Richardson Financial Services Inc. Raises Holdings in General Electric (NYSE:GE)

Richardson Financial Services Inc. increased its position in shares of General Electric (NYSE:GE) by 49.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 296 shares of the conglomerate’s stock after buying an additional 98 shares during the period. Richardson Financial Services Inc.’s holdings in General Electric were worth $47,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in GE. Macroview Investment Management LLC increased 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 valued at $34,000 after purchasing an additional 58 shares during the period. Allegheny Financial Group LTD increased its holdings in General Electric by 1.4% during the second quarter. Allegheny Financial Group LTD now owns 4,489 shares of the conglomerate’s stock valued at $714,000 after buying an additional 61 shares during the period. New England Research & Management Inc. increased its holdings in General Electric by 2.2% during the second quarter. New England Research & Management Inc. now owns 2,910 shares of the conglomerate’s stock valued at $463,000 after buying an additional 63 shares during the period. Argent Trust Co raised its stake in General Electric by 0.6% in the second 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 lifted its holdings in General Electric by 0.4% during the first quarter. Choate Investment Advisors now owns 16,000 shares of the conglomerate’s stock worth $2,808,000 after buying an additional 65 shares during the period. Hedge funds and other institutional investors own 74.77% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on GE. Deutsche Bank Aktiengesellschaft lifted their target price on General Electric from $195.00 to $209.00 and gave the company a “buy” rating in a research note on Monday, June 10th. Royal Bank of Canada boosted their price objective on shares of General Electric from $175.00 to $190.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. Barclays raised their target price on shares of General Electric from $175.00 to $200.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. Wells Fargo & Company lifted their price target on shares of General Electric from $192.00 to $205.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Finally, Jefferies Financial Group increased their price objective on General Electric from $185.00 to $190.00 and gave the company a “buy” rating in a report on Friday, June 28th. Two research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $191.14.

General Electric Stock Up 1.4 %

Shares of GE stock opened at $186.16 on Friday. The stock’s 50-day simple moving average is $168.12 and its 200-day simple moving average is $171.06. The firm has a market capitalization of $203.77 billion, a PE ratio of 61.04, a P/E/G ratio of 1.65 and a beta of 1.18. General Electric has a fifty-two week low of $84.42 and a fifty-two week high of $187.99. 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, topping analysts’ consensus estimates of $0.99 by $0.21. The company had revenue of $9.09 billion during the quarter, compared to analyst estimates of $8.44 billion. General Electric had a net margin of 7.66% and a return on equity of 16.07%. General Electric’s revenue for the quarter was up 3.9% compared to the same quarter last year. During the same period last year, the firm posted $0.68 EPS. Equities analysts expect that General Electric will post 4.2 earnings per share for the current year.

General Electric Dividend Announcement

The firm also recently declared 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. This represents a $1.12 annualized dividend and a yield of 0.60%. The ex-dividend date of this dividend is Thursday, September 26th. General Electric’s payout ratio is 36.72%.

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.