Sage Rhino Capital LLC Sells 3,588 Shares of General Electric (NYSE:GE)

Sage Rhino Capital LLC lowered its position in shares of General Electric (NYSE:GE) by 24.7% during the second quarter, HoldingsChannel reports. The fund owned 10,947 shares of the conglomerate’s stock after selling 3,588 shares during the quarter. Sage Rhino Capital LLC’s holdings in General Electric were worth $75,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Lehman & Derafelo Financial Resources LLC increased its position in General Electric by 15.2% during the 2nd quarter. Lehman & Derafelo Financial Resources LLC now owns 311,535 shares of the conglomerate’s stock worth $2,128,000 after purchasing an additional 41,000 shares in the last quarter. TradeLink Capital LLC acquired a new position in shares of General Electric in the 2nd quarter valued at about $119,000. Washington Trust Bank lifted its stake in shares of General Electric by 24.4% in the 2nd quarter. Washington Trust Bank now owns 25,521 shares of the conglomerate’s stock valued at $175,000 after purchasing an additional 5,000 shares in the last quarter. State of Michigan Retirement System lifted its stake in shares of General Electric by 6.4% in the 2nd quarter. State of Michigan Retirement System now owns 2,233,992 shares of the conglomerate’s stock valued at $15,258,000 after purchasing an additional 133,564 shares in the last quarter. Finally, M&T Bank Corp lifted its stake in shares of General Electric by 0.7% in the 2nd quarter. M&T Bank Corp now owns 3,313,746 shares of the conglomerate’s stock valued at $22,633,000 after purchasing an additional 22,997 shares in the last quarter. Hedge funds and other institutional investors own 61.93% of the company’s stock.

Shares of NYSE GE traded down $0.19 during trading on Friday, reaching $6.07. The stock had a trading volume of 142,731,657 shares, compared to its average volume of 71,095,600. General Electric has a one year low of $5.48 and a one year high of $13.26. The company has a debt-to-equity ratio of 2.05, a quick ratio of 1.69 and a current ratio of 2.21. The stock has a market cap of $53.09 billion, a PE ratio of -10.47 and a beta of 0.95. The firm’s 50 day moving average price is $6.90 and its two-hundred day moving average price is $8.33.

General Electric (NYSE:GE) last issued its quarterly earnings results on Wednesday, July 29th. The conglomerate reported ($0.15) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.09) by ($0.06). General Electric had a negative net margin of 5.10% and a positive return on equity of 7.94%. The firm had revenue of $17.75 billion during the quarter, compared to the consensus estimate of $17.27 billion. During the same quarter last year, the firm posted $0.17 earnings per share. General Electric’s revenue was down 38.4% compared to the same quarter last year. On average, research analysts expect that General Electric will post -0.01 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Monday, July 27th. Stockholders of record on Monday, June 29th were issued a $0.01 dividend. The ex-dividend date was Friday, June 26th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.66%. General Electric’s dividend payout ratio (DPR) is 6.15%.

Several equities analysts have recently weighed in on GE shares. Oppenheimer reaffirmed a “hold” rating on shares of General Electric in a research note on Friday, May 8th. Cfra lowered General Electric to a “hold” rating in a research report on Thursday, April 9th. Citigroup reduced their price target on General Electric from $11.00 to $9.00 and set a “buy” rating on the stock in a research report on Thursday, April 23rd. Zacks Investment Research lowered General Electric from a “hold” rating to a “sell” rating and set a $7.50 price target on the stock. in a research report on Friday, June 12th. Finally, Credit Suisse Group reduced their price target on General Electric from $9.00 to $8.00 and set a “neutral” rating on the stock in a research report on Thursday, April 30th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have assigned a buy rating to the stock. General Electric presently has an average rating of “Hold” and an average price target of $9.02.

About General Electric

General Electric Company operates as a high-tech industrial company worldwide. It operates through Power, Renewable Energy, Aviation, Oil & Gas, Healthcare, Transportation, Lighting, and Capital segments. The Power segment offers technologies, solutions, and services related to energy production, including gas and steam turbines, generators, and high voltage equipment; and power generation services.

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

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