Stone Ridge Asset Management LLC Acquires Shares of 680,704 General Electric (GE)

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Stone Ridge Asset Management LLC acquired a new position in shares of General Electric (NYSE:GE) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 680,704 shares of the conglomerate’s stock, valued at approximately $5,153,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Farmers & Merchants Trust Co of Chambersburg PA raised its holdings in General Electric by 250.0% during the 4th quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 3,500 shares of the conglomerate’s stock worth $26,000 after buying an additional 2,500 shares during the period. Mackey Komara & Dankovich LLC acquired a new stake in General Electric during the 4th quarter worth about $27,000. Edge Wealth Management LLC raised its holdings in General Electric by 47.4% during the 4th quarter. Edge Wealth Management LLC now owns 4,045 shares of the conglomerate’s stock worth $31,000 after buying an additional 1,300 shares during the period. SevenBridge Financial Group LLC raised its holdings in General Electric by 100.4% during the 4th quarter. SevenBridge Financial Group LLC now owns 4,193 shares of the conglomerate’s stock worth $32,000 after buying an additional 2,101 shares during the period. Finally, Essex Investment Management Co. LLC acquired a new stake in General Electric during the 4th quarter worth about $41,000. Hedge funds and other institutional investors own 58.60% of the company’s stock.

Several analysts have issued reports on the company. Zacks Investment Research upgraded General Electric from a “sell” rating to a “hold” rating in a report on Monday, April 1st. JPMorgan Chase & Co. cut General Electric from a “neutral” rating to an “underweight” rating and lowered their target price for the company from $6.00 to $5.00 in a research note on Monday, April 8th. Cowen reaffirmed a “hold” rating and set a $8.00 target price on shares of General Electric in a research note on Wednesday, May 1st. Royal Bank of Canada set a $12.00 target price on General Electric and gave the company a “buy” rating in a research note on Tuesday, March 12th. Finally, Deutsche Bank set a $10.00 target price on General Electric and gave the company a “hold” rating in a research note on Thursday, May 2nd. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and ten have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $12.11.

In related news, insider Russell Stokes sold 49,904 shares of the business’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $9.93, for a total value of $495,546.72. Following the completion of the sale, the insider now owns 265,986 shares of the company’s stock, valued at approximately $2,641,240.98. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Edward P. Garden sold 1,289,538 shares of the business’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $10.02, for a total value of $12,921,170.76. The disclosure for this sale can be found here. In the last three months, insiders sold 4,709,756 shares of company stock valued at $45,535,810. 1.13% of the stock is currently owned by company insiders.

Shares of NYSE GE opened at $9.45 on Friday. The company has a market capitalization of $82.05 billion, a P/E ratio of 14.54, a PEG ratio of 2.26 and a beta of 0.99. General Electric has a 52 week low of $6.66 and a 52 week high of $14.72. The company has a debt-to-equity ratio of 1.62, a current ratio of 1.77 and a quick ratio of 1.50.

General Electric (NYSE:GE) last announced its quarterly earnings results on Tuesday, April 30th. The conglomerate reported $0.14 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.09 by $0.05. The business had revenue of $27.29 billion during the quarter, compared to analysts’ expectations of $27.31 billion. General Electric had a positive return on equity of 10.32% and a negative net margin of 14.65%. The firm’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.16 EPS. As a group, equities analysts forecast that General Electric will post 0.61 earnings per share for the current year.

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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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