Portfolio Solutions LLC increased its stake in General Electric Company (NYSE:GE) by 8.7% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,218 shares of the conglomerate’s stock after purchasing an additional 660 shares during the period. Portfolio Solutions LLC’s holdings in General Electric were worth $222,000 as of its most recent SEC filing.
A number of other hedge funds also recently bought and sold shares of GE. First Command Financial Services Inc. raised its position in General Electric by 0.4% in the 1st quarter. First Command Financial Services Inc. now owns 53,305 shares of the conglomerate’s stock worth $1,588,000 after purchasing an additional 229 shares during the last quarter. Visionary Asset Management Inc. raised its position in shares of General Electric by 2.7% during the 1st quarter. Visionary Asset Management Inc. now owns 108,235 shares of the conglomerate’s stock valued at $3,225,000 after acquiring an additional 2,873 shares during the last quarter. Hays Advisory LLC raised its position in shares of General Electric by 12.2% during the 1st quarter. Hays Advisory LLC now owns 7,461 shares of the conglomerate’s stock valued at $222,000 after acquiring an additional 810 shares during the last quarter. Parametrica Management Ltd bought a new stake in shares of General Electric during the 1st quarter valued at $214,000. Finally, Winslow Evans & Crocker Inc. raised its position in shares of General Electric by 0.4% during the 1st quarter. Winslow Evans & Crocker Inc. now owns 96,678 shares of the conglomerate’s stock valued at $2,881,000 after acquiring an additional 364 shares during the last quarter. Hedge funds and other institutional investors own 54.69% of the company’s stock.
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General Electric (NYSE:GE) last posted its quarterly earnings results on Friday, July 21st. The conglomerate reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.03. General Electric had a net margin of 6.45% and a return on equity of 14.59%. The firm had revenue of $29.56 billion during the quarter, compared to the consensus estimate of $29.07 billion. During the same period in the previous year, the firm posted $0.51 earnings per share. The business’s revenue was down 11.8% compared to the same quarter last year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 25th. Shareholders of record on Monday, September 18th will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 4.16%. The ex-dividend date is Friday, September 15th. General Electric’s dividend payout ratio (DPR) is currently 118.52%.
Several brokerages have commented on GE. Stifel Nicolaus reiterated a “buy” rating and set a $26.00 target price on shares of General Electric in a research report on Thursday. Vetr upgraded shares of General Electric from a “strong sell” rating to a “sell” rating and set a $21.74 target price for the company in a research report on Tuesday. J P Morgan Chase & Co reiterated an “underweight” rating and set a $20.00 target price (down previously from $22.00) on shares of General Electric in a research report on Monday. Credit Suisse Group reiterated an “outperform” rating and set a $30.00 target price (down previously from $33.00) on shares of General Electric in a research report on Thursday, October 5th. Finally, Morgan Stanley dropped their target price on shares of General Electric from $26.00 to $25.00 and set an “equal weight” rating for the company in a research report on Monday, October 2nd. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and ten have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $28.16.
In related news, CEO John Leonard Flannery purchased 103,983 shares of the firm’s stock in a transaction on Tuesday, August 8th. The stock was purchased at an average cost of $25.56 per share, with a total value of $2,657,805.48. Following the completion of the purchase, the chief executive officer now owns 509,430 shares in the company, valued at approximately $13,021,030.80. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director James E. Rohr purchased 27,425 shares of the firm’s stock in a transaction on Monday, July 24th. The stock was bought at an average cost of $25.50 per share, with a total value of $699,337.50. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 233,253 shares of company stock valued at $5,860,264. Insiders own 0.36% of the company’s stock.
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