Convergence Investment Partners LLC Sells 1,124 Shares of General Electric (NYSE:GE)

Convergence Investment Partners LLC lowered its position in General Electric (NYSE:GE) by 28.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,870 shares of the conglomerate’s stock after selling 1,124 shares during the quarter. Convergence Investment Partners LLC’s holdings in General Electric were worth $366,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. WCM Investment Management LLC purchased a new position in shares of General Electric in the 4th quarter worth about $520,488,000. Brown Advisory Inc. lifted its position in shares of General Electric by 265.7% in the 3rd quarter. Brown Advisory Inc. now owns 3,008,425 shares of the conglomerate’s stock worth $332,581,000 after purchasing an additional 2,185,793 shares during the period. International Assets Investment Management LLC lifted its holdings in General Electric by 11,947.8% in the fourth quarter. International Assets Investment Management LLC now owns 1,576,570 shares of the conglomerate’s stock worth $201,218,000 after buying an additional 1,563,484 shares during the period. Carmignac Gestion bought a new stake in shares of General Electric during the third quarter valued at approximately $133,581,000. Finally, AQR Capital Management LLC grew its position in shares of General Electric by 358.4% in the 3rd quarter. AQR Capital Management LLC now owns 1,456,673 shares of the conglomerate’s stock worth $161,035,000 after buying an additional 1,138,896 shares during the period. Hedge funds and other institutional investors own 74.77% of the company’s stock.

Wall Street Analyst Weigh In

GE has been the topic of several recent research reports. The Goldman Sachs Group upped their price target on General Electric from $190.00 to $211.00 and gave the stock a “buy” rating in a research note on Wednesday, April 24th. Royal Bank of Canada upped their price target on shares of General Electric from $165.00 to $175.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 24th. StockNews.com initiated coverage on shares of General Electric in a report on Monday. They issued a “hold” rating on the stock. Deutsche Bank Aktiengesellschaft cut their price target on General Electric from $210.00 to $190.00 and set a “buy” rating for the company in a report on Wednesday, April 3rd. Finally, Bank of America upped their target price on shares of General Electric from $165.00 to $180.00 and gave the company a “buy” rating in a research report on Wednesday, April 24th. Two investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, General Electric presently has an average rating of “Moderate Buy” and a consensus price target of $170.00.

General Electric Stock Performance

Shares of NYSE:GE opened at $162.35 on Monday. General Electric has a 52 week low of $77.28 and a 52 week high of $163.65. The firm has a 50 day moving average of $160.72 and a 200 day moving average of $136.43. The company has a market capitalization of $177.71 billion, a price-to-earnings ratio of 53.23, a price-to-earnings-growth ratio of 2.90 and a beta of 1.29. The company has a quick ratio of 0.82, a current ratio of 1.17 and a debt-to-equity ratio of 0.63.

General Electric (NYSE:GE) last issued its quarterly earnings data on Tuesday, April 23rd. The conglomerate reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.65 by $0.17. General Electric had a net margin of 5.05% and a return on equity of 12.54%. The firm had revenue of $16.10 billion for the quarter, compared to the consensus estimate of $15.25 billion. During the same quarter in the previous year, the firm earned $0.27 EPS. The company’s quarterly revenue was up 11.1% compared to the same quarter last year. On average, sell-side analysts predict that General Electric will post 3.93 earnings per share for the current fiscal year.

General Electric Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 25th. Shareholders of record on Monday, April 15th were paid a $0.28 dividend. The ex-dividend date of this dividend was Friday, April 12th. This is a boost from General Electric’s previous quarterly dividend of $0.08. This represents a $1.12 dividend on an annualized basis and a yield of 0.69%. General Electric’s dividend payout ratio (DPR) is 36.72%.

Insiders Place Their Bets

In other General Electric news, SVP Michael J. Holston sold 22,055 shares of the company’s stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $144.87, for a total transaction of $3,195,107.85. Following the transaction, the senior vice president now owns 56,284 shares in the company, valued at approximately $8,153,863.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, SVP Michael J. Holston sold 13,601 shares of General Electric stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $135.55, for a total transaction of $1,843,615.55. Following the completion of the sale, the senior vice president now owns 48,339 shares of the company’s stock, valued at $6,552,351.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Michael J. Holston sold 22,055 shares of the company’s stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $144.87, for a total value of $3,195,107.85. Following the completion of the sale, the senior vice president now owns 56,284 shares in the company, valued at approximately $8,153,863.08. The disclosure for this sale can be found here. Corporate insiders own 0.66% of the company’s stock.

About General Electric

General Electric Company, doing business as GE Aerospace, designs and produces commercial and defense aircraft engines, integrated engine components, electric power, and mechanical aircraft systems. It also offers aftermarket services to support its products. The company operates in the United States, Europe, China, Asia, the Americas, the Middle East, and Africa.