Westbourne Investment Advisors Inc. cut its stake in General Electric Company (NYSE:GE) by 12.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 86,609 shares of the conglomerate’s stock after selling 12,325 shares during the period. General Electric makes up about 1.9% of Westbourne Investment Advisors Inc.’s investment portfolio, making the stock its 15th largest position. Westbourne Investment Advisors Inc.’s holdings in General Electric were worth $2,339,000 at the end of the most recent reporting period.
Several other large investors have also added to or reduced their stakes in GE. Baird Financial Group Inc. increased its position in General Electric by 3.1% in the fourth quarter. Baird Financial Group Inc. now owns 6,320,739 shares of the conglomerate’s stock worth $199,735,000 after buying an additional 189,042 shares during the period. TCW Group Inc. increased its position in General Electric by 4.6% in the fourth quarter. TCW Group Inc. now owns 8,169,181 shares of the conglomerate’s stock worth $258,146,000 after buying an additional 360,375 shares during the period. Cadinha & Co. LLC increased its position in General Electric by 355.8% in the fourth quarter. Cadinha & Co. LLC now owns 34,685 shares of the conglomerate’s stock worth $1,096,000 after buying an additional 27,075 shares during the period. Teza Capital Management LLC bought a new position in General Electric during the fourth quarter worth approximately $259,000. Finally, United Bank bought a new position in General Electric during the fourth quarter worth approximately $2,209,000. 54.29% of the stock is owned by institutional investors.
Shares of General Electric Company (NYSE:GE) traded down 0.40% during midday trading on Friday, hitting $25.20. 19,217,278 shares of the stock traded hands. The stock has a 50 day moving average of $26.28 and a 200 day moving average of $28.52. General Electric Company has a 1-year low of $25.19 and a 1-year high of $32.38. The company has a market capitalization of $218.18 billion, a P/E ratio of 30.69 and a beta of 1.21.
General Electric (NYSE:GE) last announced its earnings results on Friday, July 21st. The conglomerate reported $0.28 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.25 by $0.03. The company had revenue of $29.56 billion for the quarter, compared to analysts’ expectations of $29.07 billion. General Electric had a return on equity of 14.59% and a net margin of 6.45%. General Electric’s quarterly revenue was down 11.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.51 earnings per share. Equities research analysts predict that General Electric Company will post $1.57 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 25th. Shareholders of record on Monday, June 19th were given a $0.24 dividend. The ex-dividend date of this dividend was Thursday, June 15th. This represents a $0.96 annualized dividend and a yield of 3.81%. General Electric’s dividend payout ratio is currently 118.52%.
A number of research analysts have recently issued reports on the stock. Cowen and Company restated a “hold” rating and issued a $24.00 price target on shares of General Electric in a research report on Monday, August 7th. Stifel Nicolaus restated a “buy” rating on shares of General Electric in a research report on Wednesday, June 14th. J P Morgan Chase & Co set a $22.00 price objective on shares of General Electric and gave the stock a “sell” rating in a report on Monday, July 24th. Vetr raised shares of General Electric from a “hold” rating to a “buy” rating and set a $28.93 price objective on the stock in a report on Wednesday, June 7th. Finally, BidaskClub cut shares of General Electric from a “sell” rating to a “strong sell” rating in a report on Wednesday, June 28th. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. General Electric presently has an average rating of “Hold” and a consensus target price of $30.08.
In other news, CEO John Leonard Flannery purchased 103,983 shares of the company’s stock in a transaction dated Tuesday, August 8th. The shares were purchased at an average price of $25.56 per share, with a total value of $2,657,805.48. Following the transaction, the chief executive officer now directly owns 509,430 shares of the company’s stock, valued at $13,021,030.80. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Vice Chairman Elizabeth J. Comstock sold 24,693 shares of the company’s stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $25.65, for a total value of $633,375.45. Following the transaction, the insider now directly owns 175,717 shares in the company, valued at approximately $4,507,141.05. The disclosure for this sale can be found here. In the last three months, insiders acquired 253,253 shares of company stock worth $6,770,864. Insiders own 0.36% of the company’s stock.
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