Pettee Investors Inc. Increases Stake in General Electric Company (GE)

Pettee Investors Inc. Increases Stake in General Electric Company (GE)

Pettee Investors Inc. increased its position in General Electric Company (NYSE:GE) by 1.1% during the third quarter, Holdings Channel reports. The institutional investor owned 117,116 shares of the company’s stock after buying an additional 1,300 shares during the period. General Electric Company makes up 3.4% of Pettee Investors Inc.’s portfolio, making the stock its 7th largest position. Pettee Investors Inc.’s holdings in General Electric Company were worth $3,469,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Dowling & Yahnke LLC raised its position in General Electric Company by 1.1% in the second quarter. Dowling & Yahnke LLC now owns 265,237 shares of the company’s stock worth $8,350,000 after buying an additional 2,952 shares in the last quarter. Oakworth Capital Inc. raised its position in General Electric Company by 1.3% in the second quarter. Oakworth Capital Inc. now owns 38,931 shares of the company’s stock valued at $1,176,000 after buying an additional 492 shares in the last quarter. WealthTrust Arizona LLC raised its position in General Electric Company by 40.0% in the second quarter. WealthTrust Arizona LLC now owns 12,647 shares of the company’s stock valued at $398,000 after buying an additional 3,616 shares in the last quarter. Bremer Trust National Association raised its position in General Electric Company by 1.2% in the second quarter. Bremer Trust National Association now owns 73,080 shares of the company’s stock valued at $2,301,000 after buying an additional 838 shares in the last quarter. Finally, Bath Savings Trust Co raised its position in General Electric Company by 0.3% in the second quarter. Bath Savings Trust Co now owns 56,240 shares of the company’s stock valued at $1,771,000 after buying an additional 180 shares in the last quarter. Institutional investors own 54.50% of the company’s stock.

Shares of General Electric Company (NYSE:GE) opened at 30.01 on Friday. The company has a market cap of $263.94 billion, a price-to-earnings ratio of 33.49 and a beta of 1.20. The firm’s 50-day moving average is $31.37 and its 200-day moving average is $30.71. General Electric Company has a 52 week low of $27.10 and a 52 week high of $33.00.

General Electric Company (NYSE:GE) last issued its quarterly earnings results on Friday, January 20th. The company reported $0.46 EPS for the quarter, meeting analysts’ consensus estimates of $0.46. General Electric Company had a net margin of 6.86% and a return on equity of 15.99%. The business had revenue of $33.10 billion for the quarter, compared to analysts’ expectations of $33.67 billion. During the same period last year, the business earned $0.52 earnings per share. The business’s quarterly revenue was down 2.4% on a year-over-year basis. Equities research analysts predict that General Electric Company will post $1.64 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 25th. Stockholders of record on Tuesday, December 27th were paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.20%. The ex-dividend date of this dividend was Thursday, December 22nd. This is a positive change from General Electric Company’s previous quarterly dividend of $0.23. General Electric Company’s dividend payout ratio is 106.67%.

Several equities analysts have commented on GE shares. Stifel Nicolaus set a $31.00 target price on shares of General Electric Company and gave the company a “buy” rating in a report on Wednesday, October 12th. RBC Capital Markets set a $36.00 target price on shares of General Electric Company and gave the company a “buy” rating in a report on Tuesday, October 11th. Barclays PLC set a $32.00 target price on shares of General Electric Company and gave the company a “buy” rating in a report on Monday, October 17th. Citigroup Inc. decreased their target price on shares of General Electric Company from $36.00 to $35.00 and set a “buy” rating on the stock in a report on Monday, October 10th. Finally, Bank of America Corporation reissued a “buy” rating and issued a $37.00 target price on shares of General Electric Company in a report on Thursday, October 6th. Three analysts have rated the stock with a sell rating, six have issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $33.55.

In related news, Chairman Jeffrey R. Immelt acquired 50,000 shares of the company’s stock in a transaction dated Wednesday, November 9th. The stock was purchased at an average price of $29.24 per share, with a total value of $1,462,000.00. Following the completion of the purchase, the chairman now owns 2,248,688 shares in the company, valued at approximately $65,751,637.12. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.23% of the company’s stock.

General Electric Company Company Profile

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