Nippon Life Insurance Co. reduced its stake in shares of General Electric Company (NYSE:GE) by 16.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 312,948 shares of the conglomerate’s stock after selling 63,566 shares during the period. Nippon Life Insurance Co.’s holdings in General Electric were worth $9,326,000 as of its most recent filing with the SEC.
Other institutional investors have also recently made changes to their positions in the company. Feltz Wealth PLAN Inc. purchased a new position in shares of General Electric during the first quarter worth approximately $114,000. Empirical Finance LLC bought a new position in General Electric during the fourth quarter worth $140,000. Northwest Quadrant Wealth Management LLC bought a new position in General Electric during the fourth quarter worth $177,000. Heritage Way Advisors LLC bought a new position in General Electric during the fourth quarter worth $205,000. Finally, Total Investment Management Inc. bought a new position in General Electric during the fourth quarter worth $206,000. Institutional investors own 54.29% of the company’s stock.
Shares of General Electric Company (GE) opened at 25.56 on Wednesday. General Electric Company has a 52-week low of $25.26 and a 52-week high of $32.38. The firm has a market cap of $221.30 billion, a P/E ratio of 31.13 and a beta of 1.21. The stock’s 50 day moving average is $26.68 and its 200-day moving average is $28.71.
General Electric (NYSE:GE) last issued its quarterly earnings results on Friday, July 21st. The conglomerate reported $0.28 earnings per share (EPS) for the quarter, beating 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 company had revenue of $29.56 billion for the quarter, compared to analyst estimates of $29.07 billion. During the same quarter last year, the company posted $0.51 EPS. The company’s revenue for the quarter was down 11.8% compared to the same quarter last year. Equities analysts anticipate that General Electric Company will post $1.57 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 25th. Stockholders of record on Monday, June 19th were paid a $0.24 dividend. The ex-dividend date of this dividend was Thursday, June 15th. This represents a $0.96 annualized dividend and a dividend yield of 3.76%. General Electric’s payout ratio is 118.52%.
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A number of equities analysts have recently weighed in on the stock. Cowen and Company reaffirmed a “hold” rating and set a $24.00 price target on shares of General Electric in a research note on Monday. UBS AG reissued a “buy” rating and issued a $31.00 price objective (down from $35.00) on shares of General Electric in a research note on Tuesday, July 25th. Stifel Nicolaus lowered their price objective on shares of General Electric from $33.00 to $28.00 and set a “buy” rating on the stock in a research note on Tuesday, July 25th. Citigroup Inc. reissued a “buy” rating and issued a $31.00 price objective (down from $34.00) on shares of General Electric in a research note on Monday, July 24th. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $26.00 price objective (down from $27.00) on shares of General Electric in a research note on Monday, July 24th. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. General Electric has an average rating of “Hold” and an average price target of $30.08.
In related news, insider Alexander Dimitrief purchased 1,845 shares of General Electric stock in a transaction on Monday, July 24th. The shares were purchased at an average price of $25.54 per share, for a total transaction of $47,121.30. Following the transaction, the insider now owns 65,597 shares of the company’s stock, valued at approximately $1,675,347.38. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director William G. Beattie purchased 16,000 shares of General Electric stock in a transaction on Monday, May 15th. The stock was bought at an average price of $28.05 per share, for a total transaction of $448,800.00. The disclosure for this purchase can be found here. Insiders have purchased a total of 149,270 shares of company stock worth $4,113,059 in the last 90 days. 0.36% of the stock is currently owned by corporate insiders.
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