MAI Capital Management Decreases Stock Position in General Electric (NYSE:GE)

MAI Capital Management reduced its holdings in shares of General Electric (NYSE:GE) by 3.0% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 101,540 shares of the conglomerate’s stock after selling 3,117 shares during the period. MAI Capital Management’s holdings in General Electric were worth $19,148,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Studio Investment Management LLC increased its position in General Electric by 97.5% during the 2nd quarter. Studio Investment Management LLC now owns 158 shares of the conglomerate’s stock worth $25,000 after purchasing an additional 78 shares in the last quarter. Toth Financial Advisory Corp acquired a new stake in shares of General Electric during the 3rd quarter worth about $25,000. Valley Wealth Managers Inc. purchased a new stake in shares of General Electric during the third quarter worth about $25,000. O Brien Wealth Partners LLC acquired a new position in shares of General Electric in the third quarter valued at approximately $27,000. Finally, Peterson Financial Group Inc. purchased a new position in shares of General Electric during the third quarter valued at approximately $28,000. Institutional investors and hedge funds own 74.77% of the company’s stock.

General Electric Price Performance

GE stock opened at $176.93 on Monday. The firm has a market cap of $191.49 billion, a P/E ratio of 31.09, a price-to-earnings-growth ratio of 1.75 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 1 year low of $93.05 and a 1 year high of $194.80. The stock has a 50-day simple moving average of $182.29 and a 200-day simple moving average of $170.71.

General Electric (NYSE:GE) last issued its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.02. General Electric had a net margin of 11.48% and a return on equity of 18.93%. The company had revenue of $9.84 billion during the quarter, compared to the consensus estimate of $9.02 billion. During the same quarter last year, the company earned $0.82 earnings per share. General Electric’s revenue for the quarter was up 5.8% on a year-over-year basis. On average, equities analysts predict that General Electric will post 4.22 earnings per share for the current fiscal year.

General Electric Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Thursday, September 26th were issued a $0.28 dividend. The ex-dividend date was Thursday, September 26th. This represents a $1.12 dividend on an annualized basis and a yield of 0.63%. General Electric’s dividend payout ratio is currently 19.68%.

Analyst Ratings Changes

Several research analysts have weighed in on GE shares. Sanford C. Bernstein boosted their price target on General Electric from $201.00 to $225.00 and gave the company an “outperform” rating in a report on Monday, October 14th. Citigroup upped their target price on General Electric from $198.00 to $216.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. StockNews.com downgraded shares of General Electric from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Bank of America increased their price target on shares of General Electric from $180.00 to $200.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Finally, Royal Bank of Canada lowered their price objective on shares of General Electric from $210.00 to $200.00 and set an “outperform” rating for the company in a research note on Wednesday, October 23rd. Two analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $200.93.

Insider Activity

In other news, SVP Riccardo Procacci sold 7,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $181.13, for a total transaction of $1,267,910.00. Following the completion of the transaction, the senior vice president now directly owns 13,289 shares in the company, valued at approximately $2,407,036.57. This represents a 34.50 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.66% of the company’s stock.

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.