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General Electric Discloses It Now Owns About 25% of Baker Hughes Stock

General Electric discloses in a filing that its share of Baker Hughes stock has dropped to 25.7%, or 267.75 million shares.
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General Electric  (GE) - Get General Electric Company Report disclosed in a Securities and Exchange Commission filing Friday that its share of Baker Hughes stock has dropped to 25.7%, or 267.75 million shares, from 30.1%, or 311.43 million shares, at the end of January.

That could mean GE garnered almost $1 billion for the shares it sold during the period.

Using data from FactSet, MarketWatch tabulated that based on a volume-weighted average closing price of Baker Hughes stock from Jan. 25 through April 29 of $22.11, the 43.69 million Baker Hughes shares GE sold would have brought it $965.92 million.

General Electric shares traded Thursday at $13.13, down 0.61%, close to the S&P 500’s 0.68% dip. Baker Hughes recently traded at $20.24, down 1.44%, as oil prices dropped Friday.

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GE, beset by financial woes in recent years, said last July that it would "fully monetize" its Baker Hughes stake during the next three years. It then owned 36.5% of the company. 

General Electric's ownership stake of Baker Hughes now comes to about $5.4 billion.

General Electric posted stronger-than-expected first-quarter profit earlier this week, but repeated its full-year profit forecast amid a continued slump in aviation.

Adjusted earnings totaled 3 cents a share, down from 5 cents from a year earlier, but better than analysts’ consensus estimates of 1 cent a share. Revenue fell 16.6% to $17.1 billion, trailing analysts' estimates of $17.52 billion.

TheStreet's Bret Kenwell saw the stock as a buying opportunity for aggressive bulls Tuesday, when General Electric fell almost 4% after the earnings report.