State Board of Administration of Florida Retirement System lowered its stake in shares of General Electric (NYSE:GE) by 1.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 11,261,241 shares of the conglomerate’s stock after selling 148,173 shares during the period. State Board of Administration of Florida Retirement System owned 0.13% of General Electric worth $76,914,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in GE. Rocky Mountain Advisers LLC raised its stake in General Electric by 99.9% during the 1st quarter. Rocky Mountain Advisers LLC now owns 3,333 shares of the conglomerate’s stock valued at $26,000 after acquiring an additional 1,666 shares during the last quarter. Capital Advisory Group Advisory Services LLC acquired a new stake in shares of General Electric during the first quarter worth $27,000. Balentine LLC acquired a new stake in shares of General Electric during the first quarter worth $34,000. Watson Rebecca acquired a new stake in shares of General Electric during the second quarter worth $34,000. Finally, Harwood Advisory Group LLC acquired a new stake in shares of General Electric during the first quarter worth $35,000. 61.93% of the stock is currently owned by institutional investors.
GE has been the topic of a number of research analyst reports. Citigroup reduced their target price on General Electric from $11.00 to $9.00 and set a “buy” rating on the stock in a report on Thursday, April 23rd. Cowen reissued a “hold” rating and issued a $8.00 price objective on shares of General Electric in a research report on Monday, May 4th. JPMorgan Chase & Co. reissued a “hold” rating and issued a $5.00 price objective on shares of General Electric in a research report on Thursday, April 30th. Bank of America reissued a “buy” rating and issued a $11.00 price objective on shares of General Electric in a research report on Monday, June 15th. Finally, UBS Group reissued a “buy” rating and issued a $7.50 price objective on shares of General Electric in a research report on Friday, May 29th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the company. General Electric currently has a consensus rating of “Hold” and an average price target of $9.02.
In other General Electric news, Director Trian Fund Management, L.P. sold 15,569,158 shares of General Electric stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $6.14, for a total transaction of $95,594,630.12. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Edward P. Garden sold 3,264,481 shares of General Electric stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $6.09, for a total transaction of $19,880,689.29. The disclosure for this sale can be found here. Company insiders own 0.90% of the company’s stock.
GE traded down $0.08 on Thursday, reaching $6.30. The company had a trading volume of 1,721,672 shares, compared to its average volume of 82,425,136. The business has a 50 day simple moving average of $6.69 and a 200 day simple moving average of $7.82. The company has a market cap of $56.37 billion, a price-to-earnings ratio of -11.10 and a beta of 0.89. The company has a debt-to-equity ratio of 2.05, a quick ratio of 1.95 and a current ratio of 2.21. General Electric has a 52-week low of $5.48 and a 52-week high of $13.26.
General Electric (NYSE:GE) last announced its earnings results on Wednesday, July 29th. The conglomerate reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.06). The company had revenue of $17.75 billion during the quarter, compared to analysts’ expectations of $17.27 billion. General Electric had a negative net margin of 5.10% and a positive return on equity of 7.94%. The company’s revenue for the quarter was down 38.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.17 earnings per share. As a group, equities research analysts predict that General Electric will post -0.05 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, July 27th. Investors of record on Monday, June 29th were paid a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a yield of 0.63%. The ex-dividend date was Friday, June 26th. General Electric’s dividend payout ratio is currently 6.15%.
About General Electric
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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