ARK Investment Management LLC Sells 4,486 Shares of General Electric (NYSE:GE)

ARK Investment Management LLC lessened its holdings in shares of General Electric (NYSE:GE) by 27.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 11,633 shares of the conglomerate’s stock after selling 4,486 shares during the quarter. ARK Investment Management LLC’s holdings in General Electric were worth $1,849,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Macroview Investment Management LLC boosted its stake in shares of General Electric by 37.9% in the 2nd quarter. Macroview Investment Management LLC now owns 211 shares of the conglomerate’s stock valued at $34,000 after buying an additional 58 shares during the period. New England Research & Management Inc. lifted its position in shares of General Electric by 2.2% during the 2nd quarter. New England Research & Management Inc. now owns 2,910 shares of the conglomerate’s stock worth $463,000 after purchasing an additional 63 shares during the last quarter. Choate Investment Advisors grew its stake in shares of General Electric by 0.4% during the first quarter. Choate Investment Advisors now owns 16,000 shares of the conglomerate’s stock worth $2,808,000 after purchasing an additional 65 shares in the last quarter. Walker Asset Management LLC increased its holdings in General Electric by 1.7% in the first quarter. Walker Asset Management LLC now owns 4,111 shares of the conglomerate’s stock valued at $722,000 after buying an additional 70 shares during the last quarter. Finally, Trust Co of the South raised its stake in General Electric by 1.2% in the second quarter. Trust Co of the South now owns 5,909 shares of the conglomerate’s stock valued at $939,000 after buying an additional 70 shares in the last quarter. 74.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

GE has been the subject of several analyst reports. UBS Group upped their price objective on General Electric from $201.00 to $209.00 and gave the company a “buy” rating in a research note on Monday, July 1st. StockNews.com cut shares of General Electric from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. JPMorgan Chase & Co. upped their price objective on General Electric from $148.00 to $175.00 and gave the company an “overweight” rating in a research report on Monday, May 13th. Royal Bank of Canada lifted their price objective on General Electric from $175.00 to $190.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. Finally, Barclays raised their price target on shares of General Electric from $175.00 to $200.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. Two equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, General Electric has a consensus rating of “Moderate Buy” and a consensus price target of $190.38.

General Electric Price Performance

General Electric stock traded down $0.19 during trading hours on Tuesday, hitting $171.03. 2,051,319 shares of the company traded hands, compared to its average volume of 6,787,098. General Electric has a 1-year low of $84.42 and a 1-year high of $177.20. The firm has a market cap of $187.21 billion, a P/E ratio of 56.09, a P/E/G ratio of 1.70 and a beta of 1.21. The firm’s 50-day simple moving average is $164.55 and its two-hundred day simple moving average is $161.91. The company has a quick ratio of 0.85, a current ratio of 1.14 and a debt-to-equity ratio of 0.95.

General Electric (NYSE:GE) last posted its quarterly earnings results on Tuesday, July 23rd. The conglomerate reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.99 by $0.21. The company had revenue of $9.09 billion for the quarter, compared to analysts’ expectations of $8.44 billion. General Electric had a return on equity of 16.07% and a net margin of 7.66%. The firm’s revenue was up 3.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.68 earnings per share. As a group, analysts forecast that General Electric will post 4.15 earnings per share for the current fiscal year.

General Electric Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 25th. Stockholders of record on Thursday, July 11th were issued a dividend of $0.28 per share. The ex-dividend date of this dividend was Thursday, July 11th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.65%. General Electric’s dividend payout ratio 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.