Gabelli Funds LLC Has $15.46 Million Position in General Electric (NYSE:GE)

Gabelli Funds LLC raised its stake in General Electric (NYSE:GE) by 64.8% during the 1st quarter, Holdings Channel.com reports. The firm owned 88,100 shares of the conglomerate’s stock after buying an additional 34,650 shares during the period. Gabelli Funds LLC’s holdings in General Electric were worth $15,464,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of GE. Choate Investment Advisors lifted its position in General Electric by 0.4% during the first quarter. Choate Investment Advisors now owns 16,000 shares of the conglomerate’s stock worth $2,808,000 after purchasing an additional 65 shares during the period. Walker Asset Management LLC lifted its position in General Electric by 1.7% during the first quarter. Walker Asset Management LLC now owns 4,111 shares of the conglomerate’s stock worth $722,000 after purchasing an additional 70 shares during the period. BKM Wealth Management LLC lifted its position in General Electric by 2.6% during the first quarter. BKM Wealth Management LLC now owns 2,821 shares of the conglomerate’s stock worth $495,000 after purchasing an additional 72 shares during the period. Dorsey & Whitney Trust CO LLC lifted its position in General Electric by 1.9% during 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 period. Finally, Great Valley Advisor Group Inc. lifted its position in General Electric by 1.7% during the fourth quarter. Great Valley Advisor Group Inc. now owns 4,316 shares of the conglomerate’s stock worth $550,000 after purchasing an additional 74 shares during the period. 74.77% of the stock is currently owned by institutional investors and hedge funds.

General Electric Trading Up 3.1 %

Shares of GE stock traded up $5.14 during trading hours on Friday, hitting $169.81. 7,297,730 shares of the company were exchanged, compared to its average volume of 5,743,017. The firm has a market cap of $184.13 billion, a P/E ratio of 55.68, a P/E/G ratio of 1.76 and a beta of 1.21. General Electric has a fifty-two week low of $84.42 and a fifty-two week high of $177.20. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.82 and a current ratio of 1.14. The company has a 50 day simple moving average of $162.35 and a two-hundred day simple moving average of $156.49.

General Electric (NYSE:GE) last issued its earnings results on Tuesday, July 23rd. The conglomerate reported $1.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $8.44 billion. During the same period last year, the business earned $0.68 EPS. General Electric’s quarterly revenue was up 3.9% compared to the same quarter last year. Equities analysts anticipate that General Electric will post 4.13 EPS for the current year.

General Electric Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, July 25th. Investors of record on Thursday, July 11th were issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.66%. The ex-dividend date was Thursday, July 11th. General Electric’s dividend payout ratio is currently 36.72%.

Insider Buying and Selling

In related news, SVP Russell Stokes sold 45,309 shares of the stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $162.82, for a total value of $7,377,211.38. Following the transaction, the senior vice president now directly owns 112,958 shares in the company, valued at approximately $18,391,821.56. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.66% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities research analysts recently weighed in on GE shares. TD Cowen raised shares of General Electric from a “hold” rating to a “buy” rating and upped their price objective for the stock from $175.00 to $180.00 in a research report on Tuesday, April 9th. Bank of America increased their target price on shares of General Electric from $165.00 to $180.00 and gave the company a “buy” rating in a research report on Wednesday, April 24th. Barclays decreased their target price on shares of General Electric from $181.00 to $175.00 and set an “overweight” rating for the company in a research report on Wednesday, April 3rd. JPMorgan Chase & Co. increased their target price on shares of General Electric from $148.00 to $175.00 and gave the company an “overweight” rating in a research report on Monday, May 13th. Finally, Jefferies Financial Group increased their target price on shares of General Electric from $185.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, June 28th. Two investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $183.93.

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.