Hennessy Advisors Inc. decreased its stake in General Electric Co. (NYSE:GE) by 12.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 199,500 shares of the company’s stock after selling 29,050 shares during the period. Hennessy Advisors Inc.’s holdings in General Electric were worth $6,280,000 as of its most recent filing with the SEC.
Several other large investors also recently modified their holdings of the company. Noesis Capital Mangement Corp raised its stake in shares of General Electric by 4.5% in the second quarter. Noesis Capital Mangement Corp now owns 43,271 shares of the company’s stock valued at $1,362,000 after buying an additional 1,845 shares during the last quarter. DE Burlo Group Inc. raised its position in General Electric by 1.8% in the second quarter. DE Burlo Group Inc. now owns 8,696 shares of the company’s stock worth $273,000 after buying an additional 157 shares in the last quarter. Heritage Wealth Advisors raised its position in General Electric by 8.4% in the second quarter. Heritage Wealth Advisors now owns 39,666 shares of the company’s stock worth $1,250,000 after buying an additional 3,076 shares in the last quarter. Bingham Osborn & Scarborough LLC raised its position in General Electric by 1.6% in the second quarter. Bingham Osborn & Scarborough LLC now owns 65,356 shares of the company’s stock worth $2,057,000 after buying an additional 1,035 shares in the last quarter. Finally, Synovus Financial Corp raised its position in General Electric by 1.1% in the second quarter. Synovus Financial Corp now owns 939,891 shares of the company’s stock worth $29,581,000 after buying an additional 10,617 shares in the last quarter. Institutional investors own 55.81% of the company’s stock.
Shares of General Electric Co. (NYSE:GE) traded down 0.65% during trading on Friday, hitting $29.08. 37,840,132 shares of the company traded hands. The company has a market capitalization of $260.59 billion, a price-to-earnings ratio of 24.58 and a beta of 1.15. The company has a 50 day moving average price of $30.31 and a 200 day moving average price of $30.77. General Electric Co. has a 52 week low of $27.10 and a 52 week high of $33.00.
General Electric (NYSE:GE) last posted its earnings results on Friday, July 22nd. The company reported $0.51 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.46 by $0.05. The company earned $33.49 million during the quarter, compared to analysts’ expectations of $31.76 billion. General Electric had a net margin of 9.14% and a return on equity of 15.04%. General Electric’s quarterly revenue was up 14.6% on a year-over-year basis. During the same period last year, the company posted $0.31 earnings per share. On average, analysts expect that General Electric Co. will post $1.50 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 25th. Investors of record on Monday, September 19th will be paid a dividend of $0.23 per share. The ex-dividend date of this dividend is Thursday, September 15th. This represents a $0.92 annualized dividend and a yield of 3.16%. General Electric’s payout ratio is 77.97%.
A number of research analysts recently weighed in on the stock. Bank of America Corp. reiterated a “buy” rating and issued a $37.00 price objective on shares of General Electric in a research note on Thursday. Oppenheimer Holdings Inc. reiterated a “market perform” rating on shares of General Electric in a research note on Thursday. Morgan Stanley reduced their price objective on shares of General Electric from $32.00 to $31.00 and set an “equal weight” rating for the company in a research note on Thursday. Zacks Investment Research lowered shares of General Electric from a “buy” rating to a “hold” rating in a research note on Monday, October 3rd. Finally, Goldman Sachs Group Inc. set a $28.00 price objective on shares of General Electric and gave the company a “neutral” rating in a research note on Friday, September 30th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and twelve have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $32.81.
In related news, Chairman Jeffrey R. Immelt bought 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 26th. The stock was bought at an average cost of $31.45 per share, with a total value of $1,572,500.00. Following the completion of the purchase, the chairman now owns 2,198,688 shares of the company’s stock, valued at approximately $69,148,737.60. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.23% of the company’s stock.
General Electric Company Profile