Skye Global Management LP Has $284.38 Million Stake in General Electric (NYSE:GE)

Skye Global Management LP trimmed its position in General Electric (NYSE:GE) by 3.9% during the 3rd quarter, HoldingsChannel reports. The firm owned 1,508,000 shares of the conglomerate’s stock after selling 62,000 shares during the quarter. General Electric accounts for about 6.9% of Skye Global Management LP’s investment portfolio, making the stock its 2nd largest holding. Skye Global Management LP’s holdings in General Electric were worth $284,379,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Studio Investment Management LLC raised its holdings in shares of General Electric by 97.5% during the 2nd quarter. Studio Investment Management LLC now owns 158 shares of the conglomerate’s stock worth $25,000 after acquiring an additional 78 shares in the last quarter. Toth Financial Advisory Corp purchased a new stake in General Electric during the third quarter valued at $25,000. Valley Wealth Managers Inc. bought a new position in General Electric during the third quarter valued at $25,000. O Brien Wealth Partners LLC purchased a new position in shares of General Electric in the 3rd quarter worth $27,000. Finally, Peterson Financial Group Inc. purchased a new position in shares of General Electric in the 3rd quarter worth $28,000. 74.77% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently issued reports on GE. Bank of America upped their target price on shares of General Electric from $180.00 to $200.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. UBS Group raised their price objective on General Electric from $223.00 to $230.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Royal Bank of Canada dropped their target price on General Electric from $210.00 to $200.00 and set an “outperform” rating for the company in a report on Wednesday, October 23rd. Sanford C. Bernstein increased their price target on General Electric from $201.00 to $225.00 and gave the company an “outperform” rating in a report on Monday, October 14th. Finally, Wells Fargo & Company lifted their price objective on shares of General Electric from $205.00 to $210.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. Two equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, General Electric has a consensus rating of “Moderate Buy” and a consensus price target of $200.93.

General Electric Stock Down 2.2 %

Shares of NYSE:GE opened at $180.60 on Friday. The business’s 50 day moving average is $183.12 and its 200 day moving average is $171.50. The stock has a market cap of $195.46 billion, a P/E ratio of 31.74, a price-to-earnings-growth ratio of 1.78 and a beta of 1.19. General Electric has a 52-week low of $94.54 and a 52-week high of $194.80. The company has a quick ratio of 0.85, a current ratio of 1.13 and a debt-to-equity ratio of 0.95.

General Electric (NYSE:GE) last posted its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.02. The business had revenue of $9.84 billion for the quarter, compared to the consensus estimate of $9.02 billion. General Electric had a return on equity of 18.93% and a net margin of 11.48%. The business’s revenue was up 5.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.82 EPS. Sell-side analysts predict that General Electric will post 4.24 EPS for the current year.

General Electric Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Thursday, September 26th were given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a 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%.

Insider Activity

In related news, SVP Riccardo Procacci sold 7,000 shares of the business’s stock in a transaction on Wednesday, November 6th. The stock was 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. The trade was a 34.50 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Russell Stokes sold 15,550 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $178.29, for a total value of $2,772,409.50. Following the completion of the transaction, the senior vice president now owns 148,857 shares of the company’s stock, valued at approximately $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. Company insiders own 0.66% of the company’s stock.

General Electric Company Profile

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.