Providence Capital Advisors LLC Trims Stake in General Electric (NYSE:GE)
Providence Capital Advisors LLC cut its position in General Electric (NYSE:GE) by 4.6% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 31,156 shares of the conglomerate’s stock after selling 1,500 shares during the quarter. Providence Capital Advisors LLC’s holdings in General Electric were worth $327,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Annex Advisory Services LLC acquired a new stake in General Electric during the 4th quarter worth $100,000. Van Hulzen Asset Management LLC raised its holdings in shares of General Electric by 59.4% in the fourth quarter. Van Hulzen Asset Management LLC now owns 66,842 shares of the conglomerate’s stock valued at $506,000 after buying an additional 24,907 shares during the last quarter. AMG National Trust Bank raised its holdings in shares of General Electric by 655.1% in the fourth quarter. AMG National Trust Bank now owns 132,295 shares of the conglomerate’s stock valued at $1,001,000 after buying an additional 114,775 shares during the last quarter. Matthew Goff Investment Advisor LLC boosted its stake in shares of General Electric by 7.8% during the fourth quarter. Matthew Goff Investment Advisor LLC now owns 243,968 shares of the conglomerate’s stock worth $1,847,000 after buying an additional 17,626 shares during the period. Finally, Northern Trust Corp boosted its stake in shares of General Electric by 0.8% during the fourth quarter. Northern Trust Corp now owns 101,447,654 shares of the conglomerate’s stock worth $767,959,000 after buying an additional 763,673 shares during the period. 59.32% of the stock is owned by hedge funds and other institutional investors.
Several equities analysts recently issued reports on GE shares. Zacks Investment Research cut General Electric from a “strong-buy” rating to a “hold” rating and set a $12.00 price target on the stock. in a research report on Friday, August 2nd. ValuEngine cut General Electric from a “hold” rating to a “sell” rating in a research report on Thursday, August 22nd. William Blair reiterated a “buy” rating on shares of General Electric in a research note on Friday, August 16th. Citigroup set a $14.00 target price on General Electric and gave the company a “buy” rating in a research note on Wednesday, September 4th. Finally, JPMorgan Chase & Co. reissued a “sell” rating on shares of General Electric in a report on Wednesday, July 31st. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $11.58.
General Electric (NYSE:GE) last issued its earnings results on Wednesday, July 31st. The conglomerate reported $0.17 EPS for the quarter, topping the consensus estimate of $0.12 by $0.05. The company had revenue of $28.83 billion for the quarter, compared to analyst estimates of $28.83 billion. General Electric had a negative net margin of 15.38% and a positive return on equity of 10.64%. The business’s revenue was down 1.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.19 EPS. As a group, analysts predict that General Electric will post 0.62 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Monday, September 16th will be given a dividend of $0.01 per share. The ex-dividend date is Friday, September 13th. This represents a $0.04 annualized dividend and a yield of 0.43%. General Electric’s payout ratio is currently 6.15%.
In other news, Chairman H Lawrence Culp, Jr. bought 331,684 shares of the stock in a transaction on Monday, August 12th. The shares were bought at an average price of $9.04 per share, with a total value of $2,998,423.36. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Leslie Seidman bought 6,500 shares of the stock in a transaction on Friday, August 23rd. The stock was purchased at an average cost of $7.80 per share, for a total transaction of $50,700.00. Following the acquisition, the director now directly owns 6,500 shares of the company’s stock, valued at approximately $50,700. The disclosure for this purchase can be found here. Insiders have acquired 801,068 shares of company stock worth $6,954,745 over the last 90 days. 1.13% of the stock is currently owned by company insiders.
General Electric Company Profile
General Electric Company operates as a high-tech industrial company worldwide. It operates through Power, Renewable Energy, Aviation, Oil & Gas, Healthcare, Transportation, Lighting, and Capital segments. The Power segment offers technologies, solutions, and services related to energy production, including gas and steam turbines, generators, and high voltage equipment; and power generation services.
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