General Electric (NYSE:GE) Holdings Lifted by Cypress Capital Group

Cypress Capital Group lifted its stake in General Electric (NYSE:GE) by 3.5% in the third quarter, HoldingsChannel reports. The fund owned 1,860 shares of the conglomerate’s stock after purchasing an additional 63 shares during the quarter. Cypress Capital Group’s holdings in General Electric were worth $351,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of GE. Axxcess Wealth Management LLC boosted its position in General Electric by 33.8% during the 1st quarter. Axxcess Wealth Management LLC now owns 10,194 shares of the conglomerate’s stock worth $1,789,000 after acquiring an additional 2,575 shares during the period. Advisors Asset Management Inc. grew its position in General Electric by 94.4% during the first quarter. Advisors Asset Management Inc. now owns 10,405 shares of the conglomerate’s stock valued at $1,826,000 after purchasing an additional 5,054 shares in the last quarter. Gamco Investors INC. ET AL lifted its position in General Electric by 2.1% in the 1st quarter. Gamco Investors INC. ET AL now owns 41,249 shares of the conglomerate’s stock worth $7,240,000 after buying an additional 830 shares in the last quarter. Gabelli Funds LLC lifted its position in General Electric by 64.8% in the 1st quarter. Gabelli Funds LLC now owns 88,100 shares of the conglomerate’s stock worth $15,464,000 after buying an additional 34,650 shares in the last quarter. Finally, LRI Investments LLC acquired a new stake in shares of General Electric during the 1st quarter valued at $325,000. Institutional investors own 74.77% of the company’s stock.

Insiders Place Their Bets

In related news, SVP Riccardo Procacci sold 7,000 shares of the company’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 completion of the sale, the senior vice president now owns 13,289 shares in the company, valued at approximately $2,407,036.57. This represents a 34.50 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Russell Stokes sold 15,550 shares of the business’s stock in a transaction dated Monday, November 18th. The stock was 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 approximately $26,539,714.53. This trade represents 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.

Analysts Set New Price Targets

A number of brokerages have commented on GE. Bank of America boosted their target price on General Electric from $180.00 to $200.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Sanford C. Bernstein increased their price target on shares of General Electric from $201.00 to $225.00 and gave the stock an “outperform” rating in a research note on Monday, October 14th. Barclays upped their price objective on shares of General Electric from $175.00 to $200.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Wells Fargo & Company raised their target price on General Electric from $205.00 to $210.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. Finally, Melius Research upped their price target on General Electric from $194.00 to $202.00 in a research note on Tuesday, October 22nd. Two investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, General Electric presently has an average rating of “Moderate Buy” and a consensus price target of $200.93.

General Electric Price Performance

Shares of NYSE:GE opened at $178.87 on Friday. The firm has a 50 day moving average of $183.17 and a 200-day moving average of $171.01. The stock has a market capitalization of $193.59 billion, a PE ratio of 31.44, a PEG ratio of 1.75 and a beta of 1.19. The company has a current ratio of 1.13, a quick ratio of 0.85 and a debt-to-equity ratio of 0.95. General Electric has a 12 month low of $94.54 and a 12 month high of $194.80.

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

General Electric Dividend Announcement

The company 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 0.63%. The ex-dividend date of this dividend was Thursday, September 26th. General Electric’s dividend payout ratio is presently 19.68%.

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.