Independence Trust CO decreased its stake in General Electric Co. (NYSE:GE) by 3.9% during the second quarter, Holdings Channel reports. The firm owned 82,077 shares of the company’s stock after selling 3,309 shares during the period. General Electric makes up 4.0% of Independence Trust CO’s holdings, making the stock its 9th largest position. Independence Trust CO’s holdings in General Electric were worth $2,583,000 as of its most recent filing with the SEC.
Several other large investors have also modified their holdings of the company. Catamount Wealth Management raised its position in General Electric by 35.3% in the first quarter. Catamount Wealth Management now owns 3,451 shares of the company’s stock valued at $110,000 after buying an additional 901 shares during the period. James Investment Research Inc. increased its position in shares of General Electric by 2.6% in the second quarter. James Investment Research Inc. now owns 5,850 shares of the company’s stock valued at $184,000 after buying an additional 150 shares during the period. Barry Investment Advisors LLC increased its position in shares of General Electric by 0.7% in the second quarter. Barry Investment Advisors LLC now owns 6,871 shares of the company’s stock valued at $216,000 after buying an additional 50 shares during the period. Northwest Investment Counselors LLC increased its position in shares of General Electric by 2.7% in the second quarter. Northwest Investment Counselors LLC now owns 6,860 shares of the company’s stock valued at $216,000 after buying an additional 182 shares during the period. Finally, D. Scott Neal Inc. increased its position in shares of General Electric by 1.3% in the second quarter. D. Scott Neal Inc. now owns 7,441 shares of the company’s stock valued at $234,000 after buying an additional 93 shares during the period. 55.81% of the stock is currently owned by institutional investors and hedge funds.
Shares of General Electric Co. (NYSE:GE) traded down 0.07% during midday trading on Wednesday, hitting $28.90. The stock had a trading volume of 22,754,503 shares. The firm has a market cap of $258.98 billion, a price-to-earnings ratio of 24.43 and a beta of 1.15. General Electric Co. has a 1-year low of $27.10 and a 1-year high of $33.00. The firm has a 50-day moving average price of $30.18 and a 200-day moving average price of $30.73.
General Electric (NYSE:GE) last released its earnings results on Friday, July 22nd. The company reported $0.51 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.46 by $0.05. The company earned $33.49 million during the quarter, compared to analyst estimates of $31.76 billion. General Electric had a return on equity of 15.04% and a net margin of 9.14%. The company’s revenue for the quarter was up 14.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.31 earnings per share. On average, equities analysts anticipate that General Electric Co. will post $1.50 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 25th. Stockholders of record on Monday, September 19th will be issued a $0.23 dividend. The ex-dividend date is Thursday, September 15th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.18%. General Electric’s payout ratio is currently 77.97%.
Several research analysts have weighed in on GE shares. JPMorgan Chase & Co. set a $28.00 target price on General Electric and gave the company a “sell” rating in a research note on Friday, September 23rd. Goldman Sachs Group Inc. set a $29.00 target price on General Electric and gave the company a “neutral” rating in a research note on Monday, June 27th. Vetr upgraded General Electric from a “sell” rating to a “hold” rating and set a $30.93 target price on the stock in a research note on Thursday, July 7th. Royal Bank Of Canada reiterated an “outperform” rating on shares of General Electric in a research note on Monday, June 20th. Finally, William Blair reiterated an “outperform” rating and issued a $38.00 target price on shares of General Electric in a research note on Wednesday, June 29th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $32.79.
In other General Electric news, Chairman Jeffrey R. Immelt bought 50,000 shares of General Electric stock in a transaction dated Tuesday, July 26th. The stock was bought at an average price of $31.45 per share, for a total transaction of $1,572,500.00. Following the completion of the acquisition, the chairman now directly owns 2,198,688 shares of the company’s stock, valued at $69,148,737.60. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.23% of the stock is owned by insiders.
About General Electric
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