Cornerstone Capital Inc. Takes $212,000 Position in General Electric (NYSE:GE)

Cornerstone Capital Inc. purchased a new position in shares of General Electric (NYSE:GE) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 1,125 shares of the conglomerate’s stock, valued at approximately $212,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Toth Financial Advisory Corp purchased a new stake in shares of General Electric in the third quarter valued at about $25,000. O Brien Wealth Partners LLC acquired a new stake in General Electric in the third quarter valued at about $27,000. Studio Investment Management LLC boosted its holdings in General Electric by 97.5% in the 2nd quarter. Studio Investment Management LLC now owns 158 shares of the conglomerate’s stock valued at $25,000 after purchasing an additional 78 shares in the last quarter. MFA Wealth Advisors LLC acquired a new position in General Electric during the 2nd quarter worth approximately $31,000. Finally, Richardson Financial Services Inc. acquired a new position in General Electric during the first quarter worth $34,000. 74.77% of the stock is owned by hedge funds and other institutional investors.

General Electric Trading Up 1.5 %

Shares of GE traded up $2.50 on Tuesday, hitting $174.26. 603,848 shares of the stock traded hands, compared to its average volume of 6,292,235. The firm has a market capitalization of $188.60 billion, a P/E ratio of 30.19, a P/E/G ratio of 1.70 and a beta of 1.19. 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 has a 1 year low of $86.83 and a 1 year high of $194.80. The stock’s 50 day moving average is $180.21 and its two-hundred day moving average is $169.32.

General Electric (NYSE:GE) last posted its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.02. The business had revenue of $9.84 billion for the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same quarter last year, the firm earned $0.82 earnings per share. As a group, sell-side analysts predict that General Electric will post 4.22 earnings per share for the current year.

General Electric Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Stockholders of record on Thursday, September 26th were paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.64%. The ex-dividend date of this dividend was Thursday, September 26th. General Electric’s dividend payout ratio is currently 19.68%.

Analyst Ratings Changes

Several brokerages recently commented on GE. Sanford C. Bernstein raised their price objective on shares of General Electric from $201.00 to $225.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. Melius Research lifted their price target on shares of General Electric from $194.00 to $202.00 in a research report on Tuesday, October 22nd. StockNews.com downgraded General Electric from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Barclays boosted 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, UBS Group raised their price target on General Electric from $223.00 to $230.00 and gave the company a “buy” rating in a research report 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 stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $200.93.

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.