Acorn Wealth Advisors LLC Sells 58 Shares of General Electric (NYSE:GE)

Acorn Wealth Advisors LLC lessened its holdings in shares of General Electric (NYSE:GE) by 2.1% in the third quarter, HoldingsChannel.com reports. The fund owned 2,689 shares of the conglomerate’s stock after selling 58 shares during the period. Acorn Wealth Advisors LLC’s holdings in General Electric were worth $507,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of GE. Newport Trust Company LLC bought a new stake in General Electric in the 2nd quarter worth approximately $2,613,332,000. Legal & General Group Plc lifted its position in General Electric by 5.8% in the 2nd quarter. Legal & General Group Plc now owns 8,405,731 shares of the conglomerate’s stock worth $1,336,257,000 after buying an additional 459,201 shares during the last quarter. Jennison Associates LLC lifted its position in General Electric by 91.8% in the 3rd quarter. Jennison Associates LLC now owns 7,771,759 shares of the conglomerate’s stock worth $1,465,598,000 after buying an additional 3,719,894 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its position in General Electric by 12.5% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 4,106,786 shares of the conglomerate’s stock worth $774,458,000 after buying an additional 457,038 shares during the last quarter. Finally, Swiss National Bank lifted its position in General Electric by 0.4% in the 3rd quarter. Swiss National Bank now owns 3,249,062 shares of the conglomerate’s stock worth $612,708,000 after buying an additional 12,200 shares during the last quarter. Institutional investors own 74.77% of the company’s stock.

General Electric Stock Performance

Shares of NYSE:GE traded up $1.14 during midday trading on Monday, reaching $182.29. 683,146 shares of the company’s stock traded hands, compared to its average volume of 6,157,858. The company has a market cap of $197.29 billion, a price-to-earnings ratio of 31.84, a P/E/G ratio of 1.78 and a beta of 1.19. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.85 and a current ratio of 1.13. General Electric has a one year low of $94.54 and a one year high of $194.80. The stock has a 50 day moving average of $183.22 and a 200 day moving average of $171.13.

General Electric (NYSE:GE) last announced its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.02. General Electric had a return on equity of 18.93% and a net margin of 11.48%. The firm had revenue of $9.84 billion for the quarter, compared to the consensus estimate of $9.02 billion. During the same period in the prior year, the company posted $0.82 earnings per share. The company’s quarterly revenue was up 5.8% on a year-over-year basis. As a group, equities research analysts anticipate that General Electric will post 4.24 EPS for the current fiscal year.

General Electric Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Thursday, September 26th were issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 0.61%. The ex-dividend date of this dividend was Thursday, September 26th. General Electric’s dividend payout ratio is 19.68%.

Wall Street Analyst Weigh In

A number of brokerages have commented on GE. Royal Bank of Canada decreased their price target on General Electric from $210.00 to $200.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 23rd. Wells Fargo & Company lifted their price target on General Electric from $205.00 to $210.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. Melius Research lifted their price target on General Electric from $194.00 to $202.00 in a research note on Tuesday, October 22nd. Barclays lifted their price target on General Electric from $175.00 to $200.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. Finally, StockNews.com cut General Electric from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Two investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $200.93.

Insider Buying and Selling at General Electric

In other General Electric news, SVP Riccardo Procacci sold 7,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $181.13, for a total value of $1,267,910.00. Following the completion of the sale, the senior vice president now owns 13,289 shares in the company, valued at $2,407,036.57. This represents a 34.50 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Russell Stokes sold 15,550 shares of the company’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $178.29, for a total value of $2,772,409.50. Following the completion of the sale, the senior vice president now owns 148,857 shares of the company’s stock, valued at approximately $26,539,714.53. The trade was a 9.46 % decrease in their position. The disclosure for this sale can be found here. 0.66% of the stock is owned by corporate insiders.

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.