Cornerstone Advisors LLC Sells 300 Shares of General Electric (NYSE:GE)

Cornerstone Advisors LLC lowered its holdings in General Electric (NYSE:GE) by 0.6% during the second quarter, HoldingsChannel.com reports. The fund owned 49,700 shares of the conglomerate’s stock after selling 300 shares during the period. Cornerstone Advisors LLC’s holdings in General Electric were worth $7,901,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Studio Investment Management LLC grew its stake in shares of General Electric by 97.5% in the 2nd quarter. Studio Investment Management LLC now owns 158 shares of the conglomerate’s stock valued at $25,000 after purchasing an additional 78 shares during the period. MFA Wealth Advisors LLC acquired a new stake in shares of General Electric in the 2nd quarter valued at $31,000. Kapitalo Investimentos Ltda acquired a new position in General Electric in the fourth quarter valued at about $32,000. Financial Connections Group Inc. acquired a new position in shares of General Electric in the 2nd quarter worth approximately $32,000. Finally, Richardson Financial Services Inc. acquired a new stake in shares of General Electric in the first quarter valued at $34,000. Institutional investors and hedge funds own 74.77% of the company’s stock.

Wall Street Analyst Weigh In

GE has been the subject of several research reports. Royal Bank of Canada raised 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. Barclays raised their price target on shares of General Electric from $175.00 to $200.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of General Electric from $195.00 to $209.00 and gave the stock a “buy” rating in a research report on Monday, June 10th. Wells Fargo & Company increased their price objective on General Electric from $192.00 to $205.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Finally, Jefferies Financial Group upped their price target on General Electric from $185.00 to $190.00 and gave the company 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. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $191.14.

General Electric Price Performance

Shares of GE opened at $178.28 on Monday. The stock has a market cap of $195.15 billion, a P/E ratio of 58.45, a price-to-earnings-growth ratio of 1.65 and a beta of 1.18. The stock’s 50-day moving average price is $166.57 and its two-hundred day moving average price is $171.10. 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 has a 1 year low of $84.42 and a 1 year high of $179.32.

General Electric (NYSE:GE) last released its quarterly earnings data on Tuesday, July 23rd. The conglomerate reported $1.20 EPS for the quarter, beating analysts’ consensus estimates of $0.99 by $0.21. General Electric had a net margin of 7.66% and a return on equity of 16.07%. The business had revenue of $9.09 billion during the quarter, compared to analysts’ expectations of $8.44 billion. During the same quarter in the prior year, the company earned $0.68 EPS. The firm’s quarterly revenue was up 3.9% on a year-over-year basis. On average, equities analysts predict that General Electric will post 4.2 earnings per share for the current year.

General Electric Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, July 25th. Investors of record on Thursday, July 11th were paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 0.63%. The ex-dividend date of this dividend was Thursday, July 11th. General Electric’s payout ratio is presently 36.72%.

General Electric Company 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.