Abacus Wealth Partners LLC Sells 62 Shares of General Electric (NYSE:GE)

Abacus Wealth Partners LLC reduced its stake in shares of General Electric (NYSE:GE) by 4.0% in the third quarter, according to its most recent filing with the SEC. The fund owned 1,474 shares of the conglomerate’s stock after selling 62 shares during the period. Abacus Wealth Partners LLC’s holdings in General Electric were worth $278,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. Studio Investment Management LLC lifted its stake in General Electric by 97.5% in the second quarter. Studio Investment Management LLC now owns 158 shares of the conglomerate’s stock worth $25,000 after purchasing an additional 78 shares during the last quarter. MFA Wealth Advisors LLC bought a new stake in General Electric in the second quarter worth $31,000. Kapitalo Investimentos Ltda bought a new stake in General Electric in the fourth quarter worth $32,000. Financial Connections Group Inc. bought a new stake in General Electric in the second quarter worth $32,000. Finally, Richardson Financial Services Inc. bought a new stake in General Electric in the first quarter worth $34,000. 74.77% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Deutsche Bank Aktiengesellschaft upped their price objective on shares of General Electric from $212.00 to $235.00 and gave the company a “buy” rating in a research note on Thursday. Barclays upped their price objective on shares of General Electric from $175.00 to $200.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. UBS Group upped their price objective on shares of General Electric from $201.00 to $209.00 and gave the company a “buy” rating in a research note on Monday, July 1st. Sanford C. Bernstein assumed coverage on shares of General Electric in a research note on Tuesday, September 10th. They set an “outperform” rating and a $201.00 price objective for the company. Finally, Royal Bank of Canada upped their price objective on shares of General Electric from $175.00 to $190.00 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. Two research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $193.00.

General Electric Price Performance

Shares of GE opened at $183.89 on Friday. The firm’s 50-day simple moving average is $173.17 and its two-hundred day simple moving average is $169.67. The stock has a market cap of $201.29 billion, a PE ratio of 60.29, a price-to-earnings-growth ratio of 1.87 and a beta of 1.18. General Electric has a fifty-two week low of $84.42 and a fifty-two week high of $190.88. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.85 and a current ratio of 1.14.

General Electric (NYSE:GE) last issued its earnings results on Tuesday, July 23rd. The conglomerate reported $1.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.99 by $0.21. The firm had revenue of $9.09 billion for the quarter, compared to the consensus estimate of $8.44 billion. General Electric had a net margin of 7.66% and a return on equity of 16.07%. The business’s revenue was up 3.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.68 earnings per share. Analysts anticipate that General Electric will post 4.2 earnings per share for the current fiscal year.

General Electric Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Thursday, September 26th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Thursday, September 26th. This represents a $1.12 dividend on an annualized basis and a yield of 0.61%. General Electric’s dividend payout ratio (DPR) is 36.72%.

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.