DORCHESTER WEALTH MANAGEMENT Co boosted its position in shares of General Electric (NYSE:GE) by 9.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 237,279 shares of the conglomerate’s stock after purchasing an additional 20,630 shares during the period. General Electric comprises 1.8% of DORCHESTER WEALTH MANAGEMENT Co’s holdings, making the stock its 16th largest position. DORCHESTER WEALTH MANAGEMENT Co’s holdings in General Electric were worth $5,737,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also recently added to or reduced their stakes in the company. Ffcm LLC bought a new position in General Electric during the 2nd quarter worth about $114,000. MPS Loria Financial Planners LLC bought a new position in General Electric during the 2nd quarter worth about $113,000. Corbenic Partners LLC increased its holdings in General Electric by 15.7% during the 2nd quarter. Corbenic Partners LLC now owns 5,340 shares of the conglomerate’s stock worth $144,000 after purchasing an additional 725 shares in the last quarter. Bristlecone Advisors LLC bought a new position in General Electric during the 3rd quarter worth about $164,000. Finally, Flaharty Asset Management LLC bought a new position in General Electric during the 1st quarter worth about $226,000. Hedge funds and other institutional investors own 55.62% of the company’s stock.
In other General Electric news, Chairman John Leonard Flannery purchased 60,000 shares of General Electric stock in a transaction that occurred on Wednesday, November 15th. The stock was acquired at an average price of $18.27 per share, for a total transaction of $1,096,200.00. Following the completion of the acquisition, the chairman now owns 575,477 shares of the company’s stock, valued at approximately $10,513,964.79. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Francisco Dsouza purchased 55,000 shares of General Electric stock in a transaction that occurred on Monday, November 20th. The shares were acquired at an average price of $17.94 per share, with a total value of $986,700.00. The disclosure for this purchase can be found here. Insiders have purchased 120,500 shares of company stock valued at $2,183,220 in the last quarter. 0.36% of the stock is currently owned by corporate insiders.
General Electric (NYSE:GE) last posted its quarterly earnings results on Friday, October 20th. The conglomerate reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.20). General Electric had a return on equity of 13.72% and a net margin of 6.08%. The business had revenue of $33.47 billion for the quarter, compared to the consensus estimate of $32.51 billion. During the same quarter in the previous year, the business posted $0.32 EPS. The company’s revenue for the quarter was up 11.5% on a year-over-year basis. sell-side analysts expect that General Electric will post 1.07 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 25th. Investors of record on Wednesday, December 27th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 2.75%. The ex-dividend date of this dividend is Tuesday, December 26th. General Electric’s payout ratio is currently 120.00%.
GE has been the subject of a number of research reports. JPMorgan Chase & Co. lowered their target price on General Electric from $19.00 to $17.00 and set an “underweight” rating for the company in a report on Wednesday, November 1st. Bank of America upgraded General Electric from a “neutral” rating to a “buy” rating and set a $27.00 target price for the company in a report on Monday, October 23rd. Royal Bank of Canada set a $25.00 price objective on General Electric and gave the company a “buy” rating in a report on Monday, October 23rd. Morningstar restated a “buy” rating on shares of General Electric in a report on Tuesday, November 14th. Finally, Citigroup set a $28.00 price objective on General Electric and gave the company a “buy” rating in a report on Monday, October 23rd. Six analysts have rated the stock with a sell rating, seven have given a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. General Electric currently has an average rating of “Hold” and an average target price of $23.39.
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