Cornerstone Advisors LLC Boosts Stake in General Electric (NYSE:GE)

Cornerstone Advisors LLC raised its position in General Electric (NYSE:GE) by 1.6% during the third quarter, HoldingsChannel.com reports. The firm owned 50,500 shares of the conglomerate’s stock after buying an additional 800 shares during the quarter. Cornerstone Advisors LLC’s holdings in General Electric were worth $9,523,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Catalyst Capital Advisors LLC increased its holdings in General Electric by 117.7% in the 3rd quarter. Catalyst Capital Advisors LLC now owns 270 shares of the conglomerate’s stock valued at $51,000 after purchasing an additional 146 shares in the last quarter. Mackenzie Financial Corp grew its stake in shares of General Electric by 10.5% in the second quarter. Mackenzie Financial Corp now owns 603,988 shares of the conglomerate’s stock valued at $96,016,000 after buying an additional 57,372 shares in the last quarter. Marietta Investment Partners LLC purchased a new stake in shares of General Electric during the 2nd quarter valued at about $1,569,000. GAMMA Investing LLC raised its holdings in shares of General Electric by 25.4% during the 2nd quarter. GAMMA Investing LLC now owns 16,999 shares of the conglomerate’s stock valued at $2,702,000 after buying an additional 3,442 shares during the period. Finally, Senator Investment Group LP acquired a new position in General Electric during the 2nd quarter worth approximately $34,973,000. 74.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on GE. Bank of America lifted their price objective on shares of 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 price target on shares of General Electric from $223.00 to $230.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Melius Research upped their price objective on shares of General Electric from $194.00 to $202.00 in a research report on Tuesday, October 22nd. Barclays lifted their target price on General Electric from $175.00 to $200.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. Finally, Royal Bank of Canada cut their price target on General Electric from $210.00 to $200.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 23rd. Two equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $200.93.

Insider Buying and Selling at General Electric

In other General Electric news, SVP Russell Stokes sold 15,550 shares of the business’s stock in a transaction 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 sale, the senior vice president now directly owns 148,857 shares of the company’s stock, valued at $26,539,714.53. The trade was a 9.46 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Riccardo Procacci sold 7,000 shares of the company’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $181.13, for a total value 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. The trade was a 34.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.66% of the stock is owned by corporate insiders.

General Electric Trading Up 0.2 %

NYSE:GE opened at $177.98 on Thursday. The stock has a market cap of $192.63 billion, a price-to-earnings ratio of 31.28, a PEG ratio of 1.75 and a beta of 1.19. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.85 and a current ratio of 1.13. General Electric has a 1 year low of $94.54 and a 1 year high of $194.80. The business has a fifty day moving average of $182.98 and a 200-day moving average of $170.96.

General Electric (NYSE:GE) last posted its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.15 EPS for the quarter, beating analysts’ consensus estimates 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 last year, the business earned $0.82 earnings per share. The business’s revenue for the quarter was up 5.8% on a year-over-year basis. Equities analysts predict that General Electric will post 4.24 earnings per share for the current year.

General Electric Announces Dividend

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

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.