Cary Street Partners Investment Advisory LLC raised its position in shares of General Electric (NYSE:GE – Free Report) by 14.7% in the second quarter, HoldingsChannel.com reports. The firm owned 2,229 shares of the conglomerate’s stock after buying an additional 285 shares during the period. Cary Street Partners Investment Advisory LLC’s holdings in General Electric were worth $245,000 at the end of the most recent reporting period.
Several other hedge funds also recently modified their holdings of the company. FMR LLC boosted its holdings in General Electric by 5.7% during the first quarter. FMR LLC now owns 63,795,835 shares of the conglomerate’s stock worth $6,098,882,000 after buying an additional 3,463,502 shares in the last quarter. State Street Corp boosted its stake in shares of General Electric by 17.3% during the 1st quarter. State Street Corp now owns 48,490,012 shares of the conglomerate’s stock worth $4,639,533,000 after acquiring an additional 7,157,356 shares in the last quarter. TCI Fund Management Ltd. acquired a new position in shares of General Electric in the 1st quarter worth $2,496,379,000. Geode Capital Management LLC raised its position in shares of General Electric by 1.7% during the first quarter. Geode Capital Management LLC now owns 19,272,027 shares of the conglomerate’s stock worth $1,837,514,000 after purchasing an additional 319,196 shares during the period. Finally, Moneta Group Investment Advisors LLC lifted its holdings in shares of General Electric by 122,242.2% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 13,438,063 shares of the conglomerate’s stock valued at $878,644,000 after purchasing an additional 13,427,079 shares during the last quarter. 74.83% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
GE has been the topic of several recent analyst reports. Royal Bank of Canada boosted their price objective on General Electric from $130.00 to $131.00 and gave the stock an “outperform” rating in a report on Wednesday, October 25th. Oppenheimer downgraded shares of General Electric from an “outperform” rating to a “market perform” rating in a research report on Monday, July 31st. Barclays lifted their price objective on shares of General Electric from $131.00 to $133.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 25th. Argus increased their target price on General Electric from $112.00 to $130.00 and gave the company a “buy” rating in a report on Wednesday, July 26th. Finally, Morgan Stanley lifted their price target on General Electric from $122.00 to $125.00 and gave the company an “overweight” rating in a report on Thursday, August 10th. Three research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $122.93.
General Electric Stock Performance
Shares of NYSE GE opened at $120.08 on Tuesday. General Electric has a 12 month low of $59.57 and a 12 month high of $120.74. The company has a quick ratio of 0.82, a current ratio of 1.17 and a debt-to-equity ratio of 0.65. The company has a market cap of $130.69 billion, a P/E ratio of 13.54, a P/E/G ratio of 3.28 and a beta of 1.26. The business’s 50 day moving average is $111.82 and its two-hundred day moving average is $109.72.
General Electric (NYSE:GE – Get Free Report) last released its earnings results on Tuesday, October 24th. The conglomerate reported $0.82 EPS for the quarter, beating the consensus estimate of $0.56 by $0.26. General Electric had a net margin of 14.38% and a return on equity of 11.10%. The firm had revenue of $17.35 billion during the quarter, compared to analysts’ expectations of $15.46 billion. During the same period in the prior year, the company earned $0.35 EPS. The business’s quarterly revenue was up 19.9% compared to the same quarter last year. On average, equities analysts expect that General Electric will post 2.65 EPS for the current year.
General Electric Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Wednesday, October 25th. Shareholders of record on Tuesday, September 26th were issued a $0.08 dividend. The ex-dividend date was Monday, September 25th. This represents a $0.32 annualized dividend and a yield of 0.27%. General Electric’s dividend payout ratio (DPR) is 3.61%.
About General Electric
General Electric Company operates as a high-tech industrial company in Europe, China, Asia, the Americas, the Middle East, and Africa. It offers gas and steam turbines, full balance of plant, upgrade, and service solutions, as well as data-leveraging software for power generation, industrial, government, and other customers.
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