Highstreet Asset Management Inc. boosted its holdings in General Electric (NYSE:GE) by 18.9% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 95,189 shares of the conglomerate’s stock after purchasing an additional 15,158 shares during the quarter. Highstreet Asset Management Inc. owned 0.14% of General Electric worth $2,302,000 at the end of the most recent reporting period.
A number of other institutional investors have also modified their holdings of the business. Vanguard Group Inc. raised its stake in General Electric by 0.6% in the 2nd quarter. Vanguard Group Inc. now owns 600,238,644 shares of the conglomerate’s stock worth $16,212,445,000 after purchasing an additional 3,297,890 shares in the last quarter. BlackRock Inc. raised its stake in General Electric by 3.9% in the 2nd quarter. BlackRock Inc. now owns 517,315,514 shares of the conglomerate’s stock worth $13,972,691,000 after purchasing an additional 19,422,516 shares in the last quarter. Capital World Investors raised its stake in General Electric by 8.6% in the 2nd quarter. Capital World Investors now owns 141,322,676 shares of the conglomerate’s stock worth $3,817,125,000 after purchasing an additional 11,194,678 shares in the last quarter. Capital Research Global Investors raised its stake in General Electric by 18.6% in the 2nd quarter. Capital Research Global Investors now owns 91,205,460 shares of the conglomerate’s stock worth $2,463,459,000 after purchasing an additional 14,316,281 shares in the last quarter. Finally, Franklin Resources Inc. raised its stake in General Electric by 43.8% in the 2nd quarter. Franklin Resources Inc. now owns 78,024,403 shares of the conglomerate’s stock worth $2,107,438,000 after purchasing an additional 23,764,129 shares in the last quarter. Institutional investors and hedge funds own 55.62% of the company’s stock.
In related news, Chairman John Leonard Flannery purchased 60,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 15th. The shares were bought at an average cost of $18.27 per share, with a total value of $1,096,200.00. Following the acquisition, the chairman now owns 575,477 shares of the company’s stock, valued at approximately $10,513,964.79. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Francisco Dsouza purchased 55,000 shares of the firm’s stock in a transaction that occurred on Monday, November 20th. The shares were bought at an average cost of $17.94 per share, for a total transaction of $986,700.00. The disclosure for this purchase can be found here. Insiders have purchased a total of 120,500 shares of company stock worth $2,183,220 over the last ninety days. 0.36% of the stock is currently owned by insiders.
General Electric (NYSE:GE) last announced its quarterly earnings results on Friday, October 20th. The conglomerate reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.20). The company had revenue of $33.47 billion for the quarter, compared to the consensus estimate of $32.51 billion. General Electric had a net margin of 6.08% and a return on equity of 13.72%. The company’s revenue for the quarter was up 11.5% compared to the same quarter last year. During the same period last year, the firm posted $0.32 earnings per share. research analysts anticipate that General Electric will post 1.07 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, January 25th. Investors of record on Wednesday, December 27th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 2.64%. The ex-dividend date of this dividend is Tuesday, December 26th. General Electric’s dividend payout ratio (DPR) is presently 55.81%.
Several analysts have weighed in on the stock. JPMorgan Chase & Co. reiterated an “underweight” rating and issued a $22.00 price objective on shares of General Electric in a research note on Thursday, September 7th. Vetr cut shares of General Electric from a “hold” rating to a “sell” rating and set a $23.72 price objective for the company. in a research note on Monday, September 25th. Credit Suisse Group restated an “outperform” rating and issued a $30.00 target price (down from $33.00) on shares of General Electric in a research report on Thursday, October 5th. Morgan Stanley dropped their target price on shares of General Electric from $26.00 to $25.00 and set an “equal weight” rating for the company in a research report on Monday, October 2nd. Finally, Argus dropped their target price on shares of General Electric from $30.00 to $27.00 and set a “buy” rating for the company in a research report on Monday, September 18th. Six investment analysts have rated the stock with a sell rating, eight have issued a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. General Electric has an average rating of “Hold” and an average target price of $23.39.
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