Firethorn Wealth Partners LLC Acquires New Position in General Electric (NYSE:GE)

Firethorn Wealth Partners LLC bought a new position in shares of General Electric (NYSE:GE) in the third quarter, Holdings Channel reports. The firm bought 1,069 shares of the conglomerate’s stock, valued at approximately $202,000.

Several other institutional investors and hedge funds also recently made changes to their positions in GE. Capital International Investors raised its position in shares of General Electric by 9.9% in the 1st quarter. Capital International Investors now owns 59,100,643 shares of the conglomerate’s stock valued at $10,373,936,000 after acquiring an additional 5,309,543 shares during the period. Newport Trust Company LLC bought a new stake in General Electric in the second quarter valued at approximately $2,613,332,000. Capital World Investors raised its holdings in General Electric by 2,818.1% in the first quarter. Capital World Investors now owns 12,749,560 shares of the conglomerate’s stock worth $2,237,930,000 after purchasing an additional 12,312,648 shares during the period. Legal & General Group Plc raised its holdings in General Electric by 5.8% in the second quarter. Legal & General Group Plc now owns 8,405,731 shares of the conglomerate’s stock worth $1,336,257,000 after purchasing an additional 459,201 shares during the period. Finally, Canada Pension Plan Investment Board boosted its position in shares of General Electric by 221.6% during the first quarter. Canada Pension Plan Investment Board now owns 7,121,741 shares of the conglomerate’s stock worth $1,250,079,000 after purchasing an additional 4,907,530 shares in the last quarter. Institutional investors own 74.77% of the company’s stock.

General Electric Price Performance

Shares of NYSE GE opened at $192.18 on Thursday. General Electric has a fifty-two week low of $84.42 and a fifty-two week high of $194.33. The stock has a market capitalization of $210.36 billion, a price-to-earnings ratio of 63.01, a PEG ratio of 1.86 and a beta of 1.18. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.14 and a quick ratio of 0.85. The business has a 50-day moving average of $177.46 and a 200-day moving average of $166.91.

General Electric (NYSE:GE) last posted its quarterly 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 firm had revenue of $9.09 billion for the quarter, compared to analyst estimates of $8.44 billion. During the same quarter in the previous year, the firm earned $0.68 EPS. The business’s quarterly revenue was up 3.9% on a year-over-year basis. As a group, sell-side analysts predict that General Electric will post 4.2 earnings per share for the current fiscal year.

General Electric Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Thursday, September 26th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 0.58%. The ex-dividend date is Thursday, September 26th. General Electric’s dividend payout ratio is 36.72%.

Wall Street Analyst Weigh In

Several brokerages recently commented on GE. UBS Group raised their price objective on General Electric from $201.00 to $209.00 and gave the stock a “buy” rating in a research note on Monday, July 1st. Jefferies Financial Group raised their price target on General Electric from $185.00 to $190.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. StockNews.com lowered General Electric from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Citigroup raised their target price on shares of General Electric from $198.00 to $216.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Finally, Barclays increased their price objective on shares of General Electric from $175.00 to $200.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. Two research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, General Electric currently has an average rating of “Moderate Buy” and a consensus target price of $196.86.

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.