General Electric (GE) Stake Raised by Commonwealth Bank of Australia

Commonwealth Bank of Australia grew its stake in shares of General Electric (NYSE:GE) by 21.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,391,668 shares of the conglomerate’s stock after buying an additional 247,355 shares during the period. Commonwealth Bank of Australia’s holdings in General Electric were worth $18,880,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently added to or reduced their stakes in GE. Archford Capital Strategies LLC purchased a new position in shares of General Electric in the first quarter valued at $121,000. Fusion Family Wealth LLC grew its holdings in shares of General Electric by 153.3% in the second quarter. Fusion Family Wealth LLC now owns 8,264 shares of the conglomerate’s stock valued at $112,000 after purchasing an additional 5,002 shares in the last quarter. Mount Yale Investment Advisors LLC purchased a new position in shares of General Electric in the first quarter valued at $116,000. Blue Chip Wealth Management Inc. purchased a new position in shares of General Electric in the first quarter valued at $135,000. Finally, Todd Asset Management LLC purchased a new position in shares of General Electric in the first quarter valued at $137,000. Hedge funds and other institutional investors own 53.81% of the company’s stock.

A number of research analysts recently weighed in on the stock. Royal Bank of Canada set a $15.00 target price on shares of General Electric and gave the company a “neutral” rating in a report on Monday, July 23rd. JPMorgan Chase & Co. cut their target price on shares of General Electric from $10.00 to $6.00 and set an “underweight” rating for the company in a report on Friday. Deutsche Bank cut their target price on shares of General Electric from $13.00 to $11.00 and set a “hold” rating for the company in a report on Wednesday, October 31st. Credit Suisse Group reissued a “neutral” rating and issued a $12.00 target price on shares of General Electric in a report on Wednesday, October 31st. Finally, Gabelli reissued a “buy” rating on shares of General Electric in a report on Wednesday, July 18th. Five investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $14.72.

In related news, SVP Alexander Dimitrief bought 10,000 shares of the stock in a transaction dated Tuesday, November 6th. The stock was purchased at an average cost of $9.48 per share, with a total value of $94,800.00. Following the completion of the purchase, the senior vice president now owns 103,075 shares of the company’s stock, valued at $977,151. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman H Lawrence Culp, Jr. bought 225,000 shares of the stock in a transaction dated Thursday, November 1st. The shares were bought at an average cost of $9.73 per share, with a total value of $2,189,250.00. The disclosure for this purchase can be found here. 1.12% of the stock is currently owned by insiders.

NYSE GE opened at $8.58 on Friday. The company has a quick ratio of 1.36, a current ratio of 1.66 and a debt-to-equity ratio of 2.03. The firm has a market cap of $79.88 billion, a price-to-earnings ratio of 8.17, a PEG ratio of 2.47 and a beta of 0.95. General Electric has a 52 week low of $8.15 and a 52 week high of $20.75.

General Electric (NYSE:GE) last issued its earnings results on Tuesday, October 30th. The conglomerate reported $0.14 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.20 by ($0.06). The company had revenue of $29.57 billion for the quarter, compared to analysts’ expectations of $30.08 billion. General Electric had a negative net margin of 27.36% and a positive return on equity of 10.29%. The firm’s revenue for the quarter was down 3.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.29 earnings per share. Analysts predict that General Electric will post 0.68 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Thursday, October 25th. Stockholders of record on Monday, September 17th were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 5.59%. The ex-dividend date of this dividend was Friday, September 14th. General Electric’s dividend payout ratio is currently 45.71%.

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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.

Further Reading: Why do company’s buyback their stock?

Institutional Ownership by Quarter for General Electric (NYSE:GE)

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