Huntington National Bank cut its stake in General Electric (NYSE:GE) by 4.8% during the second quarter, HoldingsChannel reports. The firm owned 284,780 shares of the conglomerate’s stock after selling 14,463 shares during the period. Huntington National Bank’s holdings in General Electric were worth $1,945,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Rocky Mountain Advisers LLC grew its holdings in shares of General Electric by 99.9% in the first quarter. Rocky Mountain Advisers LLC now owns 3,333 shares of the conglomerate’s stock worth $26,000 after purchasing an additional 1,666 shares during the last quarter. Capital Advisory Group Advisory Services LLC bought a new position in shares of General Electric in the first quarter worth about $27,000. Sage Financial Group Inc. bought a new position in shares of General Electric in the first quarter worth about $32,000. Balentine LLC bought a new position in shares of General Electric in the first quarter worth about $34,000. Finally, Watson Rebecca bought a new position in General Electric during the 2nd quarter worth about $34,000. Hedge funds and other institutional investors own 61.93% of the company’s stock.
Several brokerages have issued reports on GE. Credit Suisse Group dropped their target price on shares of General Electric from $9.00 to $8.00 and set a “neutral” rating on the stock in a report on Thursday, April 30th. Zacks Investment Research cut shares of General Electric from a “hold” rating to a “sell” rating and set a $7.50 target price on the stock. in a report on Friday, June 12th. Oppenheimer reiterated a “hold” rating on shares of General Electric in a report on Friday, May 8th. Cowen reiterated a “hold” rating and set a $8.00 target price on shares of General Electric in a report on Monday, May 4th. Finally, UBS Group reiterated a “buy” rating and set a $7.50 target price on shares of General Electric in a report on Friday, May 29th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and eight have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $9.02.
Shares of General Electric stock opened at $6.07 on Friday. The firm has a market capitalization of $53.09 billion, a P/E ratio of -10.47 and a beta of 0.95. The company has a quick ratio of 1.69, a current ratio of 2.21 and a debt-to-equity ratio of 2.05. The company has a 50 day moving average price of $6.90 and a 200 day moving average price of $8.33. General Electric has a 52 week low of $5.48 and a 52 week high of $13.26.
General Electric (NYSE:GE) last announced its quarterly earnings data on Wednesday, July 29th. The conglomerate reported ($0.15) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.09) by ($0.06). The company had revenue of $17.75 billion during the quarter, compared to analysts’ expectations of $17.27 billion. General Electric had a negative net margin of 5.10% and a positive return on equity of 7.94%. The business’s revenue for the quarter was down 38.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.17 earnings per share. As a group, research analysts anticipate that General Electric will post -0.01 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, July 27th. Investors of record on Monday, June 29th were given a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 0.66%. The ex-dividend date of this dividend was Friday, June 26th. General Electric’s payout ratio is currently 6.15%.
General Electric Profile
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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