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Financial Advocates Investment Management Buys 3,039 Shares of General Electric (NYSE:GE)

By August 31, 2019 No Comments

Financial Advocates Investment Management increased its stake in shares of General Electric (NYSE:GE) by 6.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 53,746 shares of the conglomerate’s stock after purchasing an additional 3,039 shares during the quarter. Financial Advocates Investment Management’s holdings in General Electric were worth $564,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Abbot Financial Management Inc. boosted its stake in General Electric by 17.6% in the second quarter. Abbot Financial Management Inc. now owns 23,489 shares of the conglomerate’s stock valued at $247,000 after acquiring an additional 3,522 shares during the last quarter. Vicus Capital boosted its stake in General Electric by 1.3% in the second quarter. Vicus Capital now owns 181,320 shares of the conglomerate’s stock valued at $1,904,000 after acquiring an additional 2,382 shares during the last quarter. Van Hulzen Asset Management LLC boosted its stake in General Electric by 360.1% in the second quarter. Van Hulzen Asset Management LLC now owns 869,058 shares of the conglomerate’s stock valued at $9,125,000 after acquiring an additional 680,186 shares during the last quarter. Clearstead Advisors LLC boosted its stake in General Electric by 3.6% in the second quarter. Clearstead Advisors LLC now owns 130,146 shares of the conglomerate’s stock valued at $1,367,000 after acquiring an additional 4,472 shares during the last quarter. Finally, Rational Advisors LLC boosted its stake in General Electric by 100.9% in the second quarter. Rational Advisors LLC now owns 31,907 shares of the conglomerate’s stock valued at $335,000 after acquiring an additional 16,027 shares during the last quarter. 58.85% of the stock is currently owned by institutional investors and hedge funds.

In related news, Chairman H Lawrence Culp, Jr. acquired 331,684 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The shares were acquired at an average cost of $9.04 per share, for a total transaction of $2,998,423.36. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Leslie Seidman acquired 6,500 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were bought at an average price of $7.80 per share, for a total transaction of $50,700.00. Following the completion of the acquisition, the director now owns 6,500 shares of the company’s stock, valued at $50,700. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 801,068 shares of company stock worth $6,954,745. Company insiders own 1.13% of the company’s stock.

GE opened at $8.25 on Friday. The firm’s fifty day moving average is $9.43 and its two-hundred day moving average is $9.84. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.44 and a current ratio of 1.73. The firm has a market cap of $69.29 billion, a PE ratio of 12.69, a price-to-earnings-growth ratio of 1.72 and a beta of 1.03. General Electric has a twelve month low of $6.66 and a twelve month high of $13.78.

General Electric (NYSE:GE) last posted its earnings results on Wednesday, July 31st. The conglomerate reported $0.17 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.12 by $0.05. The company had revenue of $28.83 billion for the quarter, compared to analyst estimates of $28.83 billion. General Electric had a negative net margin of 15.38% and a positive return on equity of 10.64%. The business’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same period last year, the business posted $0.19 earnings per share. Equities analysts forecast that General Electric will post 0.62 EPS for the current fiscal year.

A number of equities analysts have issued reports on GE shares. William Blair reaffirmed a “buy” rating on shares of General Electric in a research note on Friday, August 16th. JPMorgan Chase & Co. reaffirmed a “sell” rating on shares of General Electric in a research note on Wednesday, July 31st. Citigroup set a $14.00 price objective on shares of General Electric and gave the company a “buy” rating in a research note on Friday, August 16th. UBS Group cut shares of General Electric from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $13.00 to $11.50 in a research note on Monday, July 15th. Finally, ValuEngine cut shares of General Electric from a “hold” rating to a “sell” rating in a research note on Thursday, August 22nd. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and eight have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $11.68.

General Electric Profile

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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