Meyer Handelman Co. Has $26.96 Million Holdings in General Electric (NYSE:GE)

Meyer Handelman Co. lessened its stake in shares of General Electric (NYSE:GE) by 6.5% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 169,569 shares of the conglomerate’s stock after selling 11,725 shares during the quarter. Meyer Handelman Co.’s holdings in General Electric were worth $26,956,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in GE. Criterion Capital Advisors LLC bought a new stake in General Electric during the fourth quarter valued at about $27,000. Capital Analysts LLC boosted its stake in General Electric by 55.8% during the 4th quarter. Capital Analysts LLC now owns 243 shares of the conglomerate’s stock valued at $31,000 after purchasing an additional 87 shares during the period. Bfsg LLC acquired a new stake in General Electric in the 4th quarter valued at approximately $32,000. Kapitalo Investimentos Ltda bought a new position in General Electric in the 4th quarter worth approximately $32,000. Finally, Richardson Financial Services Inc. acquired a new position in shares of General Electric during the first quarter worth approximately $34,000. Institutional investors and hedge funds own 74.77% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on GE shares. Jefferies Financial Group raised their price objective 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. Bank of America boosted their price objective on shares of General Electric from $165.00 to $180.00 and gave the stock a “buy” rating in a report on Wednesday, April 24th. Royal Bank of Canada upped their price objective on shares of General Electric from $175.00 to $190.00 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. JPMorgan Chase & Co. lifted their target price on General Electric from $148.00 to $175.00 and gave the stock an “overweight” rating in a research report on Monday, May 13th. Finally, Barclays upped their price target on General Electric from $175.00 to $200.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. Two analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $190.38.

Insider Transactions at General Electric

In other General Electric news, SVP Russell Stokes sold 45,309 shares of the firm’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $162.82, for a total value of $7,377,211.38. Following the completion of the sale, the senior vice president now owns 112,958 shares in the company, valued at approximately $18,391,821.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.66% of the company’s stock.

General Electric Price Performance

GE stock traded up $1.09 during trading on Tuesday, hitting $167.96. The company had a trading volume of 2,932,723 shares, compared to its average volume of 6,993,222. The company has a market cap of $183.85 billion, a P/E ratio of 55.07, a P/E/G ratio of 1.70 and a beta of 1.21. The company has a fifty day moving average price of $162.80 and a two-hundred day moving average price of $159.73. General Electric has a fifty-two week low of $84.42 and a fifty-two week high of $177.20. The company has a current ratio of 1.14, a quick ratio of 0.85 and a debt-to-equity ratio of 0.95.

General Electric (NYSE:GE) last announced its earnings results on Tuesday, July 23rd. The conglomerate reported $1.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.99 by $0.21. The business had revenue of $9.09 billion during 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 firm’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same quarter last year, the company posted $0.68 EPS. Equities research analysts expect that General Electric will post 4.15 earnings per share for the current fiscal year.

General Electric Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 25th. Shareholders of record on Thursday, July 11th were given a $0.28 dividend. The ex-dividend date was Thursday, July 11th. This represents a $1.12 annualized dividend and a yield of 0.67%. General Electric’s payout ratio is 36.72%.

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.