Old North State Trust LLC increased its position in shares of General Electric (NYSE:GE – Free Report) by 246.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 495 shares of the conglomerate’s stock after acquiring an additional 352 shares during the quarter. Old North State Trust LLC’s holdings in General Electric were worth $38,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds have also recently modified their holdings of the company. TCI Fund Management Ltd. purchased a new stake in General Electric in the 1st quarter valued at about $2,496,379,000. Moneta Group Investment Advisors LLC raised its holdings in General Electric by 122,242.2% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 13,438,063 shares of the conglomerate’s stock valued at $878,644,000 after buying an additional 13,427,079 shares during the period. Norges Bank purchased a new stake in General Electric in the 4th quarter valued at about $635,274,000. State Street Corp raised its holdings in General Electric by 17.3% in the 1st quarter. State Street Corp now owns 48,490,012 shares of the conglomerate’s stock valued at $4,639,533,000 after buying an additional 7,157,356 shares during the period. Finally, FMR LLC raised its holdings in General Electric by 5.7% in the 1st quarter. FMR LLC now owns 63,795,835 shares of the conglomerate’s stock valued at $6,098,882,000 after buying an additional 3,463,502 shares during the period. Institutional investors and hedge funds own 74.83% of the company’s stock.
Insider Activity at General Electric
In other news, major shareholder General Electric Pension Trust acquired 35,160 shares of the firm’s stock in a transaction dated Friday, June 30th. The stock was acquired at an average cost of $995.44 per share, with a total value of $34,999,670.40. Following the completion of the acquisition, the insider now owns 175,160 shares of the company’s stock, valued at $174,361,270.40. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. In other news, SVP Michael J. Holston sold 112,614 shares of the company’s stock in a transaction that occurred on Thursday, July 27th. The stock was sold at an average price of $115.20, for a total transaction of $12,973,132.80. Following the completion of the sale, the senior vice president now owns 57,923 shares in the company, valued at $6,672,729.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder General Electric Pension Trust purchased 35,160 shares of the business’s stock in a transaction dated Friday, June 30th. The shares were bought at an average price of $995.44 per share, with a total value of $34,999,670.40. Following the purchase, the insider now directly owns 175,160 shares of the company’s stock, valued at $174,361,270.40. The disclosure for this purchase can be found here. 0.67% of the stock is currently owned by corporate insiders.
General Electric Stock Down 0.1 %
General Electric (NYSE:GE – Get Free Report) last announced its quarterly earnings results on Tuesday, July 25th. The conglomerate reported $0.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.22. The firm had revenue of $15.85 billion during the quarter, compared to the consensus estimate of $14.76 billion. General Electric had a return on equity of 9.30% and a net margin of 13.32%. The firm’s quarterly revenue was up 18.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.78 earnings per share. On average, equities research analysts anticipate that General Electric will post 2.29 EPS for the current fiscal year.
General Electric Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 25th. Investors of record on Tuesday, September 26th will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.28%. The ex-dividend date of this dividend is Monday, September 25th. General Electric’s dividend payout ratio (DPR) is 3.80%.
Analysts Set New Price Targets
A number of analysts have issued reports on the stock. The Goldman Sachs Group boosted their price target on shares of General Electric from $121.00 to $133.00 and gave the stock a “buy” rating in a research note on Tuesday, July 25th. Argus boosted their price target on shares of General Electric from $112.00 to $130.00 and gave the stock a “buy” rating in a research note on Wednesday, July 26th. Wells Fargo & Company boosted their price target on shares of General Electric from $100.00 to $105.00 in a research note on Monday, July 10th. StockNews.com assumed coverage on shares of General Electric in a research note on Thursday, August 17th. They set a “buy” rating on the stock. Finally, Morgan Stanley boosted their price target on shares of General Electric from $122.00 to $125.00 and gave the stock an “overweight” rating in a research note on Thursday, August 10th. Three analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $120.00.
Read Our Latest Analysis on GE
General Electric Profile
General Electric Company operates as a high-tech industrial company in Europe, China, Asia, the Americas, the Middle East, and Africa. It offers gas and steam turbines, full balance of plant, upgrade, and service solutions, as well as data-leveraging software for power generation, industrial, government, and other customers.
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