General Electric (GE) Shares Sold by Gabelli Funds LLC

Gabelli Funds LLC lessened its holdings in shares of General Electric (NYSE:GE) by 29.3% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,174,000 shares of the conglomerate’s stock after selling 486,000 shares during the period. Gabelli Funds LLC’s holdings in General Electric were worth $8,887,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Canyon Capital Advisors LLC bought a new stake in shares of General Electric during the 3rd quarter worth approximately $200,510,000. Pzena Investment Management LLC lifted its holdings in shares of General Electric by 95.6% during the 3rd quarter. Pzena Investment Management LLC now owns 33,345,586 shares of the conglomerate’s stock worth $376,472,000 after acquiring an additional 16,297,449 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in shares of General Electric by 13.3% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 102,536,305 shares of the conglomerate’s stock worth $1,157,635,000 after acquiring an additional 12,033,153 shares during the period. Capital International Investors lifted its holdings in shares of General Electric by 116.9% during the 3rd quarter. Capital International Investors now owns 16,717,391 shares of the conglomerate’s stock worth $188,739,000 after acquiring an additional 9,009,515 shares during the period. Finally, Prudential Financial Inc. lifted its holdings in shares of General Electric by 66.3% during the 3rd quarter. Prudential Financial Inc. now owns 17,513,297 shares of the conglomerate’s stock worth $197,725,000 after acquiring an additional 6,982,320 shares during the period. Hedge funds and other institutional investors own 57.72% of the company’s stock.

A number of analysts have recently weighed in on the stock. JPMorgan Chase & Co. downgraded shares of General Electric from a “neutral” rating to an “underweight” rating and cut their price target for the stock from $6.00 to $5.00 in a report on Monday, April 8th. Zacks Investment Research raised shares of General Electric from a “sell” rating to a “hold” rating in a report on Monday, April 1st. ValuEngine raised shares of General Electric from a “sell” rating to a “hold” rating in a research note on Wednesday, March 20th. Royal Bank of Canada set a $12.00 price target on shares of General Electric and gave the company a “buy” rating in a research report on Monday, March 18th. Finally, Credit Suisse Group reiterated a “neutral” rating and set a $11.00 price objective on shares of General Electric in a research report on Friday, March 8th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and ten have assigned a buy rating to the company. General Electric has a consensus rating of “Hold” and an average target price of $12.39.

In other General Electric news, insider Russell Stokes sold 49,904 shares of General Electric stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $9.93, for a total value of $495,546.72. Following the sale, the insider now owns 265,986 shares of the company’s stock, valued at $2,641,240.98. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 1.13% of the company’s stock.

Shares of GE traded up $0.23 during trading hours on Friday, reaching $9.35. 51,509,079 shares of the stock traded hands, compared to its average volume of 62,562,964. The company has a debt-to-equity ratio of 1.85, a current ratio of 1.81 and a quick ratio of 1.52. General Electric has a 52 week low of $6.66 and a 52 week high of $15.59. The firm has a market capitalization of $81.18 billion, a P/E ratio of 14.38, a PEG ratio of 3.79 and a beta of 0.99.

General Electric (NYSE:GE) last announced its quarterly earnings data on Thursday, January 31st. The conglomerate reported $0.17 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.01). The company had revenue of $33.28 billion during the quarter, compared to the consensus estimate of $32.01 billion. General Electric had a positive return on equity of 9.85% and a negative net margin of 18.38%. On average, equities research analysts expect that General Electric will post 0.58 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 25th. Shareholders of record on Monday, March 11th will be given a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 0.43%. The ex-dividend date of this dividend is Friday, March 8th. General Electric’s dividend payout ratio is 6.15%.

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General Electric Profile

General Electric Company operates as a high-tech industrial company worldwide. It operates through Power, Renewable Energy, Aviation, Oil & Gas, Healthcare, Transportation, Lighting, and Capital segments. The Power segment offers technologies, solutions, and services related to energy production, including gas and steam turbines, generators, and high voltage equipment; and power generation services.

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Institutional Ownership by Quarter for General Electric (NYSE:GE)

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