Onyx Bridge Wealth Group LLC Reduces Stake in General Electric (NYSE:GE)

Onyx Bridge Wealth Group LLC reduced its stake in General Electric (NYSE:GE) by 3.2% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,939 shares of the conglomerate’s stock after selling 97 shares during the quarter. Onyx Bridge Wealth Group LLC’s holdings in General Electric were worth $554,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Tsfg LLC grew its holdings in shares of General Electric by 12.8% during the 3rd quarter. Tsfg LLC now owns 485 shares of the conglomerate’s stock worth $92,000 after purchasing an additional 55 shares during the period. Macroview Investment Management LLC grew its holdings in shares of General Electric by 37.9% during the 2nd quarter. Macroview Investment Management LLC now owns 211 shares of the conglomerate’s stock worth $34,000 after purchasing an additional 58 shares during the period. Strategic Advisors LLC grew its holdings in shares of General Electric by 2.6% during the 3rd quarter. Strategic Advisors LLC now owns 2,267 shares of the conglomerate’s stock worth $428,000 after purchasing an additional 58 shares during the period. Allegheny Financial Group LTD grew its holdings in shares of General Electric by 1.4% during the 2nd quarter. Allegheny Financial Group LTD now owns 4,489 shares of the conglomerate’s stock worth $714,000 after purchasing an additional 61 shares during the period. Finally, New England Research & Management Inc. grew its holdings in shares of General Electric by 2.2% during the 2nd quarter. New England Research & Management Inc. now owns 2,910 shares of the conglomerate’s stock worth $463,000 after purchasing an additional 63 shares during the period. 74.77% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently weighed in on GE. StockNews.com cut General Electric from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Wells Fargo & Company increased their price target on General Electric from $192.00 to $205.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Sanford C. Bernstein increased their target price on General Electric from $201.00 to $225.00 and gave the stock an “outperform” rating in a research note on Monday, October 14th. Royal Bank of Canada increased their target price on General Electric from $175.00 to $190.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. Finally, Jefferies Financial Group increased their target price on General Electric from $185.00 to $190.00 and gave the stock a “buy” rating in a research note 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, the company has an average rating of “Moderate Buy” and an average target price of $196.86.

General Electric Price Performance

Shares of NYSE GE opened at $192.51 on Friday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.85 and a current ratio of 1.14. General Electric has a fifty-two week low of $84.42 and a fifty-two week high of $194.80. The firm has a market capitalization of $210.72 billion, a PE ratio of 63.12, a price-to-earnings-growth ratio of 1.86 and a beta of 1.18. The stock’s 50-day simple moving average is $178.51 and its 200-day simple moving average is $167.21.

General Electric (NYSE:GE) last issued its earnings results on Tuesday, July 23rd. The conglomerate reported $1.20 earnings per share for the quarter, topping 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 business had revenue of $9.09 billion for the quarter, compared to analyst estimates of $8.44 billion. During the same quarter last year, the company earned $0.68 EPS. The business’s quarterly revenue 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 declared a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Thursday, September 26th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Thursday, September 26th. This represents a $1.12 dividend on an annualized basis and a yield of 0.58%. General Electric’s dividend payout ratio is presently 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.