Holderness Investments Co. Acquires 67 Shares of General Electric (NYSE:GE)

Holderness Investments Co. raised its holdings in General Electric (NYSE:GE) by 3.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,954 shares of the conglomerate’s stock after buying an additional 67 shares during the period. Holderness Investments Co.’s holdings in General Electric were worth $311,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. ProShare Advisors LLC grew its holdings in General Electric by 5.6% during the second quarter. ProShare Advisors LLC now owns 166,173 shares of the conglomerate’s stock worth $26,417,000 after buying an additional 8,787 shares in the last quarter. Merriman Wealth Management LLC boosted its holdings in General Electric by 9.8% during the 2nd quarter. Merriman Wealth Management LLC now owns 2,253 shares of the conglomerate’s stock worth $358,000 after acquiring an additional 201 shares during the last quarter. Legacy Financial Advisors Inc. grew its stake in shares of General Electric by 4.6% in the 2nd quarter. Legacy Financial Advisors Inc. now owns 6,872 shares of the conglomerate’s stock worth $1,092,000 after acquiring an additional 303 shares in the last quarter. Ensign Peak Advisors Inc raised its holdings in shares of General Electric by 280.8% in the second quarter. Ensign Peak Advisors Inc now owns 1,485,097 shares of the conglomerate’s stock valued at $236,086,000 after purchasing an additional 1,095,093 shares during the last quarter. Finally, Summit Trail Advisors LLC lifted its position in shares of General Electric by 36.5% during the second quarter. Summit Trail Advisors LLC now owns 12,947 shares of the conglomerate’s stock valued at $2,058,000 after purchasing an additional 3,461 shares in the last quarter. 74.77% of the stock is currently owned by institutional investors and hedge funds.

General Electric Price Performance

GE opened at $187.43 on Monday. The company has a market capitalization of $205.16 billion, a price-to-earnings ratio of 61.45, a PEG 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. The firm has a 50-day moving average price of $168.69 and a 200-day moving average price of $170.57. General Electric has a twelve month low of $84.42 and a twelve month high of $187.99.

General Electric (NYSE:GE) last posted its earnings results on Tuesday, July 23rd. The conglomerate reported $1.20 earnings per share 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 business had revenue of $9.09 billion during the quarter, compared to analyst estimates of $8.44 billion. During the same quarter in the previous year, the firm earned $0.68 EPS. The company’s quarterly revenue was up 3.9% compared to the same quarter last year. Equities analysts expect that General Electric will post 4.2 EPS for the current year.

General Electric Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on GE shares. Deutsche Bank Aktiengesellschaft upped their price objective on shares of General Electric from $210.00 to $212.00 and gave the stock a “buy” rating in a research report on Friday. UBS Group increased their price target on General Electric from $201.00 to $209.00 and gave the company a “buy” rating in a research report on Monday, July 1st. Sanford C. Bernstein began coverage on General Electric in a research report on Tuesday, September 10th. They issued an “outperform” rating and a $201.00 price objective on the stock. Barclays upped their price objective on General Electric from $175.00 to $200.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. Finally, Jefferies Financial Group lifted their target price on General Electric from $185.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. Two investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the company 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.