North Star Investment Management Corp. trimmed its position in General Electric (NYSE:GE) by 3.2% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 139,593 shares of the conglomerate’s stock after selling 4,601 shares during the period. North Star Investment Management Corp.’s holdings in General Electric were worth $1,576,000 as of its most recent SEC filing.
A number of other hedge funds have also recently modified their holdings of the business. GWM Advisors LLC lifted its position in shares of General Electric by 99.7% during the 1st quarter. GWM Advisors LLC now owns 44,090 shares of the conglomerate’s stock worth $578,000 after purchasing an additional 22,009 shares during the last quarter. JBF Capital Inc. acquired a new position in shares of General Electric during the 1st quarter worth about $5,392,000. Compagnie Lombard Odier SCmA lifted its position in shares of General Electric by 10.1% during the 1st quarter. Compagnie Lombard Odier SCmA now owns 280,200 shares of the conglomerate’s stock worth $3,777,000 after purchasing an additional 25,722 shares during the last quarter. Van ECK Associates Corp lifted its position in shares of General Electric by 30.4% during the 1st quarter. Van ECK Associates Corp now owns 2,106,182 shares of the conglomerate’s stock worth $28,391,000 after purchasing an additional 490,693 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its position in shares of General Electric by 129.1% during the 1st quarter. Russell Investments Group Ltd. now owns 9,265,380 shares of the conglomerate’s stock worth $125,038,000 after purchasing an additional 5,221,616 shares during the last quarter. 54.48% of the stock is owned by institutional investors and hedge funds.
In other General Electric news, SVP Alexander Dimitrief purchased 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 6th. The shares were acquired at an average cost of $9.48 per share, for a total transaction of $94,800.00. Following the transaction, the senior vice president now directly owns 103,075 shares in the company, valued at $977,151. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman H Lawrence Culp, Jr. purchased 225,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 1st. The shares were acquired at an average price of $9.73 per share, for a total transaction of $2,189,250.00. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 295,000 shares of company stock worth $2,783,250. Corporate insiders own 1.12% of the company’s stock.
General Electric (NYSE:GE) last released its quarterly earnings data on Tuesday, October 30th. The conglomerate reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.06). General Electric had a negative net margin of 27.36% and a positive return on equity of 10.29%. The company had revenue of $29.57 billion during the quarter, compared to the consensus estimate of $30.08 billion. During the same quarter in the prior year, the company posted $0.29 earnings per share. The company’s revenue for the quarter was down 3.6% on a year-over-year basis. Analysts forecast that General Electric will post 0.67 earnings per share for the current year.
Several equities analysts recently weighed in on GE shares. Citigroup set a $21.00 price objective on General Electric and gave the stock a “buy” rating in a research report on Monday, October 1st. UBS Group cut their price objective on General Electric from $16.00 to $13.00 and set a “neutral” rating for the company in a research report on Wednesday, September 5th. JPMorgan Chase & Co. restated a “sell” rating and set a $10.00 price target on shares of General Electric in a research note on Thursday, October 25th. Bank of America set a $16.00 price target on General Electric and gave the company a “hold” rating in a research note on Monday, September 24th. Finally, Morningstar set a $15.70 price target on General Electric and gave the company a “buy” rating in a research note on Monday, August 13th. Five investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. General Electric currently has a consensus rating of “Hold” and an average target price of $13.86.
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About General Electric
General Electric Company operates as a digital industrial company worldwide. It operates through Power, Renewable Energy, Oil & Gas, Aviation, Healthcare, Transportation, Lighting, and Capital segments. The Power segment offers technologies, solutions, and services related to energy production, including gas and steam turbines, engines, generators, and high voltage equipment; and power generation services and digital solutions.
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