Zimmer Partners LP Buys New Holdings in General Electric (NYSE:GE)

Zimmer Partners LP bought a new stake in General Electric (NYSE:GE) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 65,000 shares of the conglomerate’s stock, valued at approximately $12,258,000.

Several other hedge funds have also recently bought and sold shares of the stock. State Street Corp lifted its position in General Electric by 2.1% during the third quarter. State Street Corp now owns 43,322,827 shares of the conglomerate’s stock worth $8,181,801,000 after acquiring an additional 898,296 shares during the last quarter. Newport Trust Company LLC acquired a new stake in General Electric during the second quarter worth approximately $2,613,332,000. Legal & General Group Plc lifted its position in General Electric by 5.8% during the second quarter. Legal & General Group Plc now owns 8,405,731 shares of the conglomerate’s stock worth $1,336,257,000 after acquiring an additional 459,201 shares during the last quarter. Jennison Associates LLC lifted its position in General Electric by 91.8% during the third quarter. Jennison Associates LLC now owns 7,771,759 shares of the conglomerate’s stock worth $1,465,598,000 after acquiring an additional 3,719,894 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in General Electric by 6.7% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 6,556,515 shares of the conglomerate’s stock worth $1,236,428,000 after acquiring an additional 413,388 shares during the last quarter. 74.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at General Electric

In related news, SVP Riccardo Procacci sold 7,000 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $181.13, for a total value of $1,267,910.00. Following the transaction, the senior vice president now owns 13,289 shares in the company, valued at $2,407,036.57. The trade was a 34.50 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Russell Stokes sold 15,550 shares of the company’s stock in a transaction dated 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 represents a 9.46 % decrease in their position. The disclosure for this sale can be found here. 0.66% of the stock is owned by company insiders.

Analysts Set New Price Targets

GE has been the subject of several research reports. UBS Group raised their price objective on shares of General Electric from $223.00 to $230.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Sanford C. Bernstein lifted their price target on shares of General Electric from $201.00 to $225.00 and gave the company an “outperform” rating in a research report 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. Royal Bank of Canada dropped their price target on shares of General Electric from $210.00 to $200.00 and set an “outperform” rating for the company in a research report on Wednesday, October 23rd. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on shares of General Electric from $212.00 to $235.00 and gave the company a “buy” rating in a research report on Thursday, October 3rd. Two research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $200.93.

General Electric Stock Performance

NYSE GE opened at $175.60 on Friday. The firm’s fifty day moving average price is $182.30 and its two-hundred day moving average price is $172.16. The stock has a market cap of $190.05 billion, a PE ratio of 30.86, a PEG ratio of 1.80 and a beta of 1.17. General Electric has a fifty-two week low of $94.54 and a fifty-two week high of $194.80. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.85 and a current ratio of 1.13.

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

General Electric Announces Dividend

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

General Electric 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.