Cullinan Associates Inc. Takes $2.05 Million Position in General Electric (NYSE:GE)

Cullinan Associates Inc. acquired a new position in General Electric (NYSE:GE) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 11,687 shares of the conglomerate’s stock, valued at approximately $2,051,000.

Several other institutional investors also recently bought and sold shares of GE. Halpern Financial Inc. raised its stake in shares of General Electric by 968.4% during the 4th quarter. Halpern Financial Inc. now owns 203 shares of the conglomerate’s stock worth $25,000 after acquiring an additional 184 shares in the last quarter. Criterion Capital Advisors LLC acquired a new position in shares of General Electric during the fourth quarter worth $27,000. CGC Financial Services LLC lifted its holdings in shares of General Electric by 90.2% during the 4th quarter. CGC Financial Services LLC now owns 232 shares of the conglomerate’s stock valued at $30,000 after purchasing an additional 110 shares during the last quarter. Capital Analysts LLC grew its stake in General Electric by 55.8% during the 4th quarter. Capital Analysts LLC now owns 243 shares of the conglomerate’s stock worth $31,000 after buying an additional 87 shares during the last quarter. Finally, Bfsg LLC acquired a new position in General Electric during the 4th quarter valued at about $32,000. 74.77% of the stock is currently owned by hedge funds and other institutional investors.

General Electric Stock Up 1.6 %

GE stock opened at $161.47 on Wednesday. The stock has a market capitalization of $176.75 billion, a P/E ratio of 52.94, a P/E/G ratio of 1.69 and a beta of 1.22. General Electric has a 52 week low of $84.42 and a 52 week high of $170.80. The firm has a 50-day simple moving average of $162.53 and a 200-day simple moving average of $151.85. 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 posted its quarterly earnings data on Tuesday, April 23rd. The conglomerate reported $0.82 EPS for the quarter, beating the consensus estimate of $0.65 by $0.17. The firm had revenue of $16.10 billion during the quarter, compared to the consensus estimate of $15.25 billion. General Electric had a return on equity of 12.54% and a net margin of 5.05%. The firm’s revenue was up 11.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.27 EPS. Equities analysts forecast that General Electric will post 4 earnings per share for the current fiscal year.

General Electric Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 25th. Stockholders of record on Thursday, July 11th will be given a $0.28 dividend. The ex-dividend date of this dividend is Thursday, July 11th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.69%. General Electric’s dividend payout ratio (DPR) is presently 36.72%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on GE shares. Vertical Research initiated coverage on shares of General Electric in a research report on Thursday, April 4th. They issued a “buy” rating and a $160.00 price objective for the company. Citigroup boosted their price objective on shares of General Electric from $120.43 to $186.00 and gave the company a “buy” rating in a report on Thursday, April 25th. Argus lifted their price target on General Electric from $170.00 to $180.00 and gave the stock a “buy” rating in a research report on Wednesday, April 24th. Barclays cut their price objective on General Electric from $181.00 to $175.00 and set an “overweight” rating on the stock in a report on Wednesday, April 3rd. Finally, TD Cowen upgraded General Electric from a “hold” rating to a “buy” rating and upped their target price for the company from $175.00 to $180.00 in a research report on Tuesday, April 9th. Two equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $181.93.

Insider Activity at General Electric

In other news, SVP Russell Stokes sold 45,309 shares of General Electric stock in a transaction that occurred on 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 sale, the senior vice president now 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 can be accessed through this link. Insiders own 0.66% of the company’s stock.

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.