Asset Management Group Inc. Acquires New Stake in General Electric (NYSE:GE)

Asset Management Group Inc. acquired a new stake in General Electric (NYSE:GE) during the third quarter, according to its most recent filing with the SEC. The firm acquired 1,245 shares of the conglomerate’s stock, valued at approximately $235,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Newport Trust Company LLC acquired a new stake in General Electric in the second quarter valued at $2,613,332,000. Jennison Associates LLC lifted its holdings in General Electric by 91.8% in the third quarter. Jennison Associates LLC now owns 7,771,759 shares of the conglomerate’s stock valued at $1,465,598,000 after acquiring an additional 3,719,894 shares during the period. Massachusetts Financial Services Co. MA acquired a new stake in General Electric in the second quarter valued at $580,200,000. International Assets Investment Management LLC lifted its holdings in General Electric by 21,069.8% in the third quarter. International Assets Investment Management LLC now owns 3,173,142 shares of the conglomerate’s stock valued at $598,391,000 after acquiring an additional 3,158,153 shares during the period. Finally, Wulff Hansen & CO. lifted its holdings in General Electric by 18,693.9% in the second quarter. Wulff Hansen & CO. now owns 1,614,022 shares of the conglomerate’s stock valued at $256,581,000 after acquiring an additional 1,605,434 shares during the period. 74.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other General Electric news, SVP Riccardo Procacci sold 7,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $181.13, for a total value of $1,267,910.00. Following the transaction, the senior vice president now directly owns 13,289 shares of the company’s stock, valued at $2,407,036.57. This represents a 34.50 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Russell Stokes sold 15,550 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $178.29, for a total value of $2,772,409.50. Following the completion of the transaction, the senior vice president now directly owns 148,857 shares in the company, valued at approximately $26,539,714.53. The trade was a 9.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.66% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have commented on GE. Bank of America raised their target price on General Electric from $180.00 to $200.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Wells Fargo & Company lifted their price target on General Electric from $205.00 to $210.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. UBS Group lifted their price target on General Electric from $223.00 to $230.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Melius Research lifted their price target on General Electric from $194.00 to $202.00 in a research note on Tuesday, October 22nd. Finally, StockNews.com downgraded General Electric from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Two investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $200.93.

General Electric Stock Up 0.5 %

Shares of NYSE:GE opened at $178.87 on Friday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.85 and a current ratio of 1.13. General Electric has a 1 year low of $94.54 and a 1 year high of $194.80. The stock has a market capitalization of $193.59 billion, a P/E ratio of 31.44, a PEG ratio of 1.75 and a beta of 1.19. The stock has a 50-day simple moving average of $183.17 and a 200-day simple moving average of $171.01.

General Electric (NYSE:GE) last issued its earnings results on Tuesday, October 22nd. The conglomerate reported $1.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.02. The business had revenue of $9.84 billion during the quarter, compared to analysts’ expectations of $9.02 billion. General Electric had a return on equity of 18.93% and a net margin of 11.48%. The company’s revenue for the quarter was up 5.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.82 EPS. Equities analysts forecast that General Electric will post 4.24 earnings per share for the current year.

General Electric Dividend Announcement

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 dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 0.63%. The ex-dividend date was Thursday, September 26th. General Electric’s dividend payout ratio (DPR) is presently 19.68%.

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.