Level Financial Advisors Cuts Stock Holdings in General Electric (NYSE:GE)

Level Financial Advisors decreased its position in General Electric (NYSE:GE) by 8.3% during the second quarter, Holdings Channel reports. The firm owned 1,366 shares of the conglomerate’s stock after selling 123 shares during the quarter. Level Financial Advisors’ holdings in General Electric were worth $217,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Kornitzer Capital Management Inc. KS boosted its stake in shares of General Electric by 39.5% in the fourth quarter. Kornitzer Capital Management Inc. KS now owns 8,825 shares of the conglomerate’s stock valued at $1,126,000 after purchasing an additional 2,500 shares during the period. abrdn plc boosted its position in General Electric by 67.8% in the 4th quarter. abrdn plc now owns 454,887 shares of the conglomerate’s stock valued at $58,057,000 after buying an additional 183,762 shares during the period. OVERSEA CHINESE BANKING Corp Ltd grew its stake in shares of General Electric by 13.1% in the fourth quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 5,037 shares of the conglomerate’s stock worth $643,000 after acquiring an additional 583 shares in the last quarter. Criterion Capital Advisors LLC purchased a new stake in shares of General Electric during the fourth quarter worth $27,000. Finally, Cetera Trust Company N.A acquired a new stake in shares of General Electric in the fourth quarter valued at $159,000. 74.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on GE. UBS Group upped their price target on General Electric from $201.00 to $209.00 and gave the stock a “buy” rating in a report on Monday, July 1st. Argus raised their target price on shares of General Electric from $170.00 to $180.00 and gave the company a “buy” rating in a report on Wednesday, April 24th. JPMorgan Chase & Co. boosted their price target on shares of General Electric from $148.00 to $175.00 and gave the stock an “overweight” rating in a report on Monday, May 13th. Citigroup raised their price objective on shares of General Electric from $120.43 to $186.00 and gave the company a “buy” rating in a report on Thursday, April 25th. Finally, Jefferies Financial Group boosted their target price on shares of General Electric from $185.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. Two investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, General Electric presently has an average rating of “Moderate Buy” and a consensus price target of $190.38.

General Electric Stock Performance

Shares of GE stock traded down $1.53 during mid-day trading on Thursday, hitting $169.67. 2,996,293 shares of the stock were exchanged, compared to its average volume of 6,852,184. General Electric has a 12-month low of $84.42 and a 12-month high of $177.20. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.85 and a current ratio of 1.14. The stock has a market capitalization of $185.72 billion, a price-to-earnings ratio of 55.63, a P/E/G ratio of 1.70 and a beta of 1.21. The stock’s fifty day simple moving average is $164.08 and its two-hundred day simple moving average is $161.12.

General Electric (NYSE:GE) last released 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. General Electric had a return on equity of 16.07% and a net margin of 7.66%. The firm had revenue of $9.09 billion for the quarter, compared to the consensus estimate of $8.44 billion. During the same quarter last year, the business posted $0.68 EPS. The firm’s quarterly revenue was up 3.9% compared to the same quarter last year. On average, analysts forecast that General Electric will post 4.15 EPS for the current year.

General Electric Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 25th. Investors of record on Thursday, July 11th were given a $0.28 dividend. The ex-dividend date was Thursday, July 11th. This represents a $1.12 annualized dividend and a yield of 0.66%. General Electric’s dividend payout ratio (DPR) is 36.72%.

General Electric 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.