VERITY Wealth Advisors reduced its position in General Electric (NYSE:GE) by 87.5% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 3,733 shares of the conglomerate’s stock after selling 26,137 shares during the quarter. VERITY Wealth Advisors’ holdings in General Electric were worth $385,000 as of its most recent SEC filing.
A number of other hedge funds have also recently modified their holdings of the business. Adirondack Research & Management Inc. grew its stake in shares of General Electric by 0.5% during the second quarter. Adirondack Research & Management Inc. now owns 20,057 shares of the conglomerate’s stock worth $270,000 after purchasing an additional 100 shares during the period. Archer Investment Corp grew its stake in shares of General Electric by 2.6% during the second quarter. Archer Investment Corp now owns 4,167 shares of the conglomerate’s stock worth $56,000 after purchasing an additional 107 shares during the period. Hotaling Investment Management LLC grew its stake in shares of General Electric by 1.8% during the second quarter. Hotaling Investment Management LLC now owns 10,738 shares of the conglomerate’s stock worth $145,000 after purchasing an additional 189 shares during the period. Barber Financial Group Inc. grew its stake in shares of General Electric by 1.2% during the second quarter. Barber Financial Group Inc. now owns 15,878 shares of the conglomerate’s stock worth $214,000 after purchasing an additional 193 shares during the period. Finally, Davis R M Inc. grew its stake in shares of General Electric by 0.8% during the second quarter. Davis R M Inc. now owns 23,232 shares of the conglomerate’s stock worth $313,000 after purchasing an additional 195 shares during the period.
GE has been the subject of a number of analyst reports. Royal Bank of Canada lifted their price objective on General Electric from $127.00 to $130.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 10th. Morgan Stanley initiated coverage on General Electric in a report on Tuesday. They set an “overweight” rating and a $125.00 target price on the stock. Citigroup reiterated a “buy” rating and set a $136.00 target price on shares of General Electric in a report on Wednesday, August 11th. Wells Fargo & Company lifted their target price on General Electric from $110.00 to $120.00 and gave the stock an “equal weight” rating in a report on Wednesday, November 10th. Finally, Wolfe Research lifted their target price on General Electric from $132.00 to $136.00 and gave the stock an “outperform” rating in a report on Wednesday, November 10th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of $122.18.
General Electric (NYSE:GE) last released its earnings results on Monday, October 25th. The conglomerate reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.14. The business had revenue of $18.43 billion for the quarter, compared to the consensus estimate of $19.17 billion. General Electric had a positive return on equity of 5.88% and a negative net margin of 0.05%. General Electric’s quarterly revenue was down .5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.48 earnings per share. As a group, equities analysts predict that General Electric will post 2.01 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, October 25th. Investors of record on Monday, September 27th were given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.31%. The ex-dividend date was Friday, September 24th. General Electric’s dividend payout ratio is currently -61.54%.
In other General Electric news, Director Paula Rosput Reynolds purchased 1,000 shares of the stock in a transaction on Friday, November 12th. The shares were purchased at an average price of $107.06 per share, with a total value of $107,060.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last three months, insiders have acquired 2,051 shares of company stock worth $210,673. Company insiders own 0.71% of the company’s stock.
About General Electric
General Electric Co engages in the provision of technology and financial services. It operates through the following segments: Power, Renewable Energy, Aviation, Healthcare, and Capital. The Power segment offers technologies, solutions, and services related to energy production, which includes gas and steam turbines, generators, and power generation services.
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