Main Street Financial Solutions LLC Sells 675 Shares of General Electric (NYSE:GE)

Main Street Financial Solutions LLC cut its stake in General Electric (NYSE:GE) by 26.5% in the third quarter, Holdings Channel.com reports. The firm owned 1,872 shares of the conglomerate’s stock after selling 675 shares during the period. Main Street Financial Solutions LLC’s holdings in General Electric were worth $353,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently bought and sold shares of GE. Orion Portfolio Solutions LLC lifted its holdings in shares of General Electric by 8.8% during the 1st quarter. Orion Portfolio Solutions LLC now owns 38,147 shares of the conglomerate’s stock worth $6,696,000 after acquiring an additional 3,095 shares during the period. Dorsey & Whitney Trust CO LLC grew its position in General Electric by 1.9% in the first quarter. Dorsey & Whitney Trust CO LLC now owns 3,777 shares of the conglomerate’s stock valued at $663,000 after acquiring an additional 72 shares during the period. Tocqueville Asset Management L.P. raised its stake in General Electric by 20.0% during the first quarter. Tocqueville Asset Management L.P. now owns 6,997 shares of the conglomerate’s stock worth $1,228,000 after acquiring an additional 1,168 shares in the last quarter. Banco Santander S.A. raised its stake in General Electric by 25.3% during the first quarter. Banco Santander S.A. now owns 4,906 shares of the conglomerate’s stock worth $861,000 after acquiring an additional 992 shares in the last quarter. Finally, Prevail Innovative Wealth Advisors LLC bought a new position in shares of General Electric during the first quarter valued at $2,323,000. 74.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Deutsche Bank Aktiengesellschaft upped their target price on shares of General Electric from $212.00 to $235.00 and gave the stock a “buy” rating in a report on Thursday, October 3rd. Royal Bank of Canada cut their target price on shares of General Electric from $210.00 to $200.00 and set an “outperform” rating for the company in a research note on Wednesday, October 23rd. UBS Group increased their price target on General Electric from $223.00 to $230.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Sanford C. Bernstein boosted their price objective on General Electric from $201.00 to $225.00 and gave the stock an “outperform” rating in a research note on Monday, October 14th. Finally, Bank of America lifted their price target on General Electric from $180.00 to $200.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Two investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, General Electric presently has an average rating of “Moderate Buy” and an average target price of $200.93.

Insider Activity

In related news, SVP Riccardo Procacci sold 7,000 shares of the stock in a transaction that occurred 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 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.66% of the stock is owned by company insiders.

General Electric Trading Down 2.8 %

Shares of NYSE GE opened at $178.38 on Friday. General Electric has a fifty-two week low of $92.58 and a fifty-two week high of $194.80. The firm has a market capitalization of $193.06 billion, a P/E ratio of 31.35, a P/E/G ratio of 1.80 and a beta of 1.19. 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’s 50 day simple moving average is $181.69 and its 200 day simple moving average is $170.43.

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

General Electric Dividend Announcement

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

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.