Atalanta Sosnoff Capital LLC Sells 3,200 Shares of General Electric Company (GE)
Atalanta Sosnoff Capital LLC cut its position in shares of General Electric Company (NYSE:GE) by 5.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 57,110 shares of the conglomerate’s stock after selling 3,200 shares during the period. Atalanta Sosnoff Capital LLC’s holdings in General Electric were worth $1,543,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Norges Bank acquired a new position in General Electric during the fourth quarter worth $2,383,193,000. Harris Associates L P raised its position in General Electric by 26.4% in the first quarter. Harris Associates L P now owns 46,376,143 shares of the conglomerate’s stock worth $1,382,009,000 after buying an additional 9,681,420 shares during the period. Schwab Charles Investment Management Inc. raised its position in General Electric by 2.9% in the first quarter. Schwab Charles Investment Management Inc. now owns 27,649,070 shares of the conglomerate’s stock worth $823,943,000 after buying an additional 776,656 shares during the period. Teachers Advisors LLC raised its position in General Electric by 16.5% in the fourth quarter. Teachers Advisors LLC now owns 18,282,715 shares of the conglomerate’s stock worth $577,734,000 after buying an additional 2,592,455 shares during the period. Finally, Bank of Montreal Can raised its position in General Electric by 11.0% in the second quarter. Bank of Montreal Can now owns 10,159,258 shares of the conglomerate’s stock worth $274,401,000 after buying an additional 1,005,937 shares during the period. 54.31% of the stock is currently owned by hedge funds and other institutional investors.
Shares of General Electric Company (NYSE GE) traded down 0.87% during midday trading on Tuesday, hitting $25.14. 12,127,594 shares of the stock were exchanged. The firm’s 50-day moving average is $26.22 and its 200 day moving average is $28.46. The firm has a market cap of $217.66 billion, a PE ratio of 30.62 and a beta of 1.21. General Electric Company has a 52-week low of $25.10 and a 52-week high of $32.38.
General Electric (NYSE:GE) last posted its 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. General Electric had a net margin of 6.45% and a return on equity of 14.59%. The firm had revenue of $29.56 billion during the quarter, compared to analyst estimates of $29.07 billion. During the same period last year, the firm posted $0.51 earnings per share. General Electric’s revenue for the quarter was down 11.8% compared to the same quarter last year. On average, analysts forecast that General Electric Company will post $1.57 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 25th. Investors of record on Monday, June 19th were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.79%. The ex-dividend date of this dividend was Thursday, June 15th. General Electric’s dividend payout ratio (DPR) is presently 118.52%.
A number of research analysts recently weighed in on GE shares. Deutsche Bank AG set a $24.00 price target on shares of General Electric and gave the company a “sell” rating in a research report on Saturday, May 20th. Vetr lowered shares of General Electric from a “strong-buy” rating to a “buy” rating and set a $30.48 price target on the stock. in a research report on Tuesday, July 4th. Morgan Stanley reissued an “equal weight” rating and set a $26.00 price target (down from $27.00) on shares of General Electric in a research report on Monday, July 24th. Stifel Nicolaus raised their price target on shares of General Electric from $32.00 to $33.00 and gave the company a “buy” rating in a research report on Tuesday, April 25th. Finally, Royal Bank Of Canada dropped their price target on shares of General Electric from $36.00 to $35.00 and set an “outperform” rating on the stock in a research report on Monday, April 24th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $30.08.
In related news, Director William G. Beattie purchased 4,000 shares of the stock in a transaction that occurred on Wednesday, May 17th. The stock was bought at an average cost of $27.70 per share, for a total transaction of $110,800.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO John Leonard Flannery purchased 103,983 shares of the stock in a transaction that occurred on Tuesday, August 8th. The stock was bought at an average price of $25.56 per share, with a total value of $2,657,805.48. Following the completion of the transaction, the chief executive officer now owns 509,430 shares of the company’s stock, valued at $13,021,030.80. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 137,253 shares of company stock valued at $3,515,064. 0.36% of the stock is currently owned by insiders.
About General Electric
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