Telemus Capital LLC lessened its position in shares of General Electric (NYSE:GE) by 34.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,750 shares of the conglomerate’s stock after selling 13,339 shares during the period. Telemus Capital LLC’s holdings in General Electric were worth $195,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in the business. Grove Bank & Trust bought a new stake in shares of General Electric during the third quarter worth $274,000. Arizona State Retirement System lifted its holdings in shares of General Electric by 1.0% during the third quarter. Arizona State Retirement System now owns 2,154,123 shares of the conglomerate’s stock worth $24,320,000 after purchasing an additional 20,500 shares during the period. Bridgewater Associates LP acquired a new position in shares of General Electric during the third quarter worth $22,723,000. Toronto Dominion Bank lifted its holdings in shares of General Electric by 7.7% during the third quarter. Toronto Dominion Bank now owns 6,182,118 shares of the conglomerate’s stock worth $69,780,000 after purchasing an additional 442,667 shares during the period. Finally, Cornell Pochily Investment Advisors Inc. lifted its holdings in shares of General Electric by 114.2% during the fourth quarter. Cornell Pochily Investment Advisors Inc. now owns 32,487 shares of the conglomerate’s stock worth $246,000 after purchasing an additional 17,317 shares during the period. Hedge funds and other institutional investors own 57.83% of the company’s stock.
In related news, insider Russell Stokes sold 49,904 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $9.93, for a total transaction of $495,546.72. Following the sale, the insider now directly owns 265,986 shares in the company, valued at approximately $2,641,240.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.13% of the company’s stock.
General Electric (NYSE:GE) last released its earnings results on Tuesday, April 30th. The conglomerate reported $0.14 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.09 by $0.05. The firm had revenue of $27.29 billion for the quarter, compared to analysts’ expectations of $27.31 billion. General Electric had a negative net margin of 14.65% and a positive return on equity of 10.32%. The company’s quarterly revenue was down 1.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.16 earnings per share. As a group, sell-side analysts anticipate that General Electric will post 0.61 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, April 25th. Investors of record on Monday, March 11th were paid a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.39%. The ex-dividend date of this dividend was Friday, March 8th. General Electric’s payout ratio is currently 6.15%.
GE has been the topic of a number of recent research reports. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $10.16 price target (up previously from $1.06) on shares of General Electric in a report on Friday, February 1st. Argus upgraded shares of General Electric from a “hold” rating to a “buy” rating in a report on Thursday, January 31st. Royal Bank of Canada boosted their target price on shares of General Electric from $10.00 to $12.00 and gave the company an “outperform” rating in a report on Friday, February 1st. ValuEngine upgraded shares of General Electric from a “sell” rating to a “hold” rating in a report on Saturday, February 2nd. Finally, William Blair restated a “buy” rating on shares of General Electric in a report on Monday, January 14th. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and nine have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $12.33.
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About General Electric
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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