Estabrook Capital Management Has $5.93 Million Stock Position in General Electric (NYSE:GE)

Estabrook Capital Management lessened its position in shares of General Electric (NYSE:GE) by 2.8% in the second quarter, according to its most recent filing with the SEC. The firm owned 37,273 shares of the conglomerate’s stock after selling 1,062 shares during the quarter. Estabrook Capital Management’s holdings in General Electric were worth $5,925,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in GE. Newport Trust Company LLC bought a new stake in shares of General Electric during the 2nd quarter valued at about $2,613,332,000. Capital World Investors lifted its stake in General Electric by 2,818.1% in the first quarter. Capital World Investors now owns 12,749,560 shares of the conglomerate’s stock valued at $2,237,930,000 after buying an additional 12,312,648 shares during the period. Capital International Investors lifted its stake in General Electric by 9.9% in the first quarter. Capital International Investors now owns 59,100,643 shares of the conglomerate’s stock valued at $10,373,936,000 after buying an additional 5,309,543 shares during the period. Canada Pension Plan Investment Board boosted its holdings in shares of General Electric by 221.6% during the 1st quarter. Canada Pension Plan Investment Board now owns 7,121,741 shares of the conglomerate’s stock worth $1,250,079,000 after buying an additional 4,907,530 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA acquired a new stake in shares of General Electric during the 2nd quarter worth approximately $580,200,000. Institutional investors own 74.77% of the company’s stock.

General Electric Price Performance

Shares of NYSE:GE opened at $187.43 on Friday. The company has a current ratio of 1.14, a quick ratio of 0.85 and a debt-to-equity ratio of 0.95. The stock has a market cap 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’s fifty day simple moving average is $168.69 and its two-hundred day simple moving average is $170.77. General Electric has a 1-year low of $84.42 and a 1-year high of $187.99.

General Electric (NYSE:GE) last released its quarterly earnings results on Tuesday, July 23rd. The conglomerate reported $1.20 earnings per share for the quarter, topping the consensus estimate of $0.99 by $0.21. General Electric had a net margin of 7.66% and a return on equity of 16.07%. The business had revenue of $9.09 billion for the quarter, compared to analysts’ expectations of $8.44 billion. During the same period in the previous year, the company earned $0.68 earnings per share. The firm’s revenue for the quarter was up 3.9% compared to the same quarter last year. As a group, analysts forecast that General Electric will post 4.2 EPS 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. Stockholders of record on Thursday, September 26th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 0.60%. The ex-dividend date is Thursday, September 26th. General Electric’s dividend payout ratio is presently 36.72%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Royal Bank of Canada boosted their target price 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. UBS Group upped their price objective on shares of General Electric from $201.00 to $209.00 and gave the company a “buy” rating in a report on Monday, July 1st. Deutsche Bank Aktiengesellschaft raised their target price on General Electric from $210.00 to $212.00 and gave the company a “buy” rating in a research note on Friday. Sanford C. Bernstein initiated coverage on General Electric in a research report on Tuesday, September 10th. They issued an “outperform” rating and a $201.00 target price for the company. Finally, Wells Fargo & Company increased their price target on General Electric from $192.00 to $205.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Two analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average 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.