Meyer Handelman Co. Sells 18,519 Shares of General Electric (NYSE:GE)

Meyer Handelman Co. reduced its holdings in shares of General Electric (NYSE:GEFree Report) by 9.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 181,294 shares of the conglomerate’s stock after selling 18,519 shares during the period. General Electric comprises 1.1% of Meyer Handelman Co.’s portfolio, making the stock its 29th largest holding. Meyer Handelman Co.’s holdings in General Electric were worth $31,823,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in General Electric by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 88,444,222 shares of the conglomerate’s stock worth $11,288,136,000 after acquiring an additional 550,996 shares in the last quarter. Northern Trust Corp increased its stake in shares of General Electric by 4.0% in the third quarter. Northern Trust Corp now owns 10,588,433 shares of the conglomerate’s stock worth $1,170,551,000 after purchasing an additional 410,061 shares in the last quarter. Norges Bank bought a new stake in shares of General Electric during the 4th quarter valued at $1,193,159,000. Morgan Stanley lifted its stake in shares of General Electric by 5.1% during the 3rd quarter. Morgan Stanley now owns 8,955,511 shares of the conglomerate’s stock valued at $990,032,000 after buying an additional 434,736 shares in the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its holdings in General Electric by 6.9% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 6,655,053 shares of the conglomerate’s stock worth $849,385,000 after buying an additional 426,794 shares during the period. 74.77% of the stock is currently owned by institutional investors.

Insider Activity at General Electric

In other news, SVP Russell Stokes sold 45,309 shares of the business’s 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 sale, the senior vice president now 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 can be accessed through the SEC website. 0.66% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on GE. Vertical Research started coverage on shares of General Electric in a research note on Thursday, April 4th. They set a “buy” rating and a $160.00 target price for the company. JPMorgan Chase & Co. lifted their target price on General Electric from $148.00 to $175.00 and gave the stock an “overweight” rating in a report on Monday, May 13th. Citigroup boosted their target price on General Electric from $120.43 to $186.00 and gave the stock a “buy” rating in a research report on Thursday, April 25th. Bank of America raised their price target on General Electric from $165.00 to $180.00 and gave the company a “buy” rating in a report on Wednesday, April 24th. Finally, Oppenheimer reaffirmed a “market perform” rating on shares of General Electric in a report on Tuesday, March 5th. Two analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, General Electric has an average rating of “Moderate Buy” and a consensus target price of $177.27.

Check Out Our Latest Research Report on General Electric

General Electric Stock Performance

NYSE:GE traded down $0.76 during midday trading on Friday, hitting $164.24. The company’s stock had a trading volume of 17,196,621 shares, compared to its average volume of 5,185,373. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.17 and a quick ratio of 0.82. General Electric has a fifty-two week low of $82.11 and a fifty-two week high of $170.80. The firm’s 50 day moving average is $161.69 and its 200-day moving average is $149.78. The firm has a market cap of $179.78 billion, a P/E ratio of 53.85, a P/E/G ratio of 1.75 and a beta of 1.23.

General Electric (NYSE:GEGet Free Report) last posted its quarterly earnings results on Tuesday, April 23rd. The conglomerate reported $0.82 EPS for the quarter, beating the consensus estimate of $0.65 by $0.17. General Electric had a net margin of 5.05% and a return on equity of 12.54%. The company had revenue of $16.10 billion for the quarter, compared to analyst estimates of $15.25 billion. During the same period in the prior year, the company earned $0.27 earnings per share. The firm’s revenue was up 11.1% on a year-over-year basis. Equities analysts anticipate that General Electric will post 3.99 earnings per share for the current fiscal year.

General Electric Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 25th. Stockholders of record on Thursday, July 11th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.68%. General Electric’s dividend payout ratio (DPR) is 36.72%.

General Electric Company Profile

(Free Report)

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.

See Also

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

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