Empowered Funds LLC Cuts Stake in General Electric (NYSE:GE)

Empowered Funds LLC trimmed its stake in General Electric (NYSE:GE) by 2.9% in the third quarter, Holdings Channel.com reports. The firm owned 49,545 shares of the conglomerate’s stock after selling 1,505 shares during the quarter. Empowered Funds LLC’s holdings in General Electric were worth $9,343,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Studio Investment Management LLC raised its position in shares of General Electric by 97.5% in the 2nd quarter. Studio Investment Management LLC now owns 158 shares of the conglomerate’s stock worth $25,000 after buying an additional 78 shares during the period. Toth Financial Advisory Corp purchased a new position in shares of General Electric in the 3rd quarter worth about $25,000. O Brien Wealth Partners LLC acquired a new position in shares of General Electric in the 3rd quarter valued at about $27,000. MFA Wealth Advisors LLC purchased a new stake in shares of General Electric during the 2nd quarter worth about $31,000. Finally, Costello Asset Management INC increased its position in General Electric by 92.0% during the 3rd quarter. Costello Asset Management INC now owns 167 shares of the conglomerate’s stock worth $31,000 after purchasing an additional 80 shares in the last quarter. Institutional investors and hedge funds own 74.77% of the company’s stock.

Insider Buying and Selling

In related news, SVP Riccardo Procacci sold 7,000 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $181.13, for a total value of $1,267,910.00. Following the sale, the senior vice president now owns 13,289 shares of the company’s stock, valued at $2,407,036.57. This trade represents a 34.50 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.66% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on GE shares. UBS Group increased their price objective on shares of General Electric from $223.00 to $230.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Bank of America increased their price target on General Electric from $180.00 to $200.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Royal Bank of Canada reduced their price objective on General Electric from $210.00 to $200.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 23rd. StockNews.com lowered General Electric from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Finally, Sanford C. Bernstein boosted their price target on General Electric from $201.00 to $225.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. Two research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $200.93.

General Electric Stock Down 0.8 %

NYSE:GE opened at $176.89 on Friday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.85 and a current ratio of 1.13. The company has a market capitalization of $191.45 billion, a price-to-earnings ratio of 31.09, a price-to-earnings-growth ratio of 1.81 and a beta of 1.19. General Electric has a one year low of $93.05 and a one year high of $194.80. The stock has a 50-day simple moving average of $182.29 and a 200 day simple moving average of $170.57.

General Electric (NYSE:GE) last issued its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.15 earnings per share for the quarter, beating analysts’ consensus estimates of $1.13 by $0.02. General Electric had a return on equity of 18.93% and a net margin of 11.48%. The business had revenue of $9.84 billion during the quarter, compared to the consensus estimate of $9.02 billion. During the same period in the previous year, the business earned $0.82 EPS. The business’s quarterly revenue was up 5.8% on a year-over-year basis. Sell-side analysts predict that General Electric will post 4.22 EPS for the current fiscal year.

General Electric Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Thursday, September 26th were given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.63%. The ex-dividend date was Thursday, September 26th. General Electric’s dividend payout ratio is presently 19.68%.

General Electric Company Profile

General Electric Company, doing business as GE Aerospace, designs and produces commercial and defense aircraft engines, integrated engine components, electric power, and mechanical aircraft systems. It also offers aftermarket services to support its products. The company operates in the United States, Europe, China, Asia, the Americas, the Middle East, and Africa.