ICICI Prudential Asset Management Co Ltd boosted its stake in shares of General Electric (NYSE:GE) by 81.4% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 18,500 shares of the conglomerate’s stock after acquiring an additional 8,300 shares during the period. General Electric accounts for about 2.1% of ICICI Prudential Asset Management Co Ltd’s portfolio, making the stock its 24th biggest position. ICICI Prudential Asset Management Co Ltd’s holdings in General Electric were worth $447,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors also recently bought and sold shares of the business. Beach Investment Management LLC. bought a new position in shares of General Electric in the 2nd quarter valued at $5,487,000. First Trust Advisors LP increased its stake in shares of General Electric by 417.3% in the 2nd quarter. First Trust Advisors LP now owns 4,452,413 shares of the conglomerate’s stock valued at $120,260,000 after purchasing an additional 3,591,689 shares during the last quarter. Crescent Grove Advisors LLC bought a new position in shares of General Electric in the 2nd quarter valued at $1,358,000. Sound Shore Management Inc. CT increased its stake in shares of General Electric by 0.9% in the 2nd quarter. Sound Shore Management Inc. CT now owns 6,438,444 shares of the conglomerate’s stock valued at $173,902,000 after purchasing an additional 54,993 shares during the last quarter. Finally, Teacher Retirement System of Texas increased its stake in shares of General Electric by 29.5% in the 2nd quarter. Teacher Retirement System of Texas now owns 4,729,542 shares of the conglomerate’s stock valued at $127,745,000 after purchasing an additional 1,077,500 shares during the last quarter. Hedge funds and other institutional investors own 56.30% of the company’s stock.
Several brokerages have recently issued reports on GE. Royal Bank of Canada reiterated a “hold” rating and issued a $15.00 price target on shares of General Electric in a research note on Thursday. Stifel Nicolaus reduced their price objective on General Electric from $15.00 to $13.00 and set a “hold” rating on the stock in a research report on Tuesday. Citigroup restated a “buy” rating on shares of General Electric in a research report on Tuesday. DZ Bank restated a “sell” rating on shares of General Electric in a research report on Tuesday. Finally, JPMorgan Chase restated an “underweight” rating and set a $11.00 price objective (down previously from $14.00) on shares of General Electric in a research report on Tuesday, March 13th. Six investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. General Electric has a consensus rating of “Hold” and an average price target of $18.09.
Shares of GE opened at $13.06 on Friday. The stock has a market cap of $115,304.61, a price-to-earnings ratio of 12.44, a P/E/G ratio of 2.58 and a beta of 1.02. General Electric has a 12 month low of $12.73 and a 12 month high of $30.54. The company has a debt-to-equity ratio of 1.32, a quick ratio of 1.59 and a current ratio of 1.87.
General Electric (NYSE:GE) last announced its earnings results on Wednesday, January 24th. The conglomerate reported $0.27 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.28 by ($0.01). The company had revenue of $31.40 billion for the quarter, compared to analyst estimates of $33.93 billion. General Electric had a positive return on equity of 11.60% and a negative net margin of 4.74%. The firm’s quarterly revenue was down 5.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.46 earnings per share. equities research analysts forecast that General Electric will post 0.96 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 25th. Shareholders of record on Monday, February 26th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 3.68%. The ex-dividend date is Friday, February 23rd. General Electric’s payout ratio is presently 45.71%.
In related news, insider Alexander Dimitrief bought 2,689 shares of the business’s stock in a transaction on Monday, January 29th. The shares were purchased at an average cost of $16.16 per share, with a total value of $43,454.24. Following the acquisition, the insider now owns 81,185 shares of the company’s stock, valued at $1,311,949.60. The purchase was disclosed in a filing with the SEC, which is available through this link. 1.12% of the stock is currently owned by insiders.
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General Electric Profile
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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