Investment Counsel Inc. Sells 8,941 Shares of General Electric Company (GE)
Investment Counsel Inc. trimmed its holdings in shares of General Electric Company (NYSE:GE) by 9.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 82,051 shares of the conglomerate’s stock after selling 8,941 shares during the quarter. General Electric accounts for approximately 1.8% of Investment Counsel Inc.’s holdings, making the stock its 22nd biggest holding. Investment Counsel Inc.’s holdings in General Electric were worth $2,216,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also made changes to their positions in GE. Harris Associates L P grew its holdings in General Electric by 26.4% during 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 grew its holdings in General Electric by 795.5% during 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 grew its holdings in General Electric by 41.6% during 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. grew its holdings in General Electric by 134.7% during 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, Russell Investments Group Ltd. grew its holdings in General Electric by 17.8% during the 2nd quarter. Russell Investments Group Ltd. now owns 8,072,829 shares of the conglomerate’s stock valued at $218,059,000 after purchasing an additional 1,222,434 shares during the last quarter. Hedge funds and other institutional investors own 54.67% of the company’s stock.
In other news, Director James S. Tisch purchased 100,000 shares of the stock in a transaction on Tuesday, August 22nd. The stock was bought at an average price of $24.56 per share, for a total transaction of $2,456,000.00. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director James E. Rohr purchased 27,425 shares of the stock in a transaction on Monday, July 24th. The shares were purchased at an average price of $25.50 per share, with a total value of $699,337.50. The disclosure for this purchase can be found here. Insiders have acquired a total of 233,253 shares of company stock valued at $5,860,264 in the last quarter. 0.36% of the stock is currently owned by company insiders.
Several brokerages recently commented on GE. Cowen and Company reiterated a “hold” rating and set a $24.00 price target on shares of General Electric in a report on Friday. J P Morgan Chase & Co set a $22.00 price target 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 set a $27.00 price target on shares of General Electric in a report on Monday, July 17th. Credit Suisse Group reiterated an “outperform” rating and set a $33.00 price target on shares of General Electric in a report on Saturday, July 22nd. Finally, BidaskClub downgraded shares of General Electric from a “sell” rating to a “strong sell” rating in a report on Wednesday, June 28th. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating and ten have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $27.93.
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General Electric Company (NYSE:GE) opened at 23.83 on Friday. The company has a market capitalization of $206.32 billion, a P/E ratio of 29.03 and a beta of 1.19. The stock’s 50 day moving average is $24.11 and its 200-day moving average is $26.55. General Electric Company has a 1-year low of $22.10 and a 1-year high of $32.38.
General Electric (NYSE:GE) last announced its quarterly earnings data on Friday, October 20th. The conglomerate reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.20). The business had revenue of $33.47 billion during the quarter, compared to analyst estimates of $32.51 billion. General Electric had a net margin of 6.45% and a return on equity of 14.59%. The company’s revenue for the quarter was up 11.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.32 EPS. On average, analysts expect that General Electric Company will post $1.53 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 25th. Shareholders of record on Monday, September 18th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 4.03%. The ex-dividend date is Friday, September 15th. General Electric’s dividend payout ratio (DPR) is presently 118.52%.
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