Summit Capital Management Lowers stake in General Electric Company (GE)

General Electric Company (GE) : Summit Capital Management reduced its stake in General Electric Company by 8.39% during the most recent quarter end. The investment management company now holds a total of 185,952 shares of General Electric Company which is valued at $5.5 Million after selling 17,023 shares in General Electric Company , the firm said in a disclosure report filed with the SEC on May 11, 2016.General Electric Company makes up approximately 2.49% of Summit Capital Management’s portfolio.

Other Hedge Funds, Including , Mufg Americas Holdings Corp boosted its stake in GE in the latest quarter, The investment management firm added 51,675 additional shares and now holds a total of 2,320,320 shares of General Electric Company which is valued at $68.8 Million. General Electric Company makes up approx 2.45% of Mufg Americas Holdings Corp’s portfolio.Capital Investment Counsel Inc reduced its stake in GE by selling 4,328 shares or 4.04% in the most recent quarter. The Hedge Fund company now holds 102,917 shares of GE which is valued at $3.1 Million. General Electric Company makes up approx 1.64% of Capital Investment Counsel Inc’s portfolio.Capital Advisors Incok boosted its stake in GE in the latest quarter, The investment management firm added 2,910 additional shares and now holds a total of 415,083 shares of General Electric Company which is valued at $12.5 Million. General Electric Company makes up approx 2.01% of Capital Advisors Incok’s portfolio.Outfitter Advisors Ltd. reduced its stake in GE by selling 150 shares or 0.06% in the most recent quarter. The Hedge Fund company now holds 271,811 shares of GE which is valued at $8.4 Million. General Electric Company makes up approx 3.32% of Outfitter Advisors Ltd.’s portfolio.

General Electric Company opened for trading at $29.55 and hit $30.13 on the upside on Monday, eventually ending the session at $29.96, with a gain of 1.08% or 0.32 points. The heightened volatility saw the trading volume jump to 2,56,98,303 shares. Company has a market cap of $275,502 M.

On the company’s financial health, General Electric Company reported $0.21 EPS for the quarter, beating the analyst consensus estimate by $ 0.02 according to the earnings call on Apr 22, 2016. Analyst had a consensus of $0.19. The company had revenue of $27597.00 million for the quarter, compared to analysts expectations of $27966.34 million. The company’s revenue was up 6.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.31 EPS.

Many Wall Street Analysts have commented on General Electric Company. General Electric Company was Resumed by JP Morgan to “Underweight” on May 12, 2016. Company shares were Reiterated by UBS on May 5, 2016 to “Buy”, Firm has raised the Price Target to $ 34 from a previous price target of $32 .Shares were Reiterated by Stifel on Apr 26, 2016 to “Buy” and Lowered the Price Target to $ 34 from a previous price target of $36 .

General Electric Company (GE) is a diversified infrastructure and financial services company. The products and services of the Company range from aircraft engines power generation oil and gas production equipment and household appliances to medical imaging business and consumer financing and industrial products. The Company operates its segments through its eight businesses -based on the markets they serve: Power & Water Oil & Gas Energy Management Aviation Healthcare Transportation Appliances and Lighting and GE Capital. GE Capital operates the following businesses: Commercial Lending and Leasing Consumer Real Estate Energy Financial Services and GE Capital Aviation Services. The Company operates in approximately 175 countries.

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