Thurston Springer Miller Herd & Titak Inc. Purchases New Position in General Electric (NYSE:GE)

Thurston Springer Miller Herd & Titak Inc. purchased a new stake in General Electric (NYSE:GE) during the second quarter, according to its most recent filing with the SEC. The firm purchased 1,377 shares of the conglomerate’s stock, valued at approximately $219,000.

Other hedge funds have also modified their holdings of the company. Capital World Investors raised its holdings in General Electric by 2,818.1% during the 1st quarter. Capital World Investors now owns 12,749,560 shares of the conglomerate’s stock worth $2,237,930,000 after buying an additional 12,312,648 shares during the period. Norges Bank acquired a new stake in General Electric during the 4th quarter worth approximately $1,193,159,000. Capital International Investors raised its holdings in shares of General Electric by 9.9% in the first quarter. Capital International Investors now owns 59,100,643 shares of the conglomerate’s stock valued at $10,373,936,000 after purchasing an additional 5,309,543 shares during the last quarter. Canada Pension Plan Investment Board raised its holdings in shares of General Electric by 221.6% in the first quarter. Canada Pension Plan Investment Board now owns 7,121,741 shares of the conglomerate’s stock valued at $1,250,079,000 after purchasing an additional 4,907,530 shares during the last quarter. Finally, WCM Investment Management LLC acquired a new stake in shares of General Electric in the fourth quarter valued at approximately $520,488,000. 74.77% of the stock is currently owned by institutional investors and hedge funds.

General Electric Stock Performance

GE stock traded up $3.83 during midday trading on Tuesday, reaching $162.19. 5,055,198 shares of the company were exchanged, compared to its average volume of 7,112,696. The business has a 50-day moving average price of $162.65 and a two-hundred day moving average price of $158.25. The firm has a market capitalization of $177.53 billion, a price-to-earnings ratio of 53.33, a price-to-earnings-growth ratio of 1.70 and a beta of 1.21. General Electric has a one year low of $84.42 and a one year high of $177.20. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.14 and a quick ratio of 0.85.

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

General Electric Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 25th. Stockholders of record on Thursday, July 11th were given a $0.28 dividend. 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 0.69%. General Electric’s payout ratio is presently 36.72%.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on GE. Jefferies Financial Group lifted their price objective on shares of General Electric from $185.00 to $190.00 and gave the company a “buy” rating in a report on Friday, June 28th. Bank of America raised their target price on shares of General Electric from $165.00 to $180.00 and gave the company a “buy” rating in a research note on Wednesday, April 24th. Wells Fargo & Company raised their target price on shares of General Electric from $192.00 to $205.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. UBS Group raised their target price 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. Finally, Barclays raised their target price 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. Two analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $185.71.

Insider Activity

In related news, SVP Russell Stokes sold 45,309 shares of the business’s stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $162.82, for a total value of $7,377,211.38. Following the completion of the transaction, the senior vice president now owns 112,958 shares of the company’s stock, valued at $18,391,821.56. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.66% of the stock is currently owned by company insiders.

General Electric 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.