State of Michigan Retirement System Sells 19,300 Shares of General Electric (NYSE:GE)

State of Michigan Retirement System decreased its holdings in General Electric (NYSE:GE) by 6.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 297,961 shares of the conglomerate’s stock after selling 19,300 shares during the period. State of Michigan Retirement System’s holdings in General Electric were worth $38,029,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. State Street Corp raised its position in shares of General Electric by 3.5% in the 2nd quarter. State Street Corp now owns 50,207,805 shares of the conglomerate’s stock worth $5,515,327,000 after acquiring an additional 1,717,793 shares in the last quarter. Moneta Group Investment Advisors LLC lifted its position in shares of General Electric by 122,242.2% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 13,438,063 shares of the conglomerate’s stock valued at $878,644,000 after buying an additional 13,427,079 shares during the last quarter. Northern Trust Corp boosted its holdings in shares of General Electric by 4.0% in the 3rd quarter. Northern Trust Corp now owns 10,588,433 shares of the conglomerate’s stock valued at $1,170,551,000 after buying an additional 410,061 shares in the last quarter. Morgan Stanley grew its position in shares of General Electric by 5.1% in the 3rd quarter. Morgan Stanley now owns 8,955,511 shares of the conglomerate’s stock worth $990,032,000 after buying an additional 434,736 shares during the last quarter. Finally, Norges Bank bought a new position in shares of General Electric during the 4th quarter worth approximately $635,274,000. Institutional investors own 74.77% of the company’s stock.

Insiders Place Their Bets

In related news, SVP Michael J. Holston sold 22,055 shares of the business’s stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $144.87, for a total transaction of $3,195,107.85. Following the completion of the transaction, the senior vice president now directly owns 56,284 shares of the company’s stock, valued at approximately $8,153,863.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other General Electric news, SVP Michael J. Holston sold 13,601 shares of the stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $135.55, for a total value of $1,843,615.55. Following the sale, the senior vice president now directly owns 48,339 shares of the company’s stock, valued at approximately $6,552,351.45. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Michael J. Holston sold 22,055 shares of General Electric stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $144.87, for a total transaction of $3,195,107.85. Following the sale, the senior vice president now directly owns 56,284 shares of the company’s stock, valued at $8,153,863.08. The disclosure for this sale can be found here. 0.66% of the stock is owned by company insiders.

General Electric Price Performance

Shares of NYSE:GE traded down $0.17 during midday trading on Monday, hitting $175.36. The company had a trading volume of 5,834,928 shares, compared to its average volume of 6,073,046. The business’s 50-day simple moving average is $153.43 and its 200-day simple moving average is $130.34. The stock has a market cap of $191.72 billion, a price-to-earnings ratio of 20.80, a price-to-earnings-growth ratio of 2.35 and a beta of 1.29. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.18 and a quick ratio of 0.85. General Electric has a twelve month low of $93.47 and a twelve month high of $180.36.

General Electric (NYSE:GE) last posted its earnings results on Tuesday, January 23rd. The conglomerate reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.90 by $0.13. The company had revenue of $19.42 billion for the quarter, compared to analyst estimates of $17.27 billion. General Electric had a net margin of 13.95% and a return on equity of 10.88%. General Electric’s revenue was up 15.4% on a year-over-year basis. During the same period in the previous year, the business posted $1.24 EPS. On average, research analysts predict that General Electric will post 4.57 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Jefferies Financial Group raised their target price on shares of General Electric from $180.00 to $195.00 in a research note on Monday, March 11th. Royal Bank of Canada lifted their price objective on shares of General Electric from $148.00 to $170.00 and gave the stock an “outperform” rating in a research note on Friday, March 1st. Citigroup upped their target price on General Electric from $135.00 to $148.00 and gave the company a “buy” rating in a research report on Monday, December 11th. StockNews.com initiated coverage on shares of General Electric in a report on Thursday. They set a “hold” rating for the company. Finally, Oppenheimer reiterated a “market perform” rating on shares of General Electric in a research report on Tuesday, March 5th. Two analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $150.54.

General Electric Company Profile

General Electric Company operates as a high-tech industrial company in Europe, China, Asia, the Americas, the Middle East, and Africa. It offers gas and steam turbines, full balance of plant, upgrade, and service solutions, as well as data-leveraging software for power generation, industrial, government, and other customers.