New England Asset Management Inc. decreased its stake in shares of General Electric (NYSE:GE) by 96.8% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 2,400 shares of the conglomerate’s stock after selling 73,775 shares during the period. New England Asset Management Inc.’s holdings in General Electric were worth $25,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently modified their holdings of GE. Vanguard Group Inc. grew its holdings in General Electric by 1.4% in the 2nd quarter. Vanguard Group Inc. now owns 648,159,140 shares of the conglomerate’s stock valued at $6,805,671,000 after buying an additional 8,989,832 shares during the last quarter. BlackRock Inc. lifted its position in shares of General Electric by 1.9% in the 2nd quarter. BlackRock Inc. now owns 512,742,827 shares of the conglomerate’s stock worth $5,383,800,000 after acquiring an additional 9,483,976 shares during the period. FMR LLC lifted its position in shares of General Electric by 49.4% in the 1st quarter. FMR LLC now owns 450,426,526 shares of the conglomerate’s stock worth $4,499,762,000 after acquiring an additional 148,979,851 shares during the period. Harris Associates L P lifted its position in shares of General Electric by 35.1% in the 4th quarter. Harris Associates L P now owns 121,783,710 shares of the conglomerate’s stock worth $921,903,000 after acquiring an additional 31,634,318 shares during the period. Finally, Barrow Hanley Mewhinney & Strauss LLC lifted its position in shares of General Electric by 0.3% in the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 112,158,363 shares of the conglomerate’s stock worth $1,177,663,000 after acquiring an additional 364,061 shares during the period. 59.26% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages have commented on GE. Zacks Investment Research downgraded General Electric from a “strong-buy” rating to a “hold” rating and set a $12.00 price objective for the company. in a research report on Friday, August 2nd. Citigroup set a $14.00 price objective on General Electric and gave the stock a “buy” rating in a research report on Wednesday, September 4th. UBS Group downgraded General Electric from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $13.00 to $11.50 in a research report on Monday, July 15th. Credit Suisse Group set a $11.00 price objective on General Electric and gave the stock a “hold” rating in a research report on Friday, September 13th. Finally, JPMorgan Chase & Co. set a $5.00 price objective on General Electric and gave the stock a “sell” rating in a research report on Wednesday. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $11.58.
Shares of General Electric stock traded down $0.05 during midday trading on Friday, hitting $9.37. 55,005,373 shares of the company were exchanged, compared to its average volume of 59,187,080. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.73 and a quick ratio of 1.44. The firm has a market cap of $81.86 billion, a P/E ratio of 14.42, a PEG ratio of 2.05 and a beta of 1.09. General Electric has a 52 week low of $6.66 and a 52 week high of $13.78. The firm has a 50 day simple moving average of $8.87 and a 200-day simple moving average of $9.71.
General Electric (NYSE:GE) last released its quarterly earnings results on Wednesday, July 31st. The conglomerate reported $0.17 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.12 by $0.05. General Electric had a positive return on equity of 10.64% and a negative net margin of 15.38%. The firm had revenue of $28.83 billion during the quarter, compared to analysts’ expectations of $28.83 billion. During the same period last year, the firm posted $0.19 EPS. The business’s revenue was down 1.1% on a year-over-year basis. Equities research analysts expect that General Electric will post 0.63 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Monday, September 16th will be issued a dividend of $0.01 per share. The ex-dividend date is Friday, September 13th. This represents a $0.04 dividend on an annualized basis and a yield of 0.43%. General Electric’s dividend payout ratio is 6.15%.
General Electric 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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