Bridge Creek Capital Management LLC boosted its position in General Electric (NYSE:GE) by 3.4% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 190,895 shares of the conglomerate’s stock after buying an additional 6,221 shares during the period. Bridge Creek Capital Management LLC’s holdings in General Electric were worth $2,598,000 at the end of the most recent quarter.
A number of other institutional investors have also recently modified their holdings of GE. Whittier Trust Co. lifted its stake in General Electric by 2.4% in the second quarter. Whittier Trust Co. now owns 735,086 shares of the conglomerate’s stock valued at $19,310,000 after purchasing an additional 16,882 shares during the last quarter. First Command Bank raised its holdings in General Electric by 55.4% during the 2nd quarter. First Command Bank now owns 81,852 shares of the conglomerate’s stock valued at $1,114,000 after acquiring an additional 29,165 shares during the period. Lourd Capital LLC raised its holdings in General Electric by 6.7% during the 2nd quarter. Lourd Capital LLC now owns 69,694 shares of the conglomerate’s stock valued at $949,000 after acquiring an additional 4,363 shares during the period. Cornerstone Wealth Management LLC raised its holdings in General Electric by 1,436.7% during the 2nd quarter. Cornerstone Wealth Management LLC now owns 1,319,024 shares of the conglomerate’s stock valued at $98,655,000 after acquiring an additional 1,233,187 shares during the period. Finally, First Hawaiian Bank raised its holdings in General Electric by 30.2% during the 2nd quarter. First Hawaiian Bank now owns 39,269 shares of the conglomerate’s stock valued at $534,000 after acquiring an additional 9,098 shares during the period. 53.74% of the stock is owned by institutional investors and hedge funds.
In other news, Director H Lawrence Culp, Jr. bought 191,000 shares of the company’s stock in a transaction dated Tuesday, July 24th. The stock was bought at an average cost of $13.04 per share, for a total transaction of $2,490,640.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.12% of the company’s stock.
A number of brokerages have issued reports on GE. Gabelli reissued a “buy” rating on shares of General Electric in a report on Wednesday, July 18th. JPMorgan Chase & Co. set a $11.00 price target on shares of General Electric and gave the stock a “sell” rating in a report on Wednesday, June 27th. Goldman Sachs Group reaffirmed a “neutral” rating and issued a $14.00 price target on shares of General Electric in a report on Wednesday, June 27th. Royal Bank of Canada decreased their price target on shares of General Electric to $13.00 and set a “neutral” rating on the stock in a report on Friday, September 28th. Finally, Oppenheimer reaffirmed a “neutral” rating on shares of General Electric in a report on Tuesday. Five research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $16.40.
NYSE GE traded up $0.52 during trading on Friday, hitting $13.18. 151,096,520 shares of the company’s stock traded hands, compared to its average volume of 75,629,797. The company has a quick ratio of 1.51, a current ratio of 1.81 and a debt-to-equity ratio of 1.39. General Electric has a 12-month low of $11.21 and a 12-month high of $24.54. The firm has a market cap of $98.03 billion, a price-to-earnings ratio of 12.55, a PEG ratio of 2.14 and a beta of 0.97.
General Electric (NYSE:GE) last posted its quarterly earnings results on Friday, July 20th. The conglomerate reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.01. The business had revenue of $30.10 billion during the quarter, compared to analyst estimates of $29.39 billion. General Electric had a negative net margin of 6.59% and a positive return on equity of 10.40%. The company’s revenue was up 3.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.21 earnings per share. Equities analysts expect that General Electric will post 0.96 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, October 25th. Stockholders of record on Monday, September 17th will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, September 14th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 3.64%. General Electric’s dividend payout ratio is currently 45.71%.
General Electric Company Profile
General Electric Company operates as a digital industrial company worldwide. It operates through Power, Renewable Energy, Oil & Gas, Aviation, Healthcare, Transportation, Lighting, and Capital segments. The Power segment offers technologies, solutions, and services related to energy production, including gas and steam turbines, engines, generators, and high voltage equipment; and power generation services and digital solutions.
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