CIBC Asset Management Inc Purchases 11,057 Shares of General Electric (NYSE:GE)

CIBC Asset Management Inc raised its holdings in General Electric (NYSE:GE) by 7.5% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 158,286 shares of the conglomerate’s stock after purchasing an additional 11,057 shares during the period. CIBC Asset Management Inc’s holdings in General Electric were worth $29,850,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. Dorsey & Whitney Trust CO LLC grew its stake in shares of General Electric by 1.9% in the first quarter. Dorsey & Whitney Trust CO LLC now owns 3,777 shares of the conglomerate’s stock worth $663,000 after purchasing an additional 72 shares during the last quarter. Tocqueville Asset Management L.P. increased its stake in shares of General Electric by 20.0% in the first quarter. Tocqueville Asset Management L.P. now owns 6,997 shares of the conglomerate’s stock valued at $1,228,000 after buying an additional 1,168 shares during the period. Banco Santander S.A. raised its position in shares of General Electric by 25.3% during the first quarter. Banco Santander S.A. now owns 4,906 shares of the conglomerate’s stock worth $861,000 after acquiring an additional 992 shares during the last quarter. First Foundation Advisors boosted its holdings in General Electric by 4.7% in the first quarter. First Foundation Advisors now owns 3,034 shares of the conglomerate’s stock valued at $533,000 after acquiring an additional 137 shares during the last quarter. Finally, Blue Barn Wealth LLC acquired a new stake in General Electric during the 1st quarter valued at approximately $224,000. Institutional investors and hedge funds own 74.77% of the company’s stock.

General Electric Stock Performance

Shares of GE opened at $176.89 on Friday. The company has a market capitalization of $191.45 billion, a price-to-earnings ratio of 31.09, a PEG ratio of 1.81 and a beta of 1.19. The company has a current ratio of 1.13, a quick ratio of 0.85 and a debt-to-equity ratio of 0.95. The stock has a 50 day moving average of $181.98 and a 200 day moving average of $170.48. General Electric has a 12 month low of $93.05 and a 12 month high of $194.80.

General Electric (NYSE:GE) last announced its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.15 EPS for the quarter, topping the consensus estimate of $1.13 by $0.02. General Electric had a net margin of 11.48% and a return on equity of 18.93%. The business had revenue of $9.84 billion for the quarter, compared to analyst estimates of $9.02 billion. During the same quarter in the previous year, the firm posted $0.82 earnings per share. The company’s revenue for the quarter was up 5.8% on a year-over-year basis. As a group, sell-side analysts forecast that General Electric will post 4.22 earnings per share for the current year.

General Electric Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Thursday, September 26th were paid a $0.28 dividend. The ex-dividend date was Thursday, September 26th. This represents a $1.12 annualized dividend and a dividend yield of 0.63%. General Electric’s payout ratio is presently 19.68%.

Insider Activity

In other General Electric news, SVP Riccardo Procacci sold 7,000 shares of General Electric stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $181.13, for a total transaction of $1,267,910.00. Following the completion of the transaction, the senior vice president now owns 13,289 shares of the company’s stock, valued at $2,407,036.57. The trade was a 34.50 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.66% of the company’s stock.

Analyst Upgrades and Downgrades

GE has been the subject of several recent analyst reports. Royal Bank of Canada decreased their price objective on shares of General Electric from $210.00 to $200.00 and set an “outperform” rating for the company in a research report on Wednesday, October 23rd. Bank of America boosted their price objective on General Electric from $180.00 to $200.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. UBS Group lifted their target price on General Electric from $223.00 to $230.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Sanford C. Bernstein increased their price target on General Electric from $201.00 to $225.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. Finally, Barclays lifted their price objective 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 research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $200.93.

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.