Rockland Trust Co. Reduces Holdings in General Electric (NYSE:GE)

Rockland Trust Co. lessened its holdings in General Electric (NYSE:GE) by 4.6% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 47,908 shares of the conglomerate’s stock after selling 2,300 shares during the period. Rockland Trust Co.’s holdings in General Electric were worth $9,034,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Mackenzie Financial Corp grew its holdings in shares of General Electric by 10.5% during the second quarter. Mackenzie Financial Corp now owns 603,988 shares of the conglomerate’s stock worth $96,016,000 after buying an additional 57,372 shares in the last quarter. Marietta Investment Partners LLC acquired a new position in General Electric in the 2nd quarter valued at $1,569,000. Vanguard Group Inc. lifted its stake in shares of General Electric by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 88,444,222 shares of the conglomerate’s stock worth $11,288,136,000 after purchasing an additional 550,996 shares during the period. GAMMA Investing LLC boosted its holdings in shares of General Electric by 25.4% during the second quarter. GAMMA Investing LLC now owns 16,999 shares of the conglomerate’s stock worth $2,702,000 after purchasing an additional 3,442 shares during the last quarter. Finally, Senator Investment Group LP purchased a new stake in shares of General Electric in the second quarter valued at $34,973,000. 74.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Jefferies Financial Group raised their price target on General Electric from $185.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. Sanford C. Bernstein began coverage on shares of General Electric in a research note on Tuesday, September 10th. They set an “outperform” rating and a $201.00 price target on the stock. Wells Fargo & Company boosted their price target on General Electric from $192.00 to $205.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of General Electric from $212.00 to $235.00 and gave the company a “buy” rating in a report on Thursday. Finally, Barclays increased their price target on General Electric from $175.00 to $200.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. Two equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $193.00.

General Electric Stock Performance

Shares of General Electric stock opened at $183.89 on Friday. The firm has a market cap of $201.29 billion, a PE ratio of 60.29, a price-to-earnings-growth ratio of 1.87 and a beta of 1.18. General Electric has a 1 year low of $84.42 and a 1 year high of $190.88. The firm’s 50-day simple moving average is $173.17 and its 200-day simple moving average is $169.67. 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 posted its quarterly earnings results on Tuesday, July 23rd. The conglomerate reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.99 by $0.21. The business 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 business’s revenue was up 3.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.68 EPS. Equities analysts forecast that General Electric will post 4.2 earnings per share for the current fiscal year.

General Electric Announces Dividend

The firm also recently announced 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 of this dividend is Thursday, September 26th. This represents a $1.12 dividend on an annualized basis and a yield of 0.61%. General Electric’s dividend payout ratio is currently 36.72%.

General Electric Company 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.