Bristol Gate Capital Partners Inc. Invests $89.57 Million in General Electric (NYSE:GE)

Bristol Gate Capital Partners Inc. bought a new stake in shares of General Electric (NYSE:GE) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 563,453 shares of the conglomerate’s stock, valued at approximately $89,572,000. General Electric makes up about 4.4% of Bristol Gate Capital Partners Inc.’s holdings, making the stock its 16th largest position. Bristol Gate Capital Partners Inc. owned about 0.05% of General Electric as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in GE. ProVise Management Group LLC lifted its stake in General Electric by 18.8% in the 2nd quarter. ProVise Management Group LLC now owns 2,787 shares of the conglomerate’s stock valued at $443,000 after buying an additional 442 shares in the last quarter. Richardson Financial Services Inc. raised its holdings in shares of General Electric by 49.5% during the second quarter. Richardson Financial Services Inc. now owns 296 shares of the conglomerate’s stock valued at $47,000 after acquiring an additional 98 shares during the last quarter. Intrepid Financial Planning Group LLC lifted its position in shares of General Electric by 10.3% in the second quarter. Intrepid Financial Planning Group LLC now owns 1,781 shares of the conglomerate’s stock valued at $283,000 after acquiring an additional 166 shares in the last quarter. Mittelman Wealth Management lifted its position in shares of General Electric by 109.3% in the second quarter. Mittelman Wealth Management now owns 2,861 shares of the conglomerate’s stock valued at $455,000 after acquiring an additional 1,494 shares in the last quarter. Finally, Carolinas Wealth Consulting LLC boosted its stake in shares of General Electric by 14.3% in the second quarter. Carolinas Wealth Consulting LLC now owns 665 shares of the conglomerate’s stock worth $106,000 after acquiring an additional 83 shares during the last quarter. Institutional investors and hedge funds own 74.77% of the company’s stock.

General Electric Price Performance

GE stock opened at $186.16 on Friday. General Electric has a 52-week low of $84.42 and a 52-week high of $187.99. The business has a fifty day moving average of $168.12 and a two-hundred day moving average of $171.06. The stock has a market cap of $203.77 billion, a price-to-earnings ratio of 61.04, a price-to-earnings-growth ratio of 1.65 and a beta of 1.18. The company has a quick ratio of 0.85, a current ratio of 1.14 and a debt-to-equity ratio of 0.95.

General Electric (NYSE:GE) last issued its quarterly earnings data on Tuesday, July 23rd. The conglomerate reported $1.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.99 by $0.21. General Electric had a return on equity of 16.07% and a net margin of 7.66%. The firm had revenue of $9.09 billion during the quarter, compared to the consensus estimate of $8.44 billion. During the same period last year, the company earned $0.68 EPS. The company’s quarterly revenue was up 3.9% on a year-over-year basis. As a group, research analysts anticipate that General Electric will post 4.2 earnings per share for the current year.

General Electric Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Thursday, September 26th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Thursday, September 26th. This represents a $1.12 annualized dividend and a dividend yield of 0.60%. General Electric’s dividend payout ratio is currently 36.72%.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Sanford C. Bernstein started coverage on General Electric in a research note on Tuesday, September 10th. They issued an “outperform” rating and a $201.00 price objective for the company. Wells Fargo & Company raised their price target on shares of General Electric from $192.00 to $205.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. Royal Bank of Canada boosted their price target on shares of General Electric from $175.00 to $190.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. Deutsche Bank Aktiengesellschaft increased their price objective 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. Finally, StockNews.com cut General Electric from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Two equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $191.14.

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.