Equitec Specialists LLC decreased its holdings in General Electric (NYSE:GE) by 26.8% in the first quarter, HoldingsChannel.com reports. The fund owned 23,000 shares of the conglomerate’s stock after selling 8,400 shares during the period. Equitec Specialists LLC’s holdings in General Electric were worth $230,000 at the end of the most recent quarter.
A number of other hedge funds have also made changes to their positions in the stock. Old Port Advisors lifted its stake in General Electric by 15.8% in the first quarter. Old Port Advisors now owns 113,137 shares of the conglomerate’s stock worth $1,130,000 after acquiring an additional 15,459 shares during the period. Bridge Creek Capital Management LLC lifted its stake in General Electric by 1.9% in the first quarter. Bridge Creek Capital Management LLC now owns 192,031 shares of the conglomerate’s stock worth $1,918,000 after acquiring an additional 3,496 shares during the period. ELM Advisors LLC lifted its stake in General Electric by 7.6% in the first quarter. ELM Advisors LLC now owns 21,942 shares of the conglomerate’s stock worth $219,000 after acquiring an additional 1,550 shares during the period. Intl Fcstone Inc. lifted its stake in General Electric by 10.3% in the first quarter. Intl Fcstone Inc. now owns 13,991 shares of the conglomerate’s stock worth $140,000 after acquiring an additional 1,303 shares during the period. Finally, Nadler Financial Group Inc. lifted its stake in General Electric by 13.8% in the first quarter. Nadler Financial Group Inc. now owns 21,285 shares of the conglomerate’s stock worth $213,000 after acquiring an additional 2,580 shares during the period. 57.91% of the stock is owned by institutional investors.
In other news, Director Edward P. Garden sold 1,289,538 shares of General Electric stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $10.02, for a total transaction of $12,921,170.76. Following the transaction, the director now directly owns 25,000 shares of the company’s stock, valued at approximately $250,500. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Edward P. Garden sold 3,370,314 shares of General Electric stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $9.53, for a total value of $32,119,092.42. The disclosure for this sale can be found here. Company insiders own 1.13% of the company’s stock.
General Electric (NYSE:GE) last announced its earnings results on Tuesday, April 30th. The conglomerate reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.05. The business had revenue of $27.29 billion for 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 business’s revenue for the quarter was down 1.8% on a year-over-year basis. During the same period last year, the firm posted $0.16 earnings per share. As a group, equities analysts anticipate that General Electric will post 0.61 EPS for the current year.
GE has been the subject of a number of research reports. Barclays increased their price objective on General Electric from $12.00 to $13.00 and gave the stock an “overweight” rating in a report on Monday, March 4th. Royal Bank of Canada reiterated a “buy” rating and issued a $12.00 price objective on shares of General Electric in a report on Wednesday, March 6th. JPMorgan Chase & Co. downgraded General Electric from a “neutral” rating to an “underweight” rating and decreased their price objective for the stock from $6.00 to $5.00 in a report on Monday, April 8th. ValuEngine upgraded General Electric from a “sell” rating to a “hold” rating in a report on Wednesday, March 20th. Finally, Cowen reiterated a “hold” rating and issued a $8.00 price objective on shares of General Electric in a report on Wednesday, May 1st. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and ten have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $12.11.
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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