Cornerstone Wealth Group LLC Increases Position in General Electric (NYSE:GE)

Cornerstone Wealth Group LLC increased its stake in General Electric (NYSE:GE) by 17.9% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,574 shares of the conglomerate’s stock after acquiring an additional 695 shares during the period. Cornerstone Wealth Group LLC’s holdings in General Electric were worth $803,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Prime Capital Investment Advisors LLC boosted its position in General Electric by 29.3% during the fourth quarter. Prime Capital Investment Advisors LLC now owns 28,311 shares of the conglomerate’s stock valued at $3,613,000 after buying an additional 6,419 shares during the period. Fifth Third Bancorp increased its stake in shares of General Electric by 12.5% during the fourth quarter. Fifth Third Bancorp now owns 261,187 shares of the conglomerate’s stock valued at $33,335,000 after purchasing an additional 28,985 shares in the last quarter. USA Financial Formulas increased its stake in shares of General Electric by 24,042.9% during the fourth quarter. USA Financial Formulas now owns 10,140 shares of the conglomerate’s stock valued at $1,294,000 after purchasing an additional 10,098 shares in the last quarter. Grandfield & Dodd LLC increased its stake in shares of General Electric by 9.3% during the fourth quarter. Grandfield & Dodd LLC now owns 269,783 shares of the conglomerate’s stock valued at $34,432,000 after purchasing an additional 22,998 shares in the last quarter. Finally, Rathbones Group PLC increased its stake in shares of General Electric by 2.7% during the fourth quarter. Rathbones Group PLC now owns 225,814 shares of the conglomerate’s stock valued at $28,821,000 after purchasing an additional 5,997 shares in the last quarter. 74.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Barclays decreased their target price on shares of General Electric from $181.00 to $175.00 and set an “overweight” rating for the company in a research note on Wednesday, April 3rd. The Goldman Sachs Group raised their target price on shares of General Electric from $190.00 to $211.00 and gave the company a “buy” rating in a research note on Wednesday, April 24th. Bank of America increased their price target on shares of General Electric from $165.00 to $180.00 and gave the company a “buy” rating in a report on Wednesday, April 24th. Royal Bank of Canada increased their price target on shares of General Electric from $165.00 to $175.00 and gave the company an “outperform” rating in a report on Wednesday, April 24th. Finally, Deutsche Bank Aktiengesellschaft increased their price target on shares of General Electric from $195.00 to $209.00 and gave the company a “buy” rating in a report on Monday, June 10th. Two investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $181.36.

General Electric Stock Performance

Shares of NYSE:GE opened at $158.97 on Monday. General Electric has a 52 week low of $84.42 and a 52 week high of $170.80. The stock has a market capitalization of $174.01 billion, a P/E ratio of 52.12, a PEG ratio of 1.69 and a beta of 1.23. The firm has a fifty day simple moving average of $162.36 and a two-hundred day simple moving average of $151.59. The company has a quick ratio of 0.82, a current ratio of 1.17 and a debt-to-equity ratio of 0.63.

General Electric (NYSE:GE) last issued its quarterly earnings data on Tuesday, April 23rd. The conglomerate reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.65 by $0.17. General Electric had a net margin of 5.05% and a return on equity of 12.54%. The business had revenue of $16.10 billion during the quarter, compared to analysts’ expectations of $15.25 billion. During the same period last year, the company posted $0.27 EPS. The business’s revenue was up 11.1% on a year-over-year basis. On average, analysts expect that General Electric will post 4 earnings per share for the current fiscal year.

General Electric Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 25th. Investors of record on Thursday, July 11th will be paid a dividend of $0.28 per share. The ex-dividend date is Thursday, July 11th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.70%. General Electric’s dividend payout ratio is presently 36.72%.

Insider Buying and Selling

In related news, SVP Russell Stokes sold 45,309 shares of General Electric stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $162.82, for a total transaction of $7,377,211.38. Following the completion of the transaction, the senior vice president now directly owns 112,958 shares of the company’s stock, valued at approximately $18,391,821.56. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.66% of the stock is owned by corporate insiders.

About General Electric

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.