First Manhattan Co. Has $78.09 Million Stake in General Electric (GE)

First Manhattan Co. reduced its stake in shares of General Electric (NYSE:GE) by 6.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,229,599 shares of the conglomerate’s stock after selling 229,569 shares during the quarter. First Manhattan Co. owned about 4.75% of General Electric worth $78,091,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of GE. MPS Loria Financial Planners LLC bought a new position in shares of General Electric during the 2nd quarter valued at about $113,000. Ffcm LLC bought a new position in shares of General Electric during the 2nd quarter valued at about $114,000. Corbenic Partners LLC lifted its holdings in shares of General Electric by 15.7% during the 2nd quarter. Corbenic Partners LLC now owns 5,340 shares of the conglomerate’s stock valued at $144,000 after purchasing an additional 725 shares in the last quarter. Bristlecone Advisors LLC bought a new position in shares of General Electric during the 3rd quarter valued at about $164,000. Finally, Tuttle Tactical Management LLC bought a new position in shares of General Electric during the 2nd quarter valued at about $209,000. Institutional investors own 55.62% of the company’s stock.

Shares of General Electric (GE) opened at $18.54 on Friday. General Electric has a 12 month low of $17.25 and a 12 month high of $31.77. The stock has a market capitalization of $160,780.00, a P/E ratio of 21.56, a PEG ratio of 2.01 and a beta of 1.07. The company has a debt-to-equity ratio of 1.14, a quick ratio of 1.53 and a current ratio of 1.86.

General Electric (NYSE:GE) last announced its quarterly earnings data on Friday, October 20th. The conglomerate reported $0.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.20). The company had revenue of $33.47 billion for the quarter, compared to the consensus estimate of $32.51 billion. General Electric had a return on equity of 13.72% and a net margin of 6.08%. The company’s revenue for the quarter was up 11.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.32 EPS. research analysts forecast that General Electric will post 1.07 earnings per share for the current year.

The firm also recently announced 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 dividend yield of 2.59%. The ex-dividend date of this dividend is Tuesday, December 26th. General Electric’s payout ratio is presently 55.81%.

Several equities research analysts have commented on GE shares. Deutsche Bank restated a “sell” rating and issued a $21.00 target price (down previously from $24.00) on shares of General Electric in a research note on Monday, September 11th. Vetr cut General Electric from a “strong-buy” rating to a “buy” rating and set a $25.63 target price on the stock. in a research note on Wednesday, September 13th. Royal Bank of Canada restated a “buy” rating and issued a $31.00 target price on shares of General Electric in a research note on Friday, September 15th. Argus cut their target price on General Electric from $30.00 to $27.00 and set a “buy” rating on the stock in a research note on Monday, September 18th. Finally, JPMorgan Chase & Co. set a $22.00 target price on General Electric and gave the company a “sell” rating in a research note on Tuesday, September 19th. Six investment analysts have rated the stock with a sell rating, eight have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $23.39.

In other General Electric news, Director Francisco Dsouza bought 55,000 shares of the firm’s stock in a transaction that occurred on Monday, November 20th. The shares were acquired at an average cost of $17.94 per share, with a total value of $986,700.00. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Chairman John Leonard Flannery bought 60,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 15th. The shares were acquired at an average cost of $18.27 per share, for a total transaction of $1,096,200.00. Following the completion of the acquisition, the chairman now directly owns 575,477 shares in the company, valued at approximately $10,513,964.79. The disclosure for this purchase can be found here. Insiders have purchased a total of 120,500 shares of company stock worth $2,183,220 over the last three months. 0.36% of the stock is owned by insiders.

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

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