TrinityPoint Wealth LLC lessened its holdings in General Electric (NYSE:GE) by 24.0% during the second quarter, HoldingsChannel.com reports. The firm owned 11,074 shares of the conglomerate’s stock after selling 3,500 shares during the period. TrinityPoint Wealth LLC’s holdings in General Electric were worth $118,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. Stelac Advisory Services LLC increased its holdings in shares of General Electric by 21.7% during the 4th quarter. Stelac Advisory Services LLC now owns 73,000 shares of the conglomerate’s stock worth $553,000 after buying an additional 13,000 shares during the last quarter. Parkwood LLC boosted its position in General Electric by 51.4% during the 4th quarter. Parkwood LLC now owns 743,990 shares of the conglomerate’s stock worth $5,632,000 after purchasing an additional 252,461 shares during the period. Point View Wealth Management Inc. boosted its position in General Electric by 54.4% in the 4th quarter. Point View Wealth Management Inc. now owns 167,189 shares of the conglomerate’s stock valued at $1,266,000 after buying an additional 58,933 shares during the last quarter. Essex Investment Management Co. LLC purchased a new position in General Electric in the 4th quarter valued at about $41,000. Finally, Piedmont Investment Advisors Inc. boosted its position in General Electric by 337.6% in the 4th quarter. Piedmont Investment Advisors Inc. now owns 395,046 shares of the conglomerate’s stock valued at $2,990,000 after buying an additional 304,764 shares during the last quarter. 58.85% of the stock is currently owned by institutional investors and hedge funds.
In related news, VP Thomas S. Timko bought 10,000 shares of the business’s stock in a transaction on Monday, August 19th. The stock was bought at an average price of $8.83 per share, for a total transaction of $88,300.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider L Kevin Cox bought 105,600 shares of the business’s stock in a transaction on Tuesday, August 13th. The stock was bought at an average price of $9.42 per share, with a total value of $994,752.00. The disclosure for this purchase can be found here. Insiders purchased a total of 794,568 shares of company stock valued at $6,904,045 in the last ninety days. Company insiders own 1.13% of the company’s stock.
General Electric (NYSE:GE) last posted its quarterly earnings data on Wednesday, July 31st. The conglomerate reported $0.17 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.05. General Electric had a negative net margin of 15.38% and a positive return on equity of 10.64%. The firm had revenue of $28.83 billion during the quarter, compared to analyst estimates of $28.83 billion. During the same quarter last year, the business posted $0.19 EPS. The company’s revenue was down 1.1% on a year-over-year basis. As a group, sell-side analysts predict that General Electric will post 0.64 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 25th. Investors of record on Monday, July 1st were paid a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a yield of 0.51%. The ex-dividend date was Friday, June 28th. General Electric’s dividend payout ratio is 6.15%.
Several brokerages have commented on GE. Cowen restated a “hold” rating and issued a $8.00 price target on shares of General Electric in a research note on Wednesday, May 1st. Zacks Investment Research cut shares of General Electric from a “strong-buy” rating to a “hold” rating and set a $12.00 target price for the company. in a report on Friday, August 2nd. Citigroup set a $14.00 target price on shares of General Electric and gave the stock a “buy” rating in a report on Friday, August 16th. Deutsche Bank set a $10.00 target price on shares of General Electric and gave the stock a “hold” rating in a report on Thursday, May 2nd. Finally, UBS Group cut shares of General Electric from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $13.00 to $11.50 in a report on Monday, July 15th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and eight have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $11.68.
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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