CWS Financial Advisors LLC purchased a new position in General Electric (NYSE:GE – Free Report) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 1,258 shares of the conglomerate’s stock, valued at approximately $237,000.
A number of other hedge funds and other institutional investors also recently made changes to their positions in GE. Newport Trust Company LLC purchased a new position in shares of General Electric in the 2nd quarter worth about $2,613,332,000. Jennison Associates LLC lifted its holdings in General Electric by 91.8% during the third quarter. Jennison Associates LLC now owns 7,771,759 shares of the conglomerate’s stock valued at $1,465,598,000 after purchasing an additional 3,719,894 shares during the last quarter. Massachusetts Financial Services Co. MA purchased a new stake in General Electric during the second quarter valued at about $580,200,000. International Assets Investment Management LLC lifted its holdings in General Electric by 21,069.8% during the third quarter. International Assets Investment Management LLC now owns 3,173,142 shares of the conglomerate’s stock valued at $598,391,000 after purchasing an additional 3,158,153 shares during the last quarter. Finally, Wulff Hansen & CO. lifted its holdings in General Electric by 18,693.9% during the second quarter. Wulff Hansen & CO. now owns 1,614,022 shares of the conglomerate’s stock valued at $256,581,000 after purchasing an additional 1,605,434 shares during the last quarter. 74.77% of the stock is owned by hedge funds and other institutional investors.
Insider Buying and Selling
In other General Electric news, SVP Riccardo Procacci sold 7,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $181.13, for a total transaction of $1,267,910.00. Following the transaction, the senior vice president now directly owns 13,289 shares in the company, valued at $2,407,036.57. This trade represents a 34.50 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Russell Stokes sold 15,550 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $178.29, for a total transaction of $2,772,409.50. Following the transaction, the senior vice president now owns 148,857 shares in the company, valued at $26,539,714.53. The trade was a 9.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.66% of the stock is owned by company insiders.
General Electric Stock Down 2.2 %
General Electric (NYSE:GE – Get Free Report) last posted its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.15 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.02. The company had revenue of $9.84 billion for the quarter, compared to analysts’ expectations of $9.02 billion. General Electric had a net margin of 11.48% and a return on equity of 18.93%. General Electric’s revenue for the quarter was up 5.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.82 earnings per share. Sell-side analysts predict that General Electric will post 4.24 EPS for the current fiscal year.
General Electric Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Thursday, September 26th were given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 0.62%. The ex-dividend date of this dividend was Thursday, September 26th. General Electric’s dividend payout ratio (DPR) is 19.68%.
Analyst Upgrades and Downgrades
Several research firms have commented on GE. Wells Fargo & Company upped their price objective on shares of General Electric from $205.00 to $210.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. UBS Group upped their price objective on shares of General Electric from $223.00 to $230.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Bank of America upped their price objective on shares of General Electric from $180.00 to $200.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Melius Research increased their price target on shares of General Electric from $194.00 to $202.00 in a report on Tuesday, October 22nd. Finally, Sanford C. Bernstein increased their price target on shares of General Electric from $201.00 to $225.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. Two investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, General Electric presently has a consensus rating of “Moderate Buy” and an average price target of $200.93.
Get Our Latest Stock Report on GE
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.
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