Alta Capital Management LLC Reduces Position in General Electric Company (GE)
Alta Capital Management LLC lessened its holdings in shares of General Electric Company (NYSE:GE) by 6.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,295 shares of the conglomerate’s stock after selling 1,065 shares during the period. Alta Capital Management LLC’s holdings in General Electric were worth $413,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Harris Associates L P boosted its holdings in General Electric by 26.4% in the 1st quarter. Harris Associates L P now owns 46,376,143 shares of the conglomerate’s stock valued at $1,382,009,000 after purchasing an additional 9,681,420 shares during the last quarter. UBS Oconnor LLC boosted its holdings in General Electric by 795.5% in the 1st quarter. UBS Oconnor LLC now owns 2,025,000 shares of the conglomerate’s stock valued at $60,345,000 after purchasing an additional 1,798,877 shares during the last quarter. Nationwide Fund Advisors boosted its holdings in General Electric by 41.6% in the 1st quarter. Nationwide Fund Advisors now owns 5,420,262 shares of the conglomerate’s stock valued at $161,524,000 after purchasing an additional 1,591,790 shares during the last quarter. Candriam Luxembourg S.C.A. boosted its holdings in General Electric by 134.7% in the 1st quarter. Candriam Luxembourg S.C.A. now owns 2,151,496 shares of the conglomerate’s stock valued at $64,118,000 after purchasing an additional 1,234,776 shares during the last quarter. Finally, WINTON GROUP Ltd acquired a new position in General Electric in the 1st quarter valued at about $35,777,000. 54.71% of the stock is owned by institutional investors.
General Electric Company (GE) traded up 0.48% during midday trading on Friday, reaching $24.87. 39,717,546 shares of the company’s stock were exchanged. The firm has a market capitalization of $215.32 billion, a P/E ratio of 30.29 and a beta of 1.22. General Electric Company has a 52 week low of $23.58 and a 52 week high of $32.38. The stock’s 50 day moving average is $24.74 and its 200 day moving average is $27.46.
General Electric (NYSE:GE) last announced its quarterly earnings results on Friday, July 21st. The conglomerate reported $0.28 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.03. The firm had revenue of $29.56 billion for the quarter, compared to analysts’ expectations of $29.07 billion. General Electric had a net margin of 6.45% and a return on equity of 14.59%. General Electric’s revenue was down 11.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.51 earnings per share. On average, analysts expect that General Electric Company will post $1.56 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 25th. Shareholders of record on Monday, September 18th will be given a dividend of $0.24 per share. The ex-dividend date is Friday, September 15th. This represents a $0.96 dividend on an annualized basis and a yield of 3.86%. General Electric’s dividend payout ratio (DPR) is 118.52%.
Several equities analysts have weighed in on the stock. Vetr lowered shares of General Electric from a “hold” rating to a “sell” rating and set a $23.72 target price on the stock. in a report on Monday. J P Morgan Chase & Co set a $22.00 target price on shares of General Electric and gave the company a “sell” rating in a report on Monday, July 24th. Morgan Stanley reiterated an “equal weight” rating and issued a $27.00 target price on shares of General Electric in a report on Monday, July 17th. CIBC reiterated a “market perform” rating on shares of General Electric in a report on Wednesday, June 14th. Finally, Oppenheimer Holdings, Inc. reiterated a “market perform” rating on shares of General Electric in a report on Wednesday, June 14th. Five analysts have rated the stock with a sell rating, eight have assigned a hold rating and ten have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $28.98.
In other news, Vice Chairman Elizabeth J. Comstock sold 24,693 shares of the business’s stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $25.65, for a total transaction of $633,375.45. Following the transaction, the insider now directly owns 175,717 shares of the company’s stock, valued at $4,507,141.05. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Alexander Dimitrief bought 1,845 shares of General Electric stock in a transaction dated Monday, July 24th. The shares were purchased at an average cost of $25.54 per share, for a total transaction of $47,121.30. Following the completion of the transaction, the insider now owns 65,597 shares of the company’s stock, valued at approximately $1,675,347.38. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 233,253 shares of company stock worth $5,860,264. 0.36% of the stock is currently owned by corporate insiders.
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