General Electric (GE) Shares Sold by Welch & Forbes LLC
Welch & Forbes LLC lowered its stake in General Electric (NYSE:GE) by 8.5% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 1,745,416 shares of the conglomerate’s stock after selling 162,166 shares during the quarter. General Electric comprises about 1.1% of Welch & Forbes LLC’s holdings, making the stock its 27th biggest position. Welch & Forbes LLC’s holdings in General Electric were worth $42,203,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also modified their holdings of the company. MPS Loria Financial Planners LLC purchased a new stake in General Electric during the second quarter valued at about $113,000. Ffcm LLC purchased a new stake in General Electric during the second quarter valued at about $114,000. Corbenic Partners LLC lifted its stake in General Electric by 15.7% during the second quarter. Corbenic Partners LLC now owns 5,340 shares of the conglomerate’s stock valued at $144,000 after buying an additional 725 shares in the last quarter. Bristlecone Advisors LLC purchased a new stake in General Electric during the third quarter valued at about $164,000. Finally, Moisand Fitzgerald Tamayo LLC purchased a new stake in General Electric during the third quarter valued at about $204,000. 55.17% of the stock is owned by institutional investors.
In other news, insider Alexander Dimitrief acquired 2,689 shares of the company’s stock in a transaction that occurred on Monday, January 29th. The shares were purchased at an average price of $16.16 per share, for a total transaction of $43,454.24. Following the completion of the acquisition, the insider now owns 81,185 shares of the company’s stock, valued at approximately $1,311,949.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.36% of the company’s stock.
General Electric (NYSE:GE) last released its quarterly earnings data on Wednesday, January 24th. The conglomerate reported $0.27 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.01). General Electric had a positive return on equity of 11.60% and a negative net margin of 4.74%. The firm had revenue of $31.40 billion during the quarter, compared to analyst estimates of $33.93 billion. During the same quarter in the prior year, the company posted $0.46 EPS. The company’s quarterly revenue was down 5.1% on a year-over-year basis. analysts expect that General Electric will post 0.99 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 25th. Investors of record on Monday, February 26th will be issued a $0.12 dividend. The ex-dividend date is Friday, February 23rd. This represents a $0.48 dividend on an annualized basis and a yield of 3.40%. General Electric’s dividend payout ratio is currently -66.67%.
GE has been the subject of a number of analyst reports. JPMorgan Chase & Co. reaffirmed a “sell” rating and set a $16.00 price objective (down from $17.00) on shares of General Electric in a research note on Monday, January 8th. Goldman Sachs Group set a $22.00 price objective on shares of General Electric and gave the company a “neutral” rating in a research note on Tuesday, November 14th. Citigroup reduced their price objective on shares of General Electric from $24.00 to $23.00 and set a “buy” rating for the company in a research note on Thursday, January 25th. Morningstar set a $23.50 target price on General Electric and gave the company a “buy” rating in a report on Tuesday, January 23rd. Finally, Bank of America downgraded General Electric from a “buy” rating to a “neutral” rating and set a $17.00 target price on the stock. in a report on Monday, January 22nd. Five research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. General Electric presently has a consensus rating of “Hold” and an average target price of $18.50.
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About General Electric
General Electric Company is a global digital industrial company. The Company’s products and services range from aircraft engines, power generation, and oil and gas production equipment to medical imaging, financing and industrial products. Its segments include Power, which includes products and services related to energy production; Renewable Energy, which offers renewable power sources; Oil & Gas, including liquefied natural gas and pipelines; Aviation, which includes commercial and military aircraft engines, and integrated digital components, among others; Healthcare, which provides healthcare technologies in medical imaging, digital solutions, patient monitoring and diagnostics, and drug discovery, among others; Transportation, which is a supplier to the railroad, mining, marine, stationary power and drilling industries; Energy Connections & Lighting, which includes Energy Connections and Lighting businesses, and Capital, which is a financial services division.
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