Empowered Funds LLC Reduces Holdings in General Electric (NYSE:GE)

Empowered Funds LLC cut its position in General Electric (NYSE:GE) by 2.9% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 49,545 shares of the conglomerate’s stock after selling 1,505 shares during the quarter. Empowered Funds LLC’s holdings in General Electric were worth $9,343,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Empirical Finance LLC increased its stake in General Electric by 2.2% in the third quarter. Empirical Finance LLC now owns 37,629 shares of the conglomerate’s stock valued at $7,096,000 after purchasing an additional 821 shares during the period. First Business Financial Services Inc. acquired a new position in General Electric in the 3rd quarter valued at about $225,000. CIBC Asset Management Inc raised its stake in General Electric by 7.5% during the 3rd quarter. CIBC Asset Management Inc now owns 158,286 shares of the conglomerate’s stock valued at $29,850,000 after acquiring an additional 11,057 shares during the last quarter. OneDigital Investment Advisors LLC lifted its position in General Electric by 66.1% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 52,780 shares of the conglomerate’s stock worth $9,953,000 after acquiring an additional 20,995 shares during the period. Finally, Lifeworks Advisors LLC purchased a new position in shares of General Electric in the 3rd quarter valued at approximately $258,000. Hedge funds and other institutional investors own 74.77% of the company’s stock.

Insider Transactions at General Electric

In related news, SVP Riccardo Procacci sold 7,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $181.13, for a total transaction of $1,267,910.00. Following the sale, the senior vice president now owns 13,289 shares in the company, valued at approximately $2,407,036.57. This trade represents a 34.50 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.66% of the company’s stock.

General Electric Trading Down 0.8 %

NYSE:GE opened at $176.89 on Friday. General Electric has a 52-week low of $93.05 and a 52-week high of $194.80. The company has a quick ratio of 0.85, a current ratio of 1.13 and a debt-to-equity ratio of 0.95. The stock has a fifty day simple moving average of $182.29 and a 200-day simple moving average of $170.57. The company has a market capitalization of $191.45 billion, a PE ratio of 31.09, a price-to-earnings-growth ratio of 1.81 and a beta of 1.19.

General Electric (NYSE:GE) last announced its earnings results on Tuesday, October 22nd. The conglomerate reported $1.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.02. General Electric had a net margin of 11.48% and a return on equity of 18.93%. The company had revenue of $9.84 billion during the quarter, compared to analysts’ expectations of $9.02 billion. During the same quarter in the previous year, the business posted $0.82 earnings per share. The firm’s quarterly revenue was up 5.8% compared to the same quarter last year. On average, equities research analysts expect that General Electric will post 4.22 earnings per share for the current fiscal year.

General Electric Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Thursday, September 26th were given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 0.63%. The ex-dividend date of this dividend was Thursday, September 26th. General Electric’s payout ratio is 19.68%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Bank of America upped their price target on General Electric from $180.00 to $200.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Sanford C. Bernstein upped their price objective on shares of General Electric from $201.00 to $225.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. Melius Research lifted their target price on shares of General Electric from $194.00 to $202.00 in a report on Tuesday, October 22nd. Citigroup increased their price target on shares of General Electric from $198.00 to $216.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on shares of General Electric from $212.00 to $235.00 and gave the company a “buy” rating in a research report on Thursday, October 3rd. Two equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $200.93.

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.