Pettee Investors Inc. Reduces Stake in General Electric (GE)

Pettee Investors Inc. lessened its position in General Electric (NYSE:GE) by 11.0% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 104,729 shares of the conglomerate’s stock after selling 12,885 shares during the period. Pettee Investors Inc.’s holdings in General Electric were worth $793,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of GE. Canyon Capital Advisors LLC bought a new stake in shares of General Electric in the 3rd quarter worth $200,510,000. Oregon Public Employees Retirement Fund raised its stake in shares of General Electric by 1,719.1% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 17,319,274 shares of the conglomerate’s stock worth $2,288,000 after buying an additional 16,367,170 shares in the last quarter. Pzena Investment Management LLC raised its stake in shares of General Electric by 95.6% in the 3rd quarter. Pzena Investment Management LLC now owns 33,345,586 shares of the conglomerate’s stock worth $376,472,000 after buying an additional 16,297,449 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of General Electric by 13.3% in 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 buying an additional 12,033,153 shares in the last quarter. Finally, Capital International Investors raised its position in shares of General Electric by 116.9% during the third quarter. Capital International Investors now owns 16,717,391 shares of the conglomerate’s stock worth $188,739,000 after purchasing an additional 9,009,515 shares during the period. 57.72% of the stock is currently owned by institutional investors.

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

Shares of GE stock opened at $9.35 on Monday. General Electric has a 1-year low of $6.66 and a 1-year high of $15.59. The company has a current ratio of 1.81, a quick ratio of 1.52 and a debt-to-equity ratio of 1.85. The firm has a market cap of $81.18 billion, a PE ratio of 14.38, a price-to-earnings-growth ratio of 3.79 and a beta of 0.99.

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

The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 25th. Stockholders of record on Monday, March 11th will be issued a dividend of $0.01 per share. The ex-dividend date of this dividend is Friday, March 8th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.43%. General Electric’s dividend payout ratio is 6.15%.

A number of equities research analysts have recently issued reports on GE shares. Gabelli reaffirmed a “buy” rating on shares of General Electric in a research report on Tuesday, February 26th. Argus raised General Electric from a “hold” rating to a “buy” rating in a research report on Thursday, January 31st. William Blair reaffirmed a “buy” rating on shares of General Electric in a research report on Monday, January 14th. Royal Bank of Canada reaffirmed a “buy” rating and set a $12.00 target price on shares of General Electric in a research report on Wednesday, March 6th. Finally, Vertical Research lowered General Electric from a “buy” rating to a “hold” rating and set a $11.00 target price on the stock. in a research report on Thursday, January 31st. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and ten have issued a buy rating to the stock. General Electric presently has a consensus rating of “Hold” and an average target price of $12.39.

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General Electric Company 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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