Concorde Asset Management LLC increased its holdings in shares of General Electric (NYSE:GE) by 43.9% during the third quarter, HoldingsChannel reports. The firm owned 19,193 shares of the conglomerate’s stock after buying an additional 5,855 shares during the period. Concorde Asset Management LLC’s holdings in General Electric were worth $465,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in GE. MPS Loria Financial Planners LLC acquired a new stake in General Electric in the second quarter valued at approximately $113,000. Ffcm LLC acquired a new stake in General Electric in the second quarter valued at approximately $114,000. Corbenic Partners LLC boosted its stake in General Electric by 15.7% in the second quarter. Corbenic Partners LLC now owns 5,340 shares of the conglomerate’s stock valued at $144,000 after acquiring an additional 725 shares in the last quarter. Bristlecone Advisors LLC acquired a new stake in General Electric in the third quarter valued at approximately $164,000. Finally, Tuttle Tactical Management LLC acquired a new stake in General Electric in the second quarter valued at approximately $209,000. Hedge funds and other institutional investors own 55.64% of the company’s stock.
Several equities research analysts have weighed in on the stock. Vetr downgraded shares of General Electric from a “hold” rating to a “sell” rating and set a $23.72 target price for the company. in a research note on Monday, September 25th. Credit Suisse Group reaffirmed an “outperform” rating and issued a $30.00 price target (down previously from $33.00) on shares of General Electric in a report on Thursday, October 5th. JPMorgan Chase & Co. reaffirmed an “underweight” rating on shares of General Electric in a report on Thursday, September 21st. Morgan Stanley decreased their price target on shares of General Electric from $26.00 to $25.00 and set an “equal weight” rating for the company in a report on Monday, October 2nd. Finally, Deutsche Bank set a $21.00 price target on shares of General Electric and gave the stock a “sell” rating in a report on Monday, October 23rd. Six equities research analysts have rated the stock with a sell rating, nine have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $22.94.
General Electric (NYSE:GE) last issued its earnings results on Friday, October 20th. The conglomerate reported $0.29 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.49 by ($0.20). General Electric had a return on equity of 13.72% and a net margin of 6.08%. The business had revenue of $33.47 billion for the quarter, compared to analysts’ expectations of $32.51 billion. During the same period last year, the business earned $0.32 EPS. The company’s revenue for the quarter was up 11.5% on a year-over-year basis. analysts forecast that General Electric will post 1.07 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 25th. Investors of record on Wednesday, December 27th will be issued a dividend of $0.12 per share. The ex-dividend date is Tuesday, December 26th. This represents a $0.48 annualized dividend and a dividend yield of 2.77%. General Electric’s dividend payout ratio (DPR) is presently 60.00%.
In other news, Chairman John Leonard Flannery purchased 60,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 15th. The shares were bought at an average price of $18.27 per share, for a total transaction of $1,096,200.00. Following the completion of the transaction, the chairman now owns 575,477 shares in the company, valued at $10,513,964.79. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Francisco Dsouza purchased 55,000 shares of the company’s stock in a transaction that occurred on Monday, November 20th. The shares were purchased at an average price of $17.94 per share, for a total transaction of $986,700.00. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 120,500 shares of company stock valued at $2,183,220. 0.36% of the stock is currently owned by corporate insiders.
General Electric Company Profile
General Electric Company is a global digital industrial company. The Company’s products and services range from aircraft engines, power generation, and oil and gas production equipment to medical imaging, financing and industrial products. Its segments include Power, which includes products and services related to energy production; Renewable Energy, which offers renewable power sources; Oil & Gas, including liquefied natural gas and pipelines; Aviation, which includes commercial and military aircraft engines, and integrated digital components, among others; Healthcare, which provides healthcare technologies in medical imaging, digital solutions, patient monitoring and diagnostics, and drug discovery, among others; Transportation, which is a supplier to the railroad, mining, marine, stationary power and drilling industries; Energy Connections & Lighting, which includes Energy Connections and Lighting businesses, and Capital, which is a financial services division.
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