General Electric (NYSE:GE) Shares Sold by M&T Bank Corp

M&T Bank Corp decreased its holdings in shares of General Electric (NYSE:GE) by 0.9% in the 3rd quarter, Holdings Channel.com reports. The fund owned 211,795 shares of the conglomerate’s stock after selling 1,893 shares during the quarter. M&T Bank Corp’s holdings in General Electric were worth $39,940,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. State Street Corp lifted its position in General Electric by 2.1% in the third quarter. State Street Corp now owns 43,322,827 shares of the conglomerate’s stock valued at $8,181,801,000 after buying an additional 898,296 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of General Electric by 0.7% in the 3rd quarter. Geode Capital Management LLC now owns 22,587,961 shares of the conglomerate’s stock worth $4,244,676,000 after acquiring an additional 156,272 shares during the last quarter. Newport Trust Company LLC purchased a new position in shares of General Electric during the 2nd quarter worth approximately $2,613,332,000. Legal & General Group Plc increased its holdings in General Electric by 5.8% in the 2nd quarter. Legal & General Group Plc now owns 8,405,731 shares of the conglomerate’s stock valued at $1,336,257,000 after purchasing an additional 459,201 shares during the last quarter. Finally, Jennison Associates LLC raised its position in General Electric by 91.8% in the third quarter. Jennison Associates LLC now owns 7,771,759 shares of the conglomerate’s stock valued at $1,465,598,000 after purchasing an additional 3,719,894 shares during the period. Hedge funds and other institutional investors own 74.77% of the company’s stock.

General Electric Trading Up 2.2 %

NYSE GE opened at $168.37 on Friday. The firm’s fifty day moving average price is $177.96 and its 200 day moving average price is $172.43. General Electric has a 12 month low of $98.92 and a 12 month high of $194.80. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.13 and a quick ratio of 0.85. The company has a market capitalization of $182.23 billion, a price-to-earnings ratio of 29.59, a price-to-earnings-growth ratio of 1.66 and a beta of 1.17.

General Electric (NYSE:GE) last issued its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.02. General Electric had a return on equity of 18.93% and a net margin of 11.48%. The company had revenue of $9.84 billion for the quarter, compared to analyst estimates of $9.02 billion. During the same quarter last year, the company posted $0.82 earnings per share. The business’s quarterly revenue was up 5.8% compared to the same quarter last year. On average, sell-side analysts expect that General Electric will post 4.24 earnings per share for the current fiscal year.

General Electric Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 27th. Shareholders of record on Friday, December 27th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 0.67%. The ex-dividend date is Friday, December 27th. General Electric’s dividend payout ratio is currently 19.68%.

Analyst Upgrades and Downgrades

GE has been the topic of several research analyst reports. Citigroup boosted their price objective on General Electric from $198.00 to $216.00 and gave the company a “buy” rating in a report on Thursday, October 10th. UBS Group boosted 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 lifted their price objective on shares of General Electric from $212.00 to $235.00 and gave the company a “buy” rating in a report on Thursday, October 3rd. Sanford C. Bernstein increased their target price on shares of General Electric from $201.00 to $225.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. Finally, Melius Research upped their price objective on General Electric from $194.00 to $202.00 in a research report on Tuesday, October 22nd. Two analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $201.93.

Insider Activity

In other news, SVP Riccardo Procacci sold 7,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $181.13, for a total value of $1,267,910.00. Following the completion of the sale, the senior vice president now directly owns 13,289 shares of the company’s stock, valued at approximately $2,407,036.57. This represents a 34.50 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Russell Stokes sold 15,550 shares of the stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $178.29, for a total transaction of $2,772,409.50. Following the sale, the senior vice president now owns 148,857 shares of the company’s stock, valued at $26,539,714.53. This trade represents a 9.46 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.66% of the company’s stock.

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.