Daniel Devine & Co Reduces Stake in General Electric Company (GE)

Daniel Devine & Co decreased its stake in General Electric Company (NYSE:GE) by 27.7% during the first quarter, according to its most recent filing with the SEC. The firm owned 90,201 shares of the conglomerate’s stock after selling 34,500 shares during the period. General Electric accounts for about 2.2% of Daniel Devine & Co’s holdings, making the stock its 8th largest position. Daniel Devine & Co’s holdings in General Electric were worth $2,688,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. K.J. Harrison & Partners Inc boosted its position in shares of General Electric by 16.3% in the first quarter. K.J. Harrison & Partners Inc now owns 92,995 shares of the conglomerate’s stock worth $2,771,000 after buying an additional 13,000 shares in the last quarter. Janney Montgomery Scott LLC boosted its position in shares of General Electric by 2.4% in the first quarter. Janney Montgomery Scott LLC now owns 2,910,635 shares of the conglomerate’s stock worth $86,737,000 after buying an additional 69,110 shares in the last quarter. DORCHESTER WEALTH MANAGEMENT Co boosted its position in shares of General Electric by 6.5% in the first quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 204,249 shares of the conglomerate’s stock worth $6,087,000 after buying an additional 12,552 shares in the last quarter. BTR Capital Management Inc. boosted its position in shares of General Electric by 161.5% in the first quarter. BTR Capital Management Inc. now owns 198,551 shares of the conglomerate’s stock worth $5,917,000 after buying an additional 122,617 shares in the last quarter. Finally, BTIM Corp. boosted its position in shares of General Electric by 1.5% in the first quarter. BTIM Corp. now owns 154,818 shares of the conglomerate’s stock worth $4,614,000 after buying an additional 2,298 shares in the last quarter. 54.31% of the stock is currently owned by institutional investors and hedge funds.

General Electric Company (NYSE:GE) traded down 0.81% during trading on Friday, reaching $24.55. 34,273,076 shares of the company were exchanged. The firm has a market cap of $212.55 billion, a price-to-earnings ratio of 29.90 and a beta of 1.21. The firm has a 50-day moving average of $25.95 and a 200-day moving average of $28.34. General Electric Company has a 52-week low of $24.44 and a 52-week high of $32.38.

General Electric (NYSE:GE) last issued its earnings results on Friday, July 21st. The conglomerate reported $0.28 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.25 by $0.03. General Electric had a net margin of 6.45% and a return on equity of 14.59%. The firm had revenue of $29.56 billion during the quarter, compared to the consensus estimate of $29.07 billion. During the same quarter in the prior year, the firm earned $0.51 earnings per share. The business’s quarterly revenue was down 11.8% on a year-over-year basis. On average, equities analysts forecast that General Electric Company will post $1.57 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 25th. Shareholders of record on Monday, June 19th were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 3.91%. The ex-dividend date of this dividend was Thursday, June 15th. General Electric’s payout ratio is presently 118.52%.

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GE has been the topic of a number of recent analyst reports. Royal Bank Of Canada cut their price target on General Electric from $36.00 to $35.00 and set an “outperform” rating on the stock in a report on Monday, April 24th. Argus cut their price target on General Electric from $36.00 to $33.00 and set a “buy” rating on the stock in a report on Monday, April 24th. Bank of America Corporation cut General Electric from a “buy” rating to a “neutral” rating and cut their price target for the company from $35.00 to $31.00 in a report on Tuesday, April 25th. Stifel Nicolaus lifted their price target on General Electric from $32.00 to $33.00 and gave the company a “buy” rating in a report on Tuesday, April 25th. Finally, Vetr raised General Electric from a “hold” rating to a “buy” rating and set a $30.43 price target on the stock in a report on Thursday, April 27th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. General Electric currently has a consensus rating of “Hold” and an average target price of $30.08.

In related news, insider Alexander Dimitrief acquired 1,845 shares of the stock in a transaction dated Monday, July 24th. The stock was bought at an average price of $25.54 per share, with a total value of $47,121.30. Following the completion of the transaction, the insider now directly owns 65,597 shares of the company’s stock, valued at $1,675,347.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director James E. Rohr acquired 27,425 shares of the stock in a transaction dated Monday, July 24th. The shares were bought at an average cost of $25.50 per share, with a total value of $699,337.50. The disclosure for this purchase can be found here. Insiders acquired 133,253 shares of company stock valued at $3,404,264 in the last ninety days. Insiders own 0.36% of the company’s stock.

General Electric Company Profile

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

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