Wheatland Advisors Inc. Cuts Stake in General Electric (NYSE:GE)

Wheatland Advisors Inc. cut its stake in General Electric (NYSE:GE) by 1.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 97,900 shares of the conglomerate’s stock after selling 1,500 shares during the quarter. Wheatland Advisors Inc.’s holdings in General Electric were worth $1,028,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in GE. Ashburton Jersey Ltd purchased a new stake in shares of General Electric during the second quarter worth about $25,000. Employers Holdings Inc. bought a new stake in General Electric in the second quarter valued at about $28,000. Fusion Family Wealth LLC increased its holdings in General Electric by 10,516.0% in the second 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. Arbor Wealth Management LLC bought a new stake in General Electric in the fourth quarter valued at about $30,000. Finally, Manchester Financial Inc. bought a new stake in General Electric in the second quarter valued at about $30,000. 58.85% of the stock is currently owned by institutional investors.

GE stock traded down $0.22 during midday trading on Friday, reaching $7.97. The company had a trading volume of 118,549,454 shares, compared to its average volume of 101,013,968. The company has a quick ratio of 1.44, a current ratio of 1.73 and a debt-to-equity ratio of 1.65. The stock has a 50 day moving average price of $9.75 and a 200 day moving average price of $9.91. General Electric has a fifty-two week low of $6.66 and a fifty-two week high of $13.78. The firm has a market capitalization of $71.47 billion, a PE ratio of 12.26, a P/E/G ratio of 1.77 and a beta of 1.03.

General Electric (NYSE:GE) last issued its quarterly earnings data on Wednesday, July 31st. The conglomerate reported $0.17 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.12 by $0.05. The business had revenue of $28.83 billion during the quarter, compared to the consensus estimate of $28.83 billion. General Electric had a positive return on equity of 10.64% and a negative net margin of 15.38%. The business’s revenue was down 1.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.19 earnings per share. Research analysts predict that General Electric will post 0.64 EPS for the current year.

Several analysts recently weighed in on the company. Citigroup set a $14.00 price objective on General Electric and gave the company a “buy” rating in a report on Friday, August 16th. Deutsche Bank set a $10.00 price objective on General Electric and gave the company a “hold” rating in a report on Thursday, May 2nd. ValuEngine lowered General Electric from a “hold” rating to a “sell” rating in a report on Thursday. UBS Group lowered General Electric from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $13.00 to $11.50 in a report 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 research analysts have rated the stock with a sell rating, ten have given a hold rating and eight have given a buy rating to the company. General Electric has a consensus rating of “Hold” and an average target price of $11.68.

In other General Electric news, Chairman H Lawrence Culp, Jr. acquired 331,684 shares of General Electric stock in a transaction dated Monday, August 12th. The stock was acquired at an average cost of $9.04 per share, for a total transaction of $2,998,423.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman H Lawrence Culp, Jr. acquired 252,200 shares of General Electric stock in a transaction dated Thursday, August 15th. The shares were acquired at an average price of $7.93 per share, with a total value of $1,999,946.00. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 794,568 shares of company stock valued at $6,904,045. Insiders own 1.13% of the company’s stock.

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.

Further Reading: Marijuana Stocks Investing Considerations

Want to see what other hedge funds are holding GE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for General Electric (NYSE:GE).

Institutional Ownership by Quarter for General Electric (NYSE:GE)

Receive News & Ratings for General Electric Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for General Electric and related companies with MarketBeat.com's FREE daily email newsletter.