Summit Financial Strategies Inc. Makes New Investment in General Electric (NYSE:GE)

Summit Financial Strategies Inc. acquired a new position in shares of General Electric (NYSE:GE) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 1,062 shares of the conglomerate’s stock, valued at approximately $200,000.

Other hedge funds have also modified their holdings of the company. Studio Investment Management LLC grew its holdings in shares of General Electric by 97.5% during the second quarter. Studio Investment Management LLC now owns 158 shares of the conglomerate’s stock worth $25,000 after buying an additional 78 shares in the last quarter. MFA Wealth Advisors LLC acquired a new position in General Electric during the second quarter valued at approximately $31,000. Kapitalo Investimentos Ltda acquired a new position in General Electric during the fourth quarter valued at approximately $32,000. Financial Connections Group Inc. acquired a new position in General Electric during the second quarter valued at approximately $32,000. Finally, Richardson Financial Services Inc. acquired a new position in General Electric during the first quarter valued at approximately $34,000. 74.77% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently commented on GE shares. StockNews.com cut General Electric from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Royal Bank of Canada raised their price objective on General Electric from $175.00 to $190.00 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. Sanford C. Bernstein raised their price objective on General Electric from $201.00 to $225.00 and gave the company an “outperform” rating in a research report on Monday. Deutsche Bank Aktiengesellschaft raised their price objective on General Electric from $212.00 to $235.00 and gave the company a “buy” rating in a research report on Thursday, October 3rd. Finally, Barclays raised their price objective on General Electric from $175.00 to $200.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Two analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $196.86.

General Electric Price Performance

Shares of NYSE GE traded up $0.81 during mid-day trading on Thursday, hitting $192.99. 840,001 shares of the stock traded hands, compared to its average volume of 6,341,038. 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 has a twelve month low of $84.42 and a twelve month high of $194.80. The company has a market cap of $211.25 billion, a PE ratio of 63.32, a price-to-earnings-growth ratio of 1.86 and a beta of 1.18. The firm has a 50 day simple moving average of $177.46 and a two-hundred day simple moving average of $166.91.

General Electric (NYSE:GE) last released its quarterly earnings data on Tuesday, July 23rd. The conglomerate reported $1.20 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.21. General Electric had a return on equity of 16.07% and a net margin of 7.66%. The company had revenue of $9.09 billion for the quarter, compared to the consensus estimate of $8.44 billion. During the same quarter last year, the business posted $0.68 EPS. General Electric’s revenue for the quarter was up 3.9% on a year-over-year basis. As a group, equities research analysts forecast that General Electric will post 4.2 EPS for the current fiscal year.

General Electric Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Thursday, September 26th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 0.58%. The ex-dividend date of this dividend is Thursday, September 26th. General Electric’s dividend payout ratio (DPR) is 36.72%.

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.