Spire Wealth Management Cuts Stake in General Electric (NYSE:GE)

Spire Wealth Management decreased its stake in shares of General Electric (NYSE:GE) by 18.5% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 6,113 shares of the conglomerate’s stock after selling 1,390 shares during the quarter. Spire Wealth Management’s holdings in General Electric were worth $972,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of GE. Van ECK Associates Corp lifted its position in shares of General Electric by 10,034.8% in the second quarter. Van ECK Associates Corp now owns 166,616 shares of the conglomerate’s stock worth $26,487,000 after buying an additional 164,972 shares in the last quarter. MUFG Securities EMEA plc bought a new stake in General Electric in the second quarter worth $19,712,000. Banque Cantonale Vaudoise raised its stake in General Electric by 28.6% during the second quarter. Banque Cantonale Vaudoise now owns 54,527 shares of the conglomerate’s stock valued at $8,672,000 after purchasing an additional 12,133 shares in the last quarter. Sage Mountain Advisors LLC increased its holdings in shares of General Electric by 29.9% in the 2nd quarter. Sage Mountain Advisors LLC now owns 4,649 shares of the conglomerate’s stock worth $739,000 after buying an additional 1,069 shares during the last quarter. Finally, Catalytic Wealth RIA LLC lifted its holdings in shares of General Electric by 17.6% in the 2nd quarter. Catalytic Wealth RIA LLC now owns 3,085 shares of the conglomerate’s stock valued at $490,000 after acquiring an additional 462 shares during the last quarter. 74.77% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. UBS Group upped their price objective on General Electric from $201.00 to $209.00 and gave the company a “buy” rating in a research report on Monday, July 1st. Jefferies Financial Group raised their price target on General Electric from $185.00 to $190.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. Royal Bank of Canada boosted their price objective on shares of General Electric from $175.00 to $190.00 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. Deutsche Bank Aktiengesellschaft raised their target price on shares of General Electric from $195.00 to $209.00 and gave the stock a “buy” rating in a report on Monday, June 10th. Finally, StockNews.com downgraded shares of General Electric from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Two research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $190.38.

General Electric Stock Up 0.6 %

NYSE:GE traded up $1.04 during mid-day trading on Friday, hitting $174.62. 5,295,576 shares of the company’s stock traded hands, compared to its average volume of 4,164,248. 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 company has a market capitalization of $189.34 billion, a P/E ratio of 57.25, a P/E/G ratio of 1.73 and a beta of 1.21. The company has a fifty day moving average of $165.18 and a 200 day moving average of $162.66. General Electric has a twelve month low of $84.42 and a twelve month high of $177.20.

General Electric (NYSE:GE) last issued its quarterly earnings results on Tuesday, July 23rd. The conglomerate reported $1.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.99 by $0.21. The business had revenue of $9.09 billion for the quarter, compared to analyst estimates of $8.44 billion. General Electric had a net margin of 7.66% and a return on equity of 16.07%. General Electric’s revenue for the quarter was up 3.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.68 EPS. On average, analysts forecast that General Electric will post 4.2 EPS for the current year.

General Electric Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, July 25th. Shareholders of record on Thursday, July 11th were issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 0.64%. The ex-dividend date was Thursday, July 11th. General Electric’s payout ratio is presently 36.72%.

About General Electric

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.