Canada Pension Plan Investment Board Sells 460,433 Shares of General Electric (NYSE:GE)

Canada Pension Plan Investment Board trimmed its stake in shares of General Electric (NYSE:GE) by 6.5% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 6,661,308 shares of the conglomerate’s stock after selling 460,433 shares during the quarter. General Electric accounts for about 1.0% of Canada Pension Plan Investment Board’s holdings, making the stock its 15th largest position. Canada Pension Plan Investment Board owned about 0.61% of General Electric worth $1,058,948,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in GE. Studio Investment Management LLC boosted its holdings in General Electric by 97.5% in the 2nd quarter. Studio Investment Management LLC now owns 158 shares of the conglomerate’s stock valued at $25,000 after purchasing an additional 78 shares during the period. MFA Wealth Advisors LLC bought a new stake in General Electric during the second quarter valued at $31,000. Kapitalo Investimentos Ltda purchased a new position in General Electric during the fourth quarter worth about $32,000. Financial Connections Group Inc. bought a new position in General Electric in the 2nd quarter worth about $32,000. Finally, Richardson Financial Services Inc. purchased a new stake in shares of General Electric in the 1st quarter valued at about $34,000. Hedge funds and other institutional investors own 74.77% of the company’s stock.

General Electric Price Performance

GE stock opened at $186.16 on Friday. The stock has a market capitalization of $203.77 billion, a price-to-earnings ratio of 61.04, a PEG ratio of 1.65 and a beta of 1.18. The firm’s 50-day moving average price is $168.12 and its two-hundred day moving average price is $171.06. The company has a current ratio of 1.14, a quick ratio of 0.85 and a debt-to-equity ratio of 0.95. General Electric has a 12-month low of $84.42 and a 12-month high of $187.99.

General Electric (NYSE:GE) last announced its quarterly earnings results on Tuesday, July 23rd. The conglomerate reported $1.20 earnings per share (EPS) for the quarter, beating 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 company had revenue of $9.09 billion for the quarter, compared to the consensus estimate of $8.44 billion. During the same quarter in the previous year, the business earned $0.68 EPS. General Electric’s revenue was up 3.9% compared to the same quarter last year. As a group, equities analysts predict 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. Shareholders of record on Thursday, September 26th will be issued a $0.28 dividend. The ex-dividend date is Thursday, September 26th. This represents a $1.12 annualized dividend and a yield of 0.60%. General Electric’s dividend payout ratio (DPR) is presently 36.72%.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. StockNews.com cut shares of General Electric from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Sanford C. Bernstein initiated coverage on shares of General Electric in a research report on Tuesday, September 10th. They set an “outperform” rating and a $201.00 price objective on the stock. Deutsche Bank Aktiengesellschaft upped their target price on shares of General Electric from $195.00 to $209.00 and gave the stock a “buy” rating in a research report on Monday, June 10th. Jefferies Financial Group raised their price target on General Electric from $185.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, June 28th. Finally, Royal Bank of Canada upped their price objective on General Electric from $175.00 to $190.00 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. Two equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $191.14.

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.