1832 Asset Management L.P. Sells 3,606 Shares of General Electric (NYSE:GE)

1832 Asset Management L.P. lessened its stake in shares of General Electric (NYSE:GE) by 11.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 28,020 shares of the conglomerate’s stock after selling 3,606 shares during the quarter. 1832 Asset Management L.P.’s holdings in General Electric were worth $4,918,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Choate Investment Advisors raised its position in shares of General Electric by 0.4% during the 1st quarter. Choate Investment Advisors now owns 16,000 shares of the conglomerate’s stock valued at $2,808,000 after buying an additional 65 shares during the period. Walker Asset Management LLC raised its position in shares of General Electric by 1.7% during the 1st quarter. Walker Asset Management LLC now owns 4,111 shares of the conglomerate’s stock valued at $722,000 after buying an additional 70 shares during the period. BKM Wealth Management LLC raised its position in shares of General Electric by 2.6% during the 1st quarter. BKM Wealth Management LLC now owns 2,821 shares of the conglomerate’s stock valued at $495,000 after buying an additional 72 shares during the period. Dorsey & Whitney Trust CO LLC raised its position in shares of General Electric by 1.9% during the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 3,777 shares of the conglomerate’s stock valued at $663,000 after buying an additional 72 shares during the period. Finally, Great Valley Advisor Group Inc. raised its position in shares of General Electric by 1.7% during the 4th quarter. Great Valley Advisor Group Inc. now owns 4,316 shares of the conglomerate’s stock valued at $550,000 after buying an additional 74 shares during the period. Institutional investors own 74.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on GE shares. StockNews.com started coverage on shares of General Electric in a research report on Monday, April 29th. They set a “hold” rating on the stock. Vertical Research began coverage on General Electric in a research report on Thursday, April 4th. They issued a “buy” rating and a $160.00 target price on the stock. Bank of America boosted their target price on General Electric from $165.00 to $180.00 and gave the company a “buy” rating in a research report on Wednesday, April 24th. Jefferies Financial Group boosted their target price on General Electric from $185.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, June 28th. Finally, Barclays cut their target price on General Electric from $181.00 to $175.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 3rd. Two research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $183.93.

Insider Activity

In related news, SVP Russell Stokes sold 45,309 shares of the stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $162.82, for a total transaction of $7,377,211.38. Following the completion of the transaction, the senior vice president now directly owns 112,958 shares of the company’s stock, valued at $18,391,821.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.66% of the company’s stock.

General Electric Stock Performance

NYSE GE traded up $5.14 during trading hours on Friday, hitting $169.81. The company had a trading volume of 7,297,730 shares, compared to its average volume of 5,743,017. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.82 and a current ratio of 1.14. General Electric has a 1-year low of $84.42 and a 1-year high of $177.20. The company has a market cap of $184.13 billion, a PE ratio of 55.68, a price-to-earnings-growth ratio of 1.70 and a beta of 1.21. The business has a 50 day moving average of $162.35 and a 200-day moving average of $156.49.

General Electric (NYSE:GE) last announced its earnings results on Tuesday, July 23rd. The conglomerate reported $1.20 EPS for the quarter, beating analysts’ consensus estimates of $0.99 by $0.21. General Electric had a net margin of 7.66% and a return on equity of 16.07%. The business had revenue of $9.09 billion during the quarter, compared to analysts’ expectations of $8.44 billion. During the same period in the prior year, the company earned $0.68 earnings per share. The business’s revenue was up 3.9% compared to the same quarter last year. As a group, equities research analysts expect that General Electric will post 4.1 EPS for the current year.

General Electric Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 25th. Stockholders of record on Thursday, July 11th were issued a $0.28 dividend. The ex-dividend date was Thursday, July 11th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.66%. General Electric’s payout ratio is 36.72%.

About General Electric

General Electric Company, doing business as GE Aerospace, designs and produces commercial and defense aircraft engines, integrated engine components, electric power, and mechanical aircraft systems. It also offers aftermarket services to support its products. The company operates in the United States, Europe, China, Asia, the Americas, the Middle East, and Africa.