General Electric (NYSE:GE) Shares Sold by Pinnacle Private Wealth LLC

Pinnacle Private Wealth LLC reduced its stake in General Electric (NYSE:GEGet Rating) by 15.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,130 shares of the conglomerate’s stock after selling 2,018 shares during the period. Pinnacle Private Wealth LLC’s holdings in General Electric were worth $709,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of GE. Tcwp LLC acquired a new stake in shares of General Electric in the first quarter valued at $28,000. Global Wealth Management Investment Advisory Inc. raised its stake in General Electric by 808.1% in the first quarter. Global Wealth Management Investment Advisory Inc. now owns 336 shares of the conglomerate’s stock valued at $31,000 after buying an additional 299 shares in the last quarter. Marshall & Sullivan Inc. WA acquired a new stake in General Electric in the second quarter valued at $34,000. Core Alternative Capital raised its stake in General Electric by 736.2% in the first quarter. Core Alternative Capital now owns 393 shares of the conglomerate’s stock valued at $36,000 after buying an additional 346 shares in the last quarter. Finally, Bivin & Associates Inc. acquired a new stake in General Electric in the fourth quarter valued at $37,000. 67.09% of the stock is currently owned by institutional investors and hedge funds.

General Electric Stock Performance

Shares of NYSE GE traded down $0.69 during midday trading on Friday, reaching $64.67. 564,113 shares of the company were exchanged, compared to its average volume of 5,474,241. The company has a current ratio of 1.13, a quick ratio of 0.80 and a debt-to-equity ratio of 0.77. General Electric has a 1 year low of $59.93 and a 1 year high of $116.17. The stock has a fifty day simple moving average of $72.91 and a 200 day simple moving average of $77.09. The stock has a market cap of $70.91 billion, a P/E ratio of -15.42, a PEG ratio of 3.40 and a beta of 1.09.

General Electric (NYSE:GEGet Rating) last posted its quarterly earnings results on Tuesday, July 26th. The conglomerate reported $0.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.40. General Electric had a negative net margin of 5.94% and a positive return on equity of 7.50%. The company had revenue of $18.65 billion during the quarter, compared to the consensus estimate of $17.90 billion. During the same period last year, the firm earned $0.40 EPS. The company’s revenue for the quarter was up 2.2% on a year-over-year basis. On average, research analysts forecast that General Electric will post 2.74 earnings per share for the current fiscal year.

General Electric Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 25th. Stockholders of record on Tuesday, September 27th will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, September 26th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.49%. General Electric’s payout ratio is -7.55%.

Analysts Set New Price Targets

GE has been the topic of a number of analyst reports. Wells Fargo & Company raised their price target on General Electric to $73.00 and gave the company an “outperform” rating in a research note on Wednesday, July 27th. The Goldman Sachs Group cut their price target on General Electric from $108.00 to $82.00 and set a “buy” rating on the stock in a research note on Thursday, June 23rd. Barclays cut their price target on General Electric from $96.00 to $81.00 and set an “overweight” rating on the stock in a research note on Friday, July 8th. Credit Suisse Group dropped their price objective on General Electric from $86.00 to $84.00 and set an “outperform” rating on the stock in a report on Wednesday, July 27th. Finally, Deutsche Bank Aktiengesellschaft dropped their price objective on General Electric from $90.00 to $88.00 in a report on Wednesday, July 27th. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, General Electric has a consensus rating of “Moderate Buy” and a consensus price target of $99.15.

About General Electric

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General Electric Company operates as a high-tech industrial company in Europe, China, Asia, the Americas, the Middle East, and Africa. It operates through four segments: Power, Renewable Energy, Aviation, and Healthcare segments. The Power segment offers gas and steam turbines, full balance of plant, upgrade, and service solutions, as well as data-leveraging software for power generation, industrial, government, and other customers.

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Institutional Ownership by Quarter for General Electric (NYSE:GE)

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