Reliance Trust Co. of Delaware reduced its stake in shares of General Electric (NYSE:GE) by 14.8% in the third quarter, according to its most recent filing with the SEC. The fund owned 213,246 shares of the conglomerate’s stock after selling 37,048 shares during the period. General Electric makes up 0.8% of Reliance Trust Co. of Delaware’s investment portfolio, making the stock its 21st biggest position. Reliance Trust Co. of Delaware owned about 0.31% of General Electric worth $5,156,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently bought and sold shares of GE. Ffcm LLC bought a new stake in General Electric in the second quarter worth $114,000. MPS Loria Financial Planners LLC bought a new stake in General Electric in the second quarter worth $113,000. Corbenic Partners LLC lifted its stake in General Electric by 15.7% in the second quarter. Corbenic Partners LLC now owns 5,340 shares of the conglomerate’s stock worth $144,000 after purchasing an additional 725 shares during the last quarter. Bristlecone Advisors LLC bought a new stake in General Electric in the third quarter worth $164,000. Finally, Flaharty Asset Management LLC bought a new stake in General Electric in the first quarter worth $226,000. 55.63% of the stock is owned by institutional investors.
Several research firms have weighed in on GE. Vetr downgraded shares of General Electric from a “hold” rating to a “sell” rating and set a $23.72 price target for the company. in a research note on Monday, September 25th. Credit Suisse Group restated an “outperform” rating and issued a $30.00 price objective (down previously from $33.00) on shares of General Electric in a research report on Thursday, October 5th. JPMorgan Chase & Co. set a $22.00 price objective on shares of General Electric and gave the company a “sell” rating in a research report on Tuesday, September 19th. Morgan Stanley decreased their price objective on shares of General Electric from $26.00 to $25.00 and set an “equal weight” rating on the stock in a research report on Monday, October 2nd. Finally, Argus decreased their price objective on shares of General Electric from $30.00 to $27.00 and set a “buy” rating on the stock in a research report on Monday, September 18th. Six equities research analysts have rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the company’s stock. General Electric presently has a consensus rating of “Hold” and a consensus target price of $23.19.
In other General Electric news, Director Steven M. Mollenkopf acquired 5,500 shares of the business’s stock in a transaction on Thursday, November 16th. The shares were acquired at an average price of $18.24 per share, for a total transaction of $100,320.00. Following the completion of the acquisition, the director now owns 5,500 shares in the company, valued at $100,320. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Francisco Dsouza bought 55,000 shares of the company’s stock in a transaction dated Monday, November 20th. The stock was purchased at an average price of $17.94 per share, for a total transaction of $986,700.00. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 120,500 shares of company stock worth $2,183,220. Corporate insiders own 0.36% of the company’s stock.
General Electric (NYSE GE) opened at $18.76 on Friday. General Electric has a 52-week low of $17.25 and a 52-week high of $31.47. The company has a debt-to-equity ratio of 1.14, a quick ratio of 1.53 and a current ratio of 1.86. The stock has a market cap of $162,690.00, a PE ratio of 21.81, a P/E/G ratio of 2.14 and a beta of 1.07.
General Electric (NYSE:GE) last announced its quarterly earnings results on Friday, October 20th. The conglomerate reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.20). The company had revenue of $33.47 billion for the quarter, compared to analysts’ expectations of $32.51 billion. General Electric had a net margin of 6.08% and a return on equity of 13.72%. General Electric’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.32 EPS. research analysts forecast that General Electric will post 1.07 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 25th. Shareholders of record on Wednesday, December 27th will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 2.56%. The ex-dividend date is Tuesday, December 26th. General Electric’s dividend payout ratio (DPR) is presently 55.81%.
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