Augustine Asset Management Inc. Boosts Stake in General Electric Company (GE)

Augustine Asset Management Inc. boosted its stake in shares of General Electric Company (NYSE:GE) by 1.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 186,782 shares of the conglomerate’s stock after buying an additional 2,335 shares during the period. General Electric makes up 3.1% of Augustine Asset Management Inc.’s portfolio, making the stock its 9th largest position. Augustine Asset Management Inc.’s holdings in General Electric were worth $5,044,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the stock. Norges Bank purchased a new stake in shares of General Electric during the fourth quarter valued at $2,383,193,000. Harris Associates L P raised its stake in shares of General Electric by 26.4% in the first quarter. Harris Associates L P now owns 46,376,143 shares of the conglomerate’s stock valued at $1,382,009,000 after buying an additional 9,681,420 shares during the period. Schwab Charles Investment Management Inc. raised its stake in shares of General Electric by 2.9% in the first quarter. Schwab Charles Investment Management Inc. now owns 27,649,070 shares of the conglomerate’s stock valued at $823,943,000 after buying an additional 776,656 shares during the period. Teachers Advisors LLC raised its stake in shares of General Electric by 16.5% in the fourth quarter. Teachers Advisors LLC now owns 18,282,715 shares of the conglomerate’s stock valued at $577,734,000 after buying an additional 2,592,455 shares during the period. Finally, Bank of Montreal Can raised its stake in shares of General Electric by 11.0% in the second quarter. Bank of Montreal Can now owns 10,159,258 shares of the conglomerate’s stock valued at $274,401,000 after buying an additional 1,005,937 shares during the period. Institutional investors and hedge funds own 54.29% of the company’s stock.

General Electric Company (NYSE GE) traded down 0.40% on Friday, reaching $25.20. The company had a trading volume of 19,217,278 shares. The stock has a market capitalization of $218.18 billion, a price-to-earnings ratio of 30.69 and a beta of 1.21. The firm has a 50 day moving average price of $26.28 and a 200-day moving average price of $28.52. General Electric Company has a 12 month low of $25.19 and a 12 month high of $32.38.

General Electric (NYSE:GE) last posted its earnings results on Friday, July 21st. The conglomerate reported $0.28 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $0.03. The firm had revenue of $29.56 billion for the quarter, compared to analyst estimates of $29.07 billion. General Electric had a return on equity of 14.59% and a net margin of 6.45%. The company’s revenue for the quarter was down 11.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.51 earnings per share. Analysts forecast that General Electric Company will post $1.57 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 25th. Shareholders of record on Monday, June 19th were issued a dividend of $0.24 per share. The ex-dividend date of this dividend was Thursday, June 15th. This represents a $0.96 annualized dividend and a yield of 3.81%. General Electric’s dividend payout ratio is presently 118.52%.

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Several analysts have recently weighed in on GE shares. Deutsche Bank AG set a $24.00 price objective on General Electric and gave the company a “sell” rating in a report on Saturday, May 20th. Vetr lowered General Electric from a “strong-buy” rating to a “buy” rating and set a $30.48 price objective for the company. in a report on Tuesday, July 4th. Morgan Stanley restated an “equal weight” rating and issued a $26.00 price objective (down previously from $27.00) on shares of General Electric in a report on Monday, July 24th. Stifel Nicolaus upped their price objective on General Electric from $32.00 to $33.00 and gave the company a “buy” rating in a report on Tuesday, April 25th. Finally, Royal Bank Of Canada cut their price objective on General Electric from $36.00 to $35.00 and set an “outperform” rating for the company in a report on Monday, April 24th. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $30.08.

In other news, CEO John Leonard Flannery purchased 103,983 shares of the business’s stock in a transaction dated Tuesday, August 8th. The shares were bought at an average cost of $25.56 per share, for a total transaction of $2,657,805.48. Following the completion of the acquisition, the chief executive officer now directly owns 509,430 shares in the company, valued at approximately $13,021,030.80. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman Jeffrey R. Immelt purchased 100,000 shares of the business’s stock in a transaction dated Monday, May 15th. The stock was purchased at an average price of $28.07 per share, for a total transaction of $2,807,000.00. Following the completion of the acquisition, the chairman now owns 2,561,926 shares of the company’s stock, valued at $71,913,262.82. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 253,253 shares of company stock worth $6,770,864. Corporate insiders own 0.36% of the company’s stock.

General Electric Company Profile

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Institutional Ownership by Quarter for General Electric (NYSE:GE)

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