.56. 27,143,122 shares of the company traded hands. The stock has a market capitalization of $221.30 billion, a price-to-earnings ratio of 31.13 and a beta of 1.21. The firm’s 50 day moving average price is $26.68 and its 200-day moving average price is $28.71. General Electric Company has a 1-year low of $25.26 and a 1-year high of $32.38.
General Electric (NYSE:GE) last issued its quarterly earnings results on Friday, July 21st. The conglomerate reported $0.28 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $0.03. General Electric had a return on equity of 14.59% and a net margin of 6.45%. The firm had revenue of $29.56 billion during the quarter, compared to analysts’ expectations of $29.07 billion. During the same period in the previous year, the business earned $0.51 earnings per share. The firm’s revenue for the quarter was down 11.8% on a year-over-year basis. On average, equities research analysts expect that General Electric Company will post $1.57 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, July 25th. Shareholders of record on Monday, June 19th were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 3.76%. The ex-dividend date of this dividend was Thursday, June 15th. General Electric’s payout ratio is currently 118.52%.
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Several research firms have recently weighed in on GE. J P Morgan Chase & Co set a $22.00 price objective on shares of General Electric and gave the stock a “sell” rating in a research report on Monday, July 24th. Cowen and Company reissued a “hold” rating and set a $24.00 target price on shares of General Electric in a research note on Monday. Vetr lowered shares of General Electric from a “buy” rating to a “hold” rating and set a $29.71 target price on the stock. in a research note on Monday, June 12th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $27.00 price objective on shares of General Electric in a research note on Monday, July 17th. Finally, Stifel Nicolaus raised their price objective on shares of General Electric from $32.00 to $33.00 and gave the company a “buy” rating in a research note on Tuesday, April 25th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $30.08.
In related news, Chairman Jeffrey R. Immelt bought 100,000 shares of the company’s stock in a transaction on Monday, May 15th. The stock was bought at an average cost of $28.07 per share, for a total transaction of $2,807,000.00. Following the acquisition, the chairman now directly owns 2,561,926 shares in the company, valued at $71,913,262.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director William G. Beattie bought 16,000 shares of the company’s stock in a transaction on Monday, May 15th. The stock was bought at an average price of $28.05 per share, with a total value of $448,800.00. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 149,270 shares of company stock valued at $4,113,059. 0.36% of the stock is owned by company insiders.
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