Shufro Rose & Co. LLC acquired a new stake in General Electric (NYSE:GE – Get Rating) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 5,355 shares of the conglomerate’s stock, valued at approximately $490,000.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Capital Research Global Investors grew its position in shares of General Electric by 39.4% in the fourth quarter. Capital Research Global Investors now owns 53,968,728 shares of the conglomerate’s stock valued at $5,098,427,000 after purchasing an additional 15,251,142 shares during the period. State Street Corp grew its position in shares of General Electric by 0.6% in the fourth quarter. State Street Corp now owns 43,496,942 shares of the conglomerate’s stock valued at $4,112,580,000 after purchasing an additional 255,566 shares during the period. Geode Capital Management LLC boosted its position in General Electric by 3.0% during the fourth quarter. Geode Capital Management LLC now owns 17,674,014 shares of the conglomerate’s stock worth $1,664,776,000 after acquiring an additional 513,385 shares during the last quarter. Pzena Investment Management LLC boosted its position in General Electric by 8.4% during the fourth quarter. Pzena Investment Management LLC now owns 11,033,492 shares of the conglomerate’s stock worth $1,042,334,000 after acquiring an additional 852,849 shares during the last quarter. Finally, Norges Bank acquired a new position in General Electric during the fourth quarter worth about $698,826,000. Hedge funds and other institutional investors own 67.37% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of equities analysts recently weighed in on the stock. Bank of America lowered their price target on shares of General Electric from $132.00 to $120.00 in a research report on Wednesday, April 27th. Wells Fargo & Company boosted their price target on shares of General Electric to $73.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 27th. Deutsche Bank Aktiengesellschaft lowered their price target on shares of General Electric from $90.00 to $88.00 in a research report on Wednesday, July 27th. The Goldman Sachs Group lowered their price target on shares of General Electric from $108.00 to $82.00 and set a “buy” rating on the stock in a research report on Thursday, June 23rd. Finally, UBS Group decreased their target price on shares of General Electric from $113.00 to $87.00 and set a “buy” rating on the stock in a report on Thursday. Three equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $103.21.
General Electric Price Performance
General Electric (NYSE:GE – Get Rating) last announced its earnings results on Tuesday, July 26th. The conglomerate reported $0.78 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.40. General Electric had a negative net margin of 5.94% and a positive return on equity of 7.50%. The firm had revenue of $18.65 billion for the quarter, compared to the consensus estimate of $17.90 billion. During the same period in the prior year, the firm earned $0.40 EPS. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. Equities research analysts forecast that General Electric will post 2.74 EPS for the current year.
General Electric Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, July 25th. Investors of record on Tuesday, June 28th were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.43%. The ex-dividend date of this dividend was Monday, June 27th. General Electric’s payout ratio is currently -7.55%.
About General Electric
General Electric Company operates as a high-tech industrial company in Europe, China, Asia, the Americas, the Middle East, and Africa. It operates through four segments: Power, Renewable Energy, Aviation, and Healthcare segments. The Power segment offers gas and steam turbines, full balance of plant, upgrade, and service solutions, as well as data-leveraging software for power generation, industrial, government, and other customers.
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