Stratos Wealth Partners LTD. grew its position in General Electric Company (NYSE:GE) by 3.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 230,988 shares of the conglomerate’s stock after buying an additional 6,740 shares during the quarter. Stratos Wealth Partners LTD.’s holdings in General Electric were worth $6,239,000 at the end of the most recent reporting period.
Several other hedge funds have also recently modified their holdings of GE. Harris Associates L P lifted its stake in shares of General Electric by 26.4% during the 1st quarter. Harris Associates L P now owns 46,376,143 shares of the conglomerate’s stock worth $1,382,009,000 after purchasing an additional 9,681,420 shares during the last quarter. UBS Oconnor LLC lifted its stake in shares of General Electric by 795.5% during the 1st quarter. UBS Oconnor LLC now owns 2,025,000 shares of the conglomerate’s stock worth $60,345,000 after purchasing an additional 1,798,877 shares during the last quarter. Nationwide Fund Advisors lifted its stake in shares of General Electric by 41.6% during the 1st quarter. Nationwide Fund Advisors now owns 5,420,262 shares of the conglomerate’s stock worth $161,524,000 after purchasing an additional 1,591,790 shares during the last quarter. Candriam Luxembourg S.C.A. lifted its stake in shares of General Electric by 134.7% during the 1st quarter. Candriam Luxembourg S.C.A. now owns 2,151,496 shares of the conglomerate’s stock worth $64,118,000 after purchasing an additional 1,234,776 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its stake in shares of General Electric by 17.8% during the 2nd quarter. Russell Investments Group Ltd. now owns 8,072,829 shares of the conglomerate’s stock worth $218,059,000 after purchasing an additional 1,222,434 shares during the last quarter. Institutional investors and hedge funds own 54.53% of the company’s stock.
A number of equities research analysts recently weighed in on GE shares. Stifel Nicolaus restated a “buy” rating and set a $26.00 price objective on shares of General Electric in a research note on Thursday, October 12th. Morgan Stanley restated an “equal weight” rating and set a $26.00 price objective (down from $27.00) on shares of General Electric in a research note on Monday, July 24th. J P Morgan Chase & Co decreased their price objective on General Electric from $19.00 to $17.00 and set an “underweight” rating for the company in a research note on Wednesday. Vetr upgraded General Electric from a “strong sell” rating to a “sell” rating and set a $21.74 price objective for the company in a research note on Tuesday, October 10th. Finally, Bank of America Corporation upgraded General Electric from a “neutral” rating to a “buy” rating and set a $27.00 price objective for the company in a research note on Monday, October 23rd. Six research analysts have rated the stock with a sell rating, six have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $25.84.
General Electric (NYSE:GE) last posted its earnings results on Friday, October 20th. The conglomerate reported $0.29 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.49 by ($0.20). General Electric had a net margin of 6.08% and a return on equity of 13.72%. The firm had revenue of $33.47 billion during the quarter, compared to analysts’ expectations of $32.51 billion. During the same period in the previous year, the firm posted $0.32 earnings per share. The firm’s revenue for the quarter was up 11.5% on a year-over-year basis.
The company also recently announced a quarterly dividend, which was paid on Wednesday, October 25th. Stockholders of record on Monday, September 18th were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 4.76%. The ex-dividend date of this dividend was Friday, September 15th. General Electric’s payout ratio is currently 120.00%.
In related news, Vice Chairman Elizabeth J. Comstock sold 24,693 shares of the business’s stock in a transaction dated Wednesday, August 9th. The stock was sold at an average price of $25.65, for a total value of $633,375.45. Following the transaction, the insider now owns 175,717 shares in the company, valued at approximately $4,507,141.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director James S. Tisch purchased 100,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 22nd. The stock was bought at an average price of $24.56 per share, for a total transaction of $2,456,000.00. The disclosure for this purchase can be found here. 0.36% of the stock is currently owned by insiders.
About General Electric
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