General Electric (GE) Position Raised by Tufton Capital Management
Tufton Capital Management increased its holdings in shares of General Electric (NYSE:GE) by 7.8% in the third quarter, according to its most recent filing with the SEC. The fund owned 493,050 shares of the conglomerate’s stock after acquiring an additional 35,602 shares during the period. General Electric comprises 2.4% of Tufton Capital Management’s portfolio, making the stock its 6th biggest position. Tufton Capital Management’s holdings in General Electric were worth $11,922,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of GE. Ffcm LLC bought a new stake in General Electric during the 2nd quarter valued at $114,000. MPS Loria Financial Planners LLC bought a new stake in General Electric during the 2nd quarter valued at $113,000. Corbenic Partners LLC raised its position in General Electric by 15.7% during the 2nd quarter. Corbenic Partners LLC now owns 5,340 shares of the conglomerate’s stock valued at $144,000 after purchasing an additional 725 shares in the last quarter. Bristlecone Advisors LLC bought a new stake in General Electric during the 3rd quarter valued at $164,000. Finally, Tuttle Tactical Management LLC bought a new stake in General Electric during the 2nd quarter valued at $209,000. 55.63% of the stock is owned by hedge funds and other institutional investors.
In other General Electric news, Chairman John Leonard Flannery bought 60,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 15th. The shares were purchased at an average cost of $18.27 per share, for a total transaction of $1,096,200.00. Following the purchase, the chairman now directly owns 575,477 shares in the company, valued at $10,513,964.79. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Steven M. Mollenkopf bought 5,500 shares of the company’s stock in a transaction that occurred on Thursday, November 16th. The shares were acquired at an average price of $18.24 per share, for a total transaction of $100,320.00. Following the completion of the purchase, the director now owns 5,500 shares in the company, valued at $100,320. The disclosure for this purchase can be found here. Insiders bought a total of 120,500 shares of company stock worth $2,183,220 over the last quarter. Company insiders own 0.36% of the company’s stock.
General Electric (NYSE:GE) last announced its quarterly earnings results on Friday, October 20th. The conglomerate reported $0.29 earnings per share (EPS) for the quarter, missing the Zacks’ 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 company had revenue of $33.47 billion during the quarter, compared to analysts’ expectations of $32.51 billion. During the same quarter in the prior year, the business posted $0.32 earnings per share. The company’s revenue was up 11.5% compared to the same quarter last year. sell-side analysts anticipate that General Electric will post 1.07 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, January 25th. Stockholders of record on Wednesday, December 27th will be issued a $0.12 dividend. The ex-dividend date is Tuesday, December 26th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.52%. General Electric’s dividend payout ratio is presently 55.81%.
A number of brokerages have weighed in on GE. JPMorgan Chase & Co. set a $22.00 target price on General Electric and gave the company a “sell” rating in a research report on Tuesday, September 19th. Citigroup set a $28.00 target price on General Electric and gave the company a “buy” rating in a research report on Monday, October 23rd. UBS Group lowered General Electric from a “buy” rating to a “neutral” rating and decreased their target price for the company from $31.00 to $24.00 in a research report on Monday, October 23rd. Vetr lowered General Electric from a “strong-buy” rating to a “buy” rating and set a $21.08 target price for the company. in a research report on Wednesday. Finally, Royal Bank of Canada lowered General Electric from an “outperform” rating to a “sector perform” rating and decreased their target price for the company from $25.00 to $20.00 in a research report on Tuesday, November 14th. Six equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the stock. General Electric presently has a consensus rating of “Hold” and an average target price of $23.19.
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