Connor Clark & Lunn Investment Management Ltd. lessened its holdings in General Electric (NYSE:GE) by 98.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 15,158 shares of the conglomerate’s stock after selling 961,279 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in General Electric were worth $159,000 at the end of the most recent quarter.
A number of other institutional investors have also added to or reduced their stakes in GE. Ashburton Jersey Ltd purchased a new stake in General Electric in the 2nd quarter valued at $25,000. Fusion Family Wealth LLC raised its position in General Electric by 10,516.0% in the 2nd quarter. Fusion Family Wealth LLC now owns 2,654 shares of the conglomerate’s stock valued at $28,000 after buying an additional 2,629 shares during the last quarter. Employers Holdings Inc. bought a new position in General Electric in the 2nd quarter valued at $28,000. Manchester Financial Inc. bought a new position in General Electric in the 2nd quarter valued at $30,000. Finally, Lenox Wealth Advisors LLC grew its stake in General Electric by 3,735.0% in the 2nd quarter. Lenox Wealth Advisors LLC now owns 3,835 shares of the conglomerate’s stock valued at $40,000 after purchasing an additional 3,735 shares during the period. Hedge funds and other institutional investors own 59.32% of the company’s stock.
A number of brokerages have issued reports on GE. ValuEngine downgraded General Electric from a “hold” rating to a “sell” rating in a research note on Thursday, August 22nd. Zacks Investment Research downgraded General Electric from a “strong-buy” rating to a “hold” rating and set a $12.00 price target for the company. in a research note on Friday, August 2nd. Citigroup set a $14.00 price target on General Electric and gave the stock a “buy” rating in a research note on Wednesday, September 4th. UBS Group downgraded General Electric from a “buy” rating to a “neutral” rating and cut their price target for the stock from $13.00 to $11.50 in a research note on Monday, July 15th. 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 given a hold rating and eight have issued a buy rating to the stock. General Electric presently has a consensus rating of “Hold” and a consensus price target of $13.08.
NYSE:GE traded up $0.08 during trading hours on Friday, reaching $9.34. 45,267,848 shares of the company traded hands, compared to its average volume of 96,344,560. General Electric has a 1 year low of $6.66 and a 1 year high of $13.78. The business’s 50-day moving average price is $9.06 and its two-hundred day moving average price is $9.75. The company has a current ratio of 1.73, a quick ratio of 1.44 and a debt-to-equity ratio of 1.65. The stock has a market capitalization of $79.77 billion, a P/E ratio of 14.37, a P/E/G ratio of 2.04 and a beta of 1.09.
General Electric (NYSE:GE) last posted its quarterly earnings results on Wednesday, July 31st. The conglomerate reported $0.17 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.12 by $0.05. General Electric had a positive return on equity of 10.64% and a negative net margin of 15.38%. The firm had revenue of $28.83 billion during the quarter, compared to analysts’ expectations of $28.83 billion. During the same quarter in the previous year, the business earned $0.19 earnings per share. The company’s revenue was down 1.1% on a year-over-year basis. As a group, equities analysts anticipate that General Electric will post 0.62 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Monday, September 16th will be paid a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 0.43%. The ex-dividend date of this dividend is Friday, September 13th. General Electric’s dividend payout ratio is currently 6.15%.
In other news, Director Leslie Seidman acquired 6,500 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was bought at an average price of $7.80 per share, with a total value of $50,700.00. Following the completion of the acquisition, the director now directly owns 6,500 shares of the company’s stock, valued at approximately $50,700. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Paula Rosput Reynolds acquired 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 14th. The stock was purchased at an average cost of $9.05 per share, with a total value of $45,250.00. Following the acquisition, the director now directly owns 16,500 shares of the company’s stock, valued at $149,325. The disclosure for this purchase can be found here. Insiders bought 801,068 shares of company stock valued at $6,954,745 in the last 90 days. Company insiders own 1.13% of the company’s stock.
General Electric 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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