Byrne Asset Management LLC Purchases Shares of 10,857 General Electric (NYSE:GE)

Byrne Asset Management LLC acquired a new stake in General Electric (NYSE:GE) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 10,857 shares of the conglomerate’s stock, valued at approximately $1,811,000. General Electric accounts for approximately 1.3% of Byrne Asset Management LLC’s portfolio, making the stock its 19th biggest holding.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Toth Financial Advisory Corp purchased a new position in shares of General Electric during the 3rd quarter worth approximately $25,000. Valley Wealth Managers Inc. purchased a new stake in General Electric in the third quarter worth $25,000. O Brien Wealth Partners LLC purchased a new stake in General Electric in the third quarter worth $27,000. Hager Investment Management Services LLC bought a new position in General Electric in the fourth quarter worth $27,000. Finally, Peterson Financial Group Inc. purchased a new position in General Electric during the third quarter valued at $28,000. 74.77% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on GE shares. UBS Group increased their price target on shares of General Electric from $215.00 to $235.00 and gave the stock a “buy” rating in a research note on Friday, January 24th. JPMorgan Chase & Co. raised their target price on shares of General Electric from $190.00 to $210.00 and gave the company an “overweight” rating in a research note on Friday, January 24th. Deutsche Bank Aktiengesellschaft dropped their price target on General Electric from $235.00 to $228.00 and set a “buy” rating on the stock in a research report on Thursday, January 2nd. Bank of America raised their price objective on General Electric from $200.00 to $225.00 and gave the company a “buy” rating in a research report on Monday, January 27th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $200.00 target price on shares of General Electric in a report on Wednesday, January 22nd. Three analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $208.73.

General Electric Price Performance

GE opened at $205.32 on Friday. The company’s 50-day simple moving average is $179.22 and its two-hundred day simple moving average is $177.55. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.81 and a current ratio of 1.09. The stock has a market capitalization of $220.37 billion, a P/E ratio of 34.28, a P/E/G ratio of 2.53 and a beta of 1.22. General Electric has a 52-week low of $110.57 and a 52-week high of $207.84.

General Electric (NYSE:GE) last issued its earnings results on Thursday, January 23rd. The conglomerate reported $1.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.27. General Electric had a net margin of 14.31% and a return on equity of 22.19%. As a group, analysts predict that General Electric will post 5.39 EPS for the current year.

General Electric Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, January 27th. Shareholders of record on Friday, December 27th were issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 0.55%. The ex-dividend date of this dividend was Friday, December 27th. General Electric’s dividend payout ratio is 18.70%.

Insiders Place Their Bets

In other news, SVP Russell Stokes sold 15,550 shares of General Electric 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 transaction, the senior vice president now owns 148,857 shares in the company, valued at $26,539,714.53. This trade represents a 9.46 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.66% of the company’s stock.

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.