New York State Teachers Retirement System reduced its holdings in General Electric (NYSE:GE) by 2.1% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 14,606,527 shares of the conglomerate’s stock after selling 316,723 shares during the quarter. General Electric makes up 0.9% of New York State Teachers Retirement System’s portfolio, making the stock its 17th biggest position. New York State Teachers Retirement System’s holdings in General Electric were worth $353,186,000 as of its most recent SEC filing.
Several other institutional investors have also bought and sold shares of the company. Franklin Resources Inc. lifted its position in General Electric by 43.8% in the 2nd quarter. Franklin Resources Inc. now owns 78,024,403 shares of the conglomerate’s stock valued at $2,107,438,000 after purchasing an additional 23,764,129 shares during the last quarter. BlackRock Inc. lifted its position in General Electric by 3.9% in the 2nd quarter. BlackRock Inc. now owns 517,315,514 shares of the conglomerate’s stock valued at $13,972,691,000 after purchasing an additional 19,422,516 shares during the last quarter. Capital Research Global Investors lifted its position in General Electric by 18.6% in the 2nd quarter. Capital Research Global Investors now owns 91,205,460 shares of the conglomerate’s stock valued at $2,463,459,000 after purchasing an additional 14,316,281 shares during the last quarter. Boston Partners lifted its position in General Electric by 7,892.3% in the 2nd quarter. Boston Partners now owns 14,228,611 shares of the conglomerate’s stock valued at $384,315,000 after purchasing an additional 14,050,581 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its position in General Electric by 1,011.3% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 14,632,325 shares of the conglomerate’s stock valued at $395,219,000 after purchasing an additional 13,315,605 shares during the last quarter. Institutional investors own 55.63% of the company’s stock.
GE has been the topic of several recent research reports. Stifel Nicolaus reiterated a “buy” rating and issued a $26.00 price objective on shares of General Electric in a research report on Thursday, October 12th. Argus cut 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. Bank of America raised shares of General Electric from a “neutral” rating to a “buy” rating and set a $27.00 target price on the stock in a research note on Monday, October 23rd. Citigroup set a $28.00 target price on shares of General Electric and gave the company a “buy” rating in a research note on Monday, October 23rd. Finally, Royal Bank of Canada set a $25.00 target price on shares of General Electric and gave the company a “buy” rating in a research note on Monday, October 23rd. Six investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $23.19.
General Electric (NYSE:GE) opened at $18.76 on Friday. The company has a market cap of $162,688.31, a PE ratio of 15.13, a price-to-earnings-growth ratio of 2.11 and a beta of 1.07. The company has a debt-to-equity ratio of 1.14, a quick ratio of 1.53 and a current ratio of 1.86. General Electric has a 52 week low of $17.25 and a 52 week high of $31.45.
General Electric (NYSE:GE) last announced its quarterly earnings data on Friday, October 20th. The conglomerate reported $0.29 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.49 by ($0.20). The business had revenue of $33.47 billion during the quarter, compared to analyst estimates of $32.51 billion. General Electric had a return on equity of 13.72% and a net margin of 6.08%. The business’s revenue for the quarter was up 11.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.32 EPS. equities research analysts forecast that General Electric will post 1.07 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 25th. Stockholders of record on Wednesday, December 27th will be paid a $0.12 dividend. The ex-dividend date is Tuesday, December 26th. This represents a $0.48 annualized dividend and a dividend yield of 2.56%. General Electric’s dividend payout ratio is currently 60.00%.
In other General Electric news, Chairman John Leonard Flannery acquired 60,000 shares of the stock in a transaction dated Wednesday, November 15th. The shares were bought at an average price of $18.27 per share, with a total value of $1,096,200.00. Following the purchase, the chairman now directly owns 575,477 shares of the company’s stock, valued at approximately $10,513,964.79. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Francisco Dsouza acquired 55,000 shares of the stock in a transaction dated Monday, November 20th. The stock was acquired at an average cost of $17.94 per share, for a total transaction of $986,700.00. The disclosure for this purchase can be found here. Insiders bought a total of 120,500 shares of company stock worth $2,183,220 in the last ninety days. Corporate insiders own 0.36% of the company’s stock.
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About General Electric
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