Forsta AP Fonden Grows Stake in General Electric (NYSE:GE)

Forsta AP Fonden increased its holdings in shares of General Electric (NYSE:GE) by 7.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 318,125 shares of the conglomerate’s stock after purchasing an additional 22,300 shares during the quarter. Forsta AP Fonden’s holdings in General Electric were worth $59,992,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of GE. Capital International Investors lifted its holdings 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 acquiring an additional 5,309,543 shares during the period. Newport Trust Company LLC bought a new position in General Electric in the second quarter valued at about $2,613,332,000. Capital World Investors lifted its holdings 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 acquiring an additional 12,312,648 shares during the period. Legal & General Group Plc lifted its holdings in General Electric by 5.8% in the second quarter. Legal & General Group Plc now owns 8,405,731 shares of the conglomerate’s stock valued at $1,336,257,000 after acquiring an additional 459,201 shares during the period. Finally, Canada Pension Plan Investment Board lifted its holdings in General Electric by 221.6% in the first quarter. Canada Pension Plan Investment Board now owns 7,121,741 shares of the conglomerate’s stock valued at $1,250,079,000 after acquiring an additional 4,907,530 shares during the period. 74.77% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. StockNews.com downgraded General Electric from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Royal Bank of Canada decreased their price objective on General Electric from $210.00 to $200.00 and set an “outperform” rating on the stock in a research note on Wednesday. Citigroup raised their price objective on General Electric from $198.00 to $216.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Deutsche Bank Aktiengesellschaft raised their price objective on General Electric from $212.00 to $235.00 and gave the stock a “buy” rating in a research note on Thursday, October 3rd. Finally, Wells Fargo & Company raised their price objective on General Electric from $205.00 to $210.00 and gave the stock an “overweight” rating in a research note on Wednesday. Two investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $200.93.

General Electric Price Performance

General Electric stock traded down $0.64 during mid-day trading on Friday, reaching $179.10. 3,974,941 shares of the company’s stock traded hands, compared to its average volume of 6,367,015. General Electric has a 12-month low of $84.58 and a 12-month high of $194.80. The company has a quick ratio of 0.85, a current ratio of 1.14 and a debt-to-equity ratio of 0.95. The stock has a 50 day moving average of $179.90 and a two-hundred day moving average of $168.38. The company has a market cap of $196.04 billion, a price-to-earnings ratio of 58.74, a PEG ratio of 1.86 and a beta of 1.18.

General Electric (NYSE:GE) last announced its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.15 EPS for the quarter, beating analysts’ consensus estimates of $1.13 by $0.02. General Electric had a net margin of 7.66% and a return on equity of 16.07%. The firm had revenue of $9.84 billion during the quarter, compared to the consensus estimate of $9.02 billion. During the same quarter last year, the firm earned $0.82 EPS. The firm’s revenue for the quarter was up 5.8% compared to the same quarter last year. Equities analysts forecast that General Electric will post 4.2 earnings per share for the current year.

General Electric Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Thursday, September 26th were given a $0.28 dividend. The ex-dividend date was Thursday, September 26th. This represents a $1.12 dividend on an annualized basis and a yield of 0.63%. General Electric’s dividend payout ratio is presently 36.72%.

General Electric Company 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.