Carnegie Investment Counsel Trims Stake in General Electric (NYSE:GE)

Carnegie Investment Counsel reduced its position in shares of General Electric (NYSE:GE) by 4.6% in the third quarter, Holdings Channel reports. The firm owned 3,444 shares of the conglomerate’s stock after selling 165 shares during the period. Carnegie Investment Counsel’s holdings in General Electric were worth $649,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Macroview Investment Management LLC grew its position in General Electric by 37.9% in the second quarter. Macroview Investment Management LLC now owns 211 shares of the conglomerate’s stock worth $34,000 after acquiring an additional 58 shares in the last quarter. Strategic Advisors LLC grew its position in General Electric by 2.6% in the third quarter. Strategic Advisors LLC now owns 2,267 shares of the conglomerate’s stock worth $428,000 after acquiring an additional 58 shares in the last quarter. Allegheny Financial Group LTD grew its position in General Electric by 1.4% in the second quarter. Allegheny Financial Group LTD now owns 4,489 shares of the conglomerate’s stock worth $714,000 after acquiring an additional 61 shares in the last quarter. New England Research & Management Inc. grew its position in General Electric by 2.2% in the second quarter. New England Research & Management Inc. now owns 2,910 shares of the conglomerate’s stock worth $463,000 after acquiring an additional 63 shares in the last quarter. Finally, Certified Advisory Corp grew its position in General Electric by 1.0% in the second quarter. Certified Advisory Corp now owns 6,572 shares of the conglomerate’s stock worth $1,045,000 after acquiring an additional 63 shares in the last quarter. 74.77% of the stock is currently owned by hedge funds and other institutional investors.

General Electric Stock Up 0.8 %

Shares of GE stock opened at $192.63 on Tuesday. The stock has a market cap of $210.85 billion, a P/E ratio of 63.16, a PEG ratio of 1.86 and a beta of 1.18. General Electric has a 52 week low of $84.42 and a 52 week high of $193.93. The company has a quick ratio of 0.85, a current ratio of 1.14 and a debt-to-equity ratio of 0.95. The company’s fifty day simple moving average is $176.30 and its two-hundred day simple moving average is $166.63.

General Electric (NYSE:GE) last announced its quarterly earnings results on Tuesday, July 23rd. The conglomerate reported $1.20 EPS for the quarter, topping the consensus estimate of $0.99 by $0.21. The business had revenue of $9.09 billion for the quarter, compared to analysts’ expectations of $8.44 billion. General Electric had a net margin of 7.66% and a return on equity of 16.07%. The business’s quarterly revenue was up 3.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.68 EPS. Analysts predict that General Electric will post 4.2 EPS for the current fiscal year.

General Electric Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Thursday, September 26th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 0.58%. The ex-dividend date is Thursday, September 26th. General Electric’s payout ratio is currently 36.72%.

Wall Street Analyst Weigh In

GE has been the subject of several recent research reports. StockNews.com downgraded shares of General Electric from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Wells Fargo & Company boosted their price target on shares of General Electric from $192.00 to $205.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. UBS Group boosted their price target on shares of General Electric from $201.00 to $209.00 and gave the stock a “buy” rating in a research note on Monday, July 1st. Sanford C. Bernstein boosted their price target on shares of General Electric from $201.00 to $225.00 and gave the stock an “outperform” rating in a research note on Monday. Finally, Jefferies Financial Group boosted their price target on shares of General Electric from $185.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. Two equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, General Electric currently has a consensus rating of “Moderate Buy” and a consensus price target of $196.86.

General Electric Profile

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.