Inlet Private Wealth LLC Purchases 16,909 Shares of General Electric (NYSE:GE)

Inlet Private Wealth LLC lifted its position in shares of General Electric (NYSE:GE) by 5.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 342,454 shares of the conglomerate’s stock after purchasing an additional 16,909 shares during the period. General Electric comprises 1.3% of Inlet Private Wealth LLC’s investment portfolio, making the stock its 21st largest holding. Inlet Private Wealth LLC’s holdings in General Electric were worth $3,551,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. FMR LLC boosted its holdings in General Electric by 49.4% in the first quarter. FMR LLC now owns 450,426,526 shares of the conglomerate’s stock valued at $4,499,762,000 after acquiring an additional 148,979,851 shares during the last quarter. Harris Associates L P lifted its stake in General Electric by 35.1% in the fourth quarter. Harris Associates L P now owns 121,783,710 shares of the conglomerate’s stock valued at $921,903,000 after buying an additional 31,634,318 shares during the period. Geode Capital Management LLC lifted its stake in General Electric by 6.5% in the fourth quarter. Geode Capital Management LLC now owns 102,022,630 shares of the conglomerate’s stock valued at $770,919,000 after buying an additional 6,235,071 shares during the period. Northern Trust Corp lifted its stake in General Electric by 0.8% in the fourth quarter. Northern Trust Corp now owns 101,447,654 shares of the conglomerate’s stock valued at $767,959,000 after buying an additional 763,673 shares during the period. Finally, Barrow Hanley Mewhinney & Strauss LLC lifted its stake in General Electric by 7.8% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 99,844,059 shares of the conglomerate’s stock valued at $755,819,000 after buying an additional 7,194,723 shares during the period. Institutional investors own 57.81% of the company’s stock.

GE has been the topic of several recent analyst reports. Citigroup set a $14.00 price target on General Electric and gave the company a “buy” rating in a research note on Wednesday, June 19th. Cowen reissued a “hold” rating and issued a $8.00 price target on shares of General Electric in a research note on Wednesday, May 1st. UBS Group lowered General Electric from a “buy” rating to a “neutral” rating and dropped their price target for the company from $13.00 to $11.50 in a research note on Monday, July 15th. William Blair reissued a “buy” rating on shares of General Electric in a research note on Thursday, June 13th. Finally, Deutsche Bank set a $10.00 price target on General Electric and gave the company a “hold” rating in a research note on Thursday, May 2nd. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and nine have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $11.62.

In other news, Director Edward P. Garden sold 1,289,538 shares of the company’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $10.02, for a total transaction of $12,921,170.76. Following the transaction, the director now directly owns 25,000 shares of the company’s stock, valued at $250,500. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Edward P. Garden sold 3,370,314 shares of the company’s stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $9.53, for a total value of $32,119,092.42. The disclosure for this sale can be found here. 1.13% of the stock is owned by corporate insiders.

Shares of NYSE:GE opened at $10.44 on Thursday. The company has a debt-to-equity ratio of 1.62, a current ratio of 1.77 and a quick ratio of 1.50. General Electric has a twelve month low of $6.66 and a twelve month high of $13.78. The stock’s 50 day moving average price is $10.37. The firm has a market capitalization of $90.52 billion, a price-to-earnings ratio of 16.06, a price-to-earnings-growth ratio of 2.36 and a beta of 1.03.

General Electric (NYSE:GE) last issued its earnings results on Wednesday, July 31st. The conglomerate reported $0.17 earnings per share for the quarter, topping analysts’ consensus estimates of $0.12 by $0.05. General Electric had a positive return on equity of 10.32% and a negative net margin of 14.65%. The company had revenue of $28.83 billion for the quarter, compared to analyst estimates of $28.83 billion. During the same period in the prior year, the firm earned $0.19 earnings per share. General Electric’s revenue for the quarter was down 1.1% on a year-over-year basis. As a group, research analysts anticipate that General Electric will post 0.61 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Thursday, July 25th. Stockholders of record on Monday, July 1st were given a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.38%. The ex-dividend date of this dividend was Friday, June 28th. General Electric’s payout ratio is 6.15%.

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

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