Ridgewood Investments LLC Lowers Position in General Electric (GE)
Ridgewood Investments LLC lessened its stake in General Electric (NYSE:GE) by 21.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 62,641 shares of the conglomerate’s stock after selling 16,639 shares during the quarter. Ridgewood Investments LLC’s holdings in General Electric were worth $853,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of the stock. Mount Yale Investment Advisors LLC purchased a new position in General Electric in the 1st quarter valued at approximately $116,000. Santori & Peters Inc. purchased a new position in General Electric in the 4th quarter valued at approximately $120,000. Archford Capital Strategies LLC purchased a new position in General Electric in the 1st quarter valued at approximately $121,000. Blue Chip Wealth Management Inc. purchased a new position in General Electric in the 1st quarter valued at approximately $135,000. Finally, Harborview Advisors LLC purchased a new position in General Electric in the 1st quarter valued at approximately $137,000. 53.74% of the stock is currently owned by institutional investors.
In related news, Director H Lawrence Culp, Jr. acquired 191,000 shares of the company’s stock in a transaction dated Tuesday, July 24th. The stock was bought at an average cost of $13.04 per share, with a total value of $2,490,640.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 1.12% of the company’s stock.
General Electric (NYSE:GE) last posted its quarterly earnings data on Friday, July 20th. The conglomerate reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.18 by $0.01. General Electric had a negative net margin of 6.59% and a positive return on equity of 10.40%. The company had revenue of $30.10 billion during the quarter, compared to the consensus estimate of $29.39 billion. During the same period in the previous year, the firm posted $0.21 EPS. The firm’s revenue was up 3.5% compared to the same quarter last year. sell-side analysts forecast that General Electric will post 0.96 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 25th. Stockholders of record on Monday, September 17th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.79%. The ex-dividend date of this dividend is Friday, September 14th. General Electric’s dividend payout ratio is currently 45.71%.
A number of research firms recently weighed in on GE. JPMorgan Chase & Co. reiterated a “sell” rating and issued a $11.00 price objective on shares of General Electric in a research note on Tuesday, May 22nd. Citigroup restated a “buy” rating on shares of General Electric in a research report on Tuesday, May 22nd. Goldman Sachs Group restated a “neutral” rating and set a $14.00 price target on shares of General Electric in a research report on Tuesday, May 22nd. Royal Bank of Canada set a $15.00 price target on shares of General Electric and gave the company a “neutral” rating in a research report on Wednesday, July 11th. Finally, UBS Group set a $16.00 price target on shares of General Electric and gave the company a “hold” rating in a research report on Friday, June 1st. Four analysts have rated the stock with a sell rating, fifteen have issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. General Electric presently has an average rating of “Hold” and a consensus price target of $16.99.
General Electric Profile
General Electric Company operates as a digital industrial company worldwide. It operates through Power, Renewable Energy, Oil & Gas, Aviation, Healthcare, Transportation, Lighting, and Capital segments. The Power segment offers technologies, solutions, and services related to energy production, including gas and steam turbines, engines, generators, and high voltage equipment; and power generation services and digital solutions.
Further Reading: Risk Tolerance
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