Victory Capital Management Inc. Decreases Stock Holdings in General Electric (NYSE:GE)

Victory Capital Management Inc. cut its holdings in General Electric (NYSE:GE) by 5.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 347,892 shares of the conglomerate’s stock after selling 20,750 shares during the quarter. Victory Capital Management Inc.’s holdings in General Electric were worth $65,605,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of GE. Studio Investment Management LLC raised its holdings in General Electric by 97.5% in 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 purchased a new position in shares of General Electric during the third quarter valued at about $25,000. O Brien Wealth Partners LLC bought a new position in General Electric in the third quarter worth about $27,000. MFA Wealth Advisors LLC purchased a new stake in General Electric in the second quarter worth about $31,000. Finally, Costello Asset Management INC boosted its position in General Electric by 92.0% during the 3rd quarter. Costello Asset Management INC now owns 167 shares of the conglomerate’s stock valued at $31,000 after acquiring an additional 80 shares in the last quarter. Hedge funds and other institutional investors own 74.77% of the company’s stock.

Wall Street Analyst Weigh In

GE has been the subject of several research reports. Citigroup increased their target price on General Electric from $198.00 to $216.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. StockNews.com cut shares of General Electric from a “buy” rating to a “hold” rating in a report on Monday, July 29th. UBS Group increased their price target on shares of General Electric from $223.00 to $230.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of General Electric from $212.00 to $235.00 and gave the stock a “buy” rating in a research note on Thursday, October 3rd. Finally, Sanford C. Bernstein raised their target price on shares of General Electric from $201.00 to $225.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. Two analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, General Electric has a consensus rating of “Moderate Buy” and a consensus target price of $200.93.

Insider Activity at General Electric

In related news, SVP Riccardo Procacci sold 7,000 shares of the company’s stock in a transaction 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 sale, the senior vice president now owns 13,289 shares in the company, valued at approximately $2,407,036.57. This represents a 34.50 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.66% of the stock is owned by insiders.

General Electric Stock Down 2.8 %

General Electric stock opened at $178.38 on Friday. General Electric has a 12 month low of $92.58 and a 12 month high of $194.80. The stock has a fifty day simple moving average of $181.69 and a two-hundred day simple moving average of $170.43. The company has a current ratio of 1.13, a quick ratio of 0.85 and a debt-to-equity ratio of 0.95. The firm has a market cap of $193.06 billion, a price-to-earnings ratio of 31.35, a PEG ratio of 1.80 and a beta of 1.19.

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

General Electric Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Thursday, September 26th were given a dividend of $0.28 per share. 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 (DPR) is 19.68%.

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.