Gabelli Funds LLC Raises Holdings in General Electric (NYSE:GE)

Gabelli Funds LLC lifted its holdings in shares of General Electric (NYSE:GE) by 277.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 332,348 shares of the conglomerate’s stock after purchasing an additional 244,248 shares during the quarter. Gabelli Funds LLC’s holdings in General Electric were worth $52,833,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Macroview Investment Management LLC raised its position in General Electric by 37.9% during the 2nd quarter. Macroview Investment Management LLC now owns 211 shares of the conglomerate’s stock worth $34,000 after buying an additional 58 shares during the last quarter. Allegheny Financial Group LTD boosted its holdings in General Electric by 1.4% in the 2nd quarter. Allegheny Financial Group LTD now owns 4,489 shares of the conglomerate’s stock valued at $714,000 after purchasing an additional 61 shares in the last quarter. New England Research & Management Inc. increased its position in General Electric by 2.2% during the 2nd quarter. New England Research & Management Inc. now owns 2,910 shares of the conglomerate’s stock worth $463,000 after purchasing an additional 63 shares during the period. Argent Trust Co raised its stake in shares of General Electric by 0.6% during the 2nd quarter. Argent Trust Co now owns 10,737 shares of the conglomerate’s stock worth $1,707,000 after buying an additional 64 shares in the last quarter. Finally, Choate Investment Advisors boosted its stake in shares of General Electric by 0.4% in the first quarter. Choate Investment Advisors now owns 16,000 shares of the conglomerate’s stock valued at $2,808,000 after buying an additional 65 shares in the last quarter. 74.77% of the stock is owned by institutional investors and hedge funds.

General Electric Trading Up 0.7 %

Shares of GE opened at $187.43 on Friday. General Electric has a fifty-two week low of $84.42 and a fifty-two week high of $187.99. The company has a market capitalization of $205.16 billion, a PE ratio of 61.45, a price-to-earnings-growth ratio of 1.65 and a beta of 1.18. The stock has a fifty day moving average of $168.69 and a two-hundred day moving average of $170.77. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.85 and a current ratio of 1.14.

General Electric (NYSE:GE) last issued its quarterly earnings results 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. The firm had revenue of $9.09 billion for the quarter, compared to analyst estimates of $8.44 billion. General Electric had a return on equity of 16.07% and a net margin of 7.66%. The firm’s quarterly revenue was up 3.9% on a year-over-year basis. During the same period last year, the company earned $0.68 EPS. As a group, analysts forecast that General Electric will post 4.2 EPS for the current year.

General Electric Announces Dividend

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

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on GE. StockNews.com downgraded shares of General Electric from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Royal Bank of Canada lifted their price target on shares of General Electric from $175.00 to $190.00 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. Barclays upped their price target on General Electric from $175.00 to $200.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Jefferies Financial Group raised their price objective on General Electric from $185.00 to $190.00 and gave the company a “buy” rating in a research note on Friday, June 28th. Finally, UBS Group upped their target price on General Electric from $201.00 to $209.00 and gave the company a “buy” rating in a report on Monday, July 1st. Two analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $191.36.

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.