Oliver Luxxe Assets LLC Raises Stake in General Electric (NYSE:GE)

Oliver Luxxe Assets LLC lifted its position in shares of General Electric (NYSE:GE) by 16.0% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 34,468 shares of the conglomerate’s stock after purchasing an additional 4,752 shares during the quarter. General Electric comprises approximately 1.2% of Oliver Luxxe Assets LLC’s holdings, making the stock its 19th largest holding. Oliver Luxxe Assets LLC’s holdings in General Electric were worth $6,500,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Capital International Investors boosted its holdings in General Electric by 9.9% in the 1st quarter. Capital International Investors now owns 59,100,643 shares of the conglomerate’s stock worth $10,373,936,000 after acquiring an additional 5,309,543 shares during the period. Newport Trust Company LLC purchased a new position in General Electric in the 2nd quarter worth approximately $2,613,332,000. Capital World Investors boosted its holdings in General Electric by 2,818.1% in the 1st quarter. Capital World Investors now owns 12,749,560 shares of the conglomerate’s stock worth $2,237,930,000 after acquiring an additional 12,312,648 shares during the period. Legal & General Group Plc boosted its holdings in General Electric by 5.8% in the 2nd quarter. Legal & General Group Plc now owns 8,405,731 shares of the conglomerate’s stock worth $1,336,257,000 after acquiring an additional 459,201 shares during the period. Finally, Canada Pension Plan Investment Board boosted its holdings in General Electric by 221.6% in the 1st quarter. Canada Pension Plan Investment Board now owns 7,121,741 shares of the conglomerate’s stock worth $1,250,079,000 after acquiring an additional 4,907,530 shares during the period. Hedge funds and other institutional investors own 74.77% of the company’s stock.

General Electric Stock Performance

General Electric stock opened at $191.16 on Monday. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.14 and a quick ratio of 0.85. The company has a market cap of $209.25 billion, a PE ratio of 62.68, a P/E/G ratio of 1.86 and a beta of 1.18. General Electric has a 12 month low of $84.42 and a 12 month high of $191.76. The company has a fifty day moving average price of $175.61 and a two-hundred day moving average price of $166.50.

General Electric (NYSE:GE) last posted 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 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 quarterly revenue was up 3.9% compared to the same quarter last year. During the same period last year, the business posted $0.68 earnings per share. Research analysts expect that General Electric will post 4.2 earnings per share for the current year.

General Electric Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Thursday, September 26th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 0.59%. The ex-dividend date is Thursday, September 26th. General Electric’s payout ratio is 36.72%.

Analyst Ratings Changes

Several equities analysts have recently commented on GE shares. Barclays increased their target price on General Electric from $175.00 to $200.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. Citigroup increased their target price on General Electric from $198.00 to $216.00 and gave the company a “buy” rating in a research note on Thursday. Sanford C. Bernstein started coverage on General Electric in a research note on Tuesday, September 10th. They set an “outperform” rating and a $201.00 target price for the company. Jefferies Financial Group increased their target price on General Electric from $185.00 to $190.00 and gave the company a “buy” rating in a research note on Friday, June 28th. Finally, StockNews.com cut General Electric from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Two research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $195.14.

About General Electric

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.