Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new position in General Electric (NYSE:GE) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 909,195 shares of the conglomerate’s stock, valued at approximately $12,374,000.
A number of other large investors have also recently made changes to their positions in GE. The Manufacturers Life Insurance Company grew its stake in General Electric by 43.9% in the first quarter. The Manufacturers Life Insurance Company now owns 90,257,543 shares of the conglomerate’s stock worth $1,216,672,000 after purchasing an additional 27,527,425 shares in the last quarter. Franklin Resources Inc. lifted its holdings in General Electric by 11.0% during the first quarter. Franklin Resources Inc. now owns 204,957,949 shares of the conglomerate’s stock worth $2,762,834,000 after buying an additional 20,275,020 shares during the period. Barrow Hanley Mewhinney & Strauss LLC lifted its holdings in General Electric by 15.2% during the first quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 74,590,954 shares of the conglomerate’s stock worth $1,005,486,000 after buying an additional 9,835,343 shares during the period. ANTIPODES PARTNERS Ltd purchased a new stake in General Electric during the second quarter worth $99,659,000. Finally, Commerzbank Aktiengesellschaft FI lifted its holdings in General Electric by 88.5% during the first quarter. Commerzbank Aktiengesellschaft FI now owns 11,941,772 shares of the conglomerate’s stock worth $160,975,000 after buying an additional 5,607,494 shares during the period. 53.74% of the stock is currently owned by institutional investors.
In other General Electric news, Director H Lawrence Culp, Jr. acquired 191,000 shares of the firm’s stock in a transaction dated Tuesday, July 24th. The stock was purchased at an average price of $13.04 per share, for a total transaction of $2,490,640.00. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 1.12% of the company’s stock.
Shares of GE opened at $12.32 on Friday. General Electric has a 12 month low of $11.21 and a 12 month high of $23.84. The company has a quick ratio of 1.51, a current ratio of 1.81 and a debt-to-equity ratio of 1.39. The firm has a market cap of $98.03 billion, a PE ratio of 11.73, a price-to-earnings-growth ratio of 2.14 and a beta of 0.97.
General Electric (NYSE:GE) last issued its quarterly earnings data on Friday, July 20th. The conglomerate reported $0.19 EPS for the quarter, beating the consensus estimate of $0.18 by $0.01. General Electric had a positive return on equity of 10.40% and a negative net margin of 6.59%. The firm had revenue of $30.10 billion during the quarter, compared to analyst estimates of $29.39 billion. During the same quarter in the prior year, the business posted $0.21 EPS. The business’s revenue for the quarter was up 3.5% compared to the same quarter last year. Analysts forecast that General Electric will post 0.96 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 25th. Stockholders of record on Monday, September 17th will be issued a dividend of $0.12 per share. The ex-dividend date is Friday, September 14th. This represents a $0.48 annualized dividend and a dividend yield of 3.90%. General Electric’s dividend payout ratio is presently 45.71%.
GE has been the subject of a number of analyst reports. Bank of America restated a “hold” rating and set a $14.00 target price on shares of General Electric in a report on Thursday, October 4th. Royal Bank of Canada restated a “neutral” rating and set a $15.00 target price on shares of General Electric in a report on Wednesday, August 8th. ValuEngine upgraded General Electric from a “strong sell” rating to a “sell” rating in a report on Saturday, October 6th. Zacks Investment Research upgraded General Electric from a “sell” rating to a “hold” rating in a report on Tuesday, July 24th. Finally, JPMorgan Chase & Co. set a $11.00 target price on General Electric and gave the stock a “sell” rating in a report on Monday, August 27th. Six research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $16.26.
About General Electric
General Electric Company operates as a digital industrial company worldwide. It operates through Power, Renewable Energy, Oil & Gas, Aviation, Healthcare, Transportation, Lighting, and Capital segments. The Power segment offers technologies, solutions, and services related to energy production, including gas and steam turbines, engines, generators, and high voltage equipment; and power generation services and digital solutions.
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