Covington Capital Management Sells 6,587 Shares of General Electric Company (GE)
Covington Capital Management cut its position in shares of General Electric Company (NYSE:GE) by 0.9% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 737,143 shares of the conglomerate’s stock after selling 6,587 shares during the period. General Electric comprises 1.6% of Covington Capital Management’s portfolio, making the stock its 9th biggest position. Covington Capital Management owned 1.08% of General Electric worth $19,910,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. raised its position in shares of General Electric by 0.6% in the 2nd quarter. Vanguard Group Inc. now owns 600,238,644 shares of the conglomerate’s stock worth $16,212,445,000 after acquiring an additional 3,297,890 shares in the last quarter. BlackRock Inc. raised its position in shares of General Electric by 3.9% in the 2nd quarter. BlackRock Inc. now owns 517,315,514 shares of the conglomerate’s stock worth $13,972,691,000 after acquiring an additional 19,422,516 shares in the last quarter. Capital World Investors raised its position in shares of General Electric by 8.6% in the 2nd quarter. Capital World Investors now owns 141,322,676 shares of the conglomerate’s stock worth $3,817,125,000 after acquiring an additional 11,194,678 shares in the last quarter. Capital Research Global Investors raised its position in shares of General Electric by 18.6% in the 2nd quarter. Capital Research Global Investors now owns 91,205,460 shares of the conglomerate’s stock worth $2,463,459,000 after acquiring an additional 14,316,281 shares in the last quarter. Finally, Franklin Resources Inc. raised its position in shares of General Electric by 43.8% in the 2nd quarter. Franklin Resources Inc. now owns 78,024,403 shares of the conglomerate’s stock worth $2,107,438,000 after acquiring an additional 23,764,129 shares in the last quarter. 55.74% of the stock is owned by institutional investors and hedge funds.
Shares of General Electric Company (GE) traded up $0.26 during trading hours on Wednesday, reaching $17.91. The company had a trading volume of 66,832,300 shares, compared to its average volume of 45,339,199. General Electric Company has a 12 month low of $17.46 and a 12 month high of $32.38. The firm has a market cap of $153,062.30, a price-to-earnings ratio of 14.23, a P/E/G ratio of 1.91 and a beta of 1.06. The company has a quick ratio of 1.53, a current ratio of 1.86 and a debt-to-equity ratio of 1.14.
General Electric (NYSE:GE) last announced its earnings results on Friday, October 20th. The conglomerate reported $0.29 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.49 by ($0.20). General Electric had a net margin of 6.08% and a return on equity of 13.72%. The business had revenue of $33.47 billion for the quarter, compared to analyst estimates of $32.51 billion. During the same period in the prior year, the company earned $0.32 earnings per share. The company’s quarterly revenue was up 11.5% on a year-over-year basis. equities analysts predict that General Electric Company will post 1.07 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 25th. Investors of record on Wednesday, December 27th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 2.68%. The ex-dividend date is Tuesday, December 26th. General Electric’s dividend payout ratio is currently 120.00%.
Several research analysts have recently commented on GE shares. Stifel Nicolaus reissued a “buy” rating and issued a $26.00 price target on shares of General Electric in a research report on Thursday, October 12th. J P Morgan Chase & Co reduced their price target on General Electric from $19.00 to $17.00 and set an “underweight” rating for the company in a research report on Wednesday, November 1st. Vetr raised General Electric from a “strong sell” rating to a “sell” rating and set a $21.74 price target for the company in a research report on Tuesday, October 10th. Citigroup set a $25.00 price target on General Electric and gave the stock a “buy” rating in a research report on Tuesday, November 14th. Finally, Goldman Sachs Group set a $22.00 price target on General Electric and gave the stock a “neutral” rating in a research report on Tuesday, November 14th. Six research analysts have rated the stock with a sell rating, seven have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. General Electric has an average rating of “Hold” and a consensus target price of $23.39.
In other news, Director Francisco Dsouza purchased 55,000 shares of the company’s stock in a transaction on Monday, November 20th. The shares were acquired at an average price of $17.94 per share, for a total transaction of $986,700.00. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Chairman John Leonard Flannery purchased 60,000 shares of the company’s stock in a transaction on Wednesday, November 15th. The shares were purchased at an average price of $18.27 per share, for a total transaction of $1,096,200.00. Following the purchase, the chairman now owns 575,477 shares in the company, valued at approximately $10,513,964.79. The disclosure for this purchase can be found here. Insiders have purchased a total of 120,500 shares of company stock worth $2,183,220 over the last ninety days. 0.36% of the stock is currently owned by corporate insiders.
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