Sabal Trust CO cut its stake in General Electric (NYSE:GE) by 11.8% in the third quarter, HoldingsChannel reports. The institutional investor owned 52,191 shares of the conglomerate’s stock after selling 7,014 shares during the quarter. Sabal Trust CO’s holdings in General Electric were worth $590,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. FMR LLC increased its stake in shares of General Electric by 158.6% during the 2nd quarter. FMR LLC now owns 205,696,411 shares of the conglomerate’s stock worth $2,799,528,000 after purchasing an additional 126,169,069 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of General Electric by 43.9% during the 1st quarter. The Manufacturers Life Insurance Company now owns 90,257,543 shares of the conglomerate’s stock worth $1,216,672,000 after purchasing an additional 27,527,425 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its stake in shares of General Electric by 15.2% during the 1st quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 74,590,954 shares of the conglomerate’s stock worth $1,005,486,000 after purchasing an additional 9,835,343 shares in the last quarter. Morgan Stanley increased its stake in shares of General Electric by 26.1% during the 2nd quarter. Morgan Stanley now owns 54,507,783 shares of the conglomerate’s stock worth $741,852,000 after purchasing an additional 11,294,608 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. increased its stake in shares of General Electric by 6.3% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 36,605,388 shares of the conglomerate’s stock worth $498,200,000 after purchasing an additional 2,172,085 shares in the last quarter. 54.48% of the stock is owned by institutional investors.
A number of research analysts have recently weighed in on the stock. Deutsche Bank dropped their price objective on shares of General Electric from $11.00 to $7.00 and set a “hold” rating for the company in a research note on Friday, November 30th. Oppenheimer reissued a “neutral” rating on shares of General Electric in a research note on Tuesday, October 2nd. Morningstar set a $13.70 price objective on shares of General Electric and gave the stock a “buy” rating in a research note on Wednesday, November 21st. JPMorgan Chase & Co. set a $10.00 price objective on shares of General Electric and gave the stock a “sell” rating in a research note on Tuesday, October 2nd. Finally, Cowen reissued a “hold” rating and set a $14.50 price objective on shares of General Electric in a research note on Monday, October 1st. Five analysts have rated the stock with a sell rating, twelve have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $13.86.
Shares of NYSE GE opened at $7.01 on Friday. General Electric has a 1 year low of $6.99 and a 1 year high of $19.39. The company has a market cap of $63.82 billion, a P/E ratio of 6.68, a PEG ratio of 2.09 and a beta of 0.88. The company has a current ratio of 1.66, a quick ratio of 1.36 and a debt-to-equity ratio of 2.03.
General Electric (NYSE:GE) last announced its earnings results on Tuesday, October 30th. The conglomerate reported $0.14 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.20 by ($0.06). General Electric had a positive return on equity of 10.29% and a negative net margin of 27.36%. The firm had revenue of $29.57 billion for the quarter, compared to analyst estimates of $30.08 billion. During the same quarter last year, the business posted $0.29 EPS. The firm’s revenue was down 3.6% compared to the same quarter last year. Sell-side analysts anticipate that General Electric will post 0.67 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, January 25th. Investors of record on Thursday, December 20th will be given a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 0.57%. General Electric’s dividend payout ratio (DPR) is currently 45.71%.
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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.
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