SteelPeak Wealth LLC Lowers Stock Holdings in General Electric (NYSE:GE)

SteelPeak Wealth LLC lowered its position in General Electric (NYSE:GE) by 16.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,048 shares of the conglomerate’s stock after selling 2,537 shares during the period. SteelPeak Wealth LLC’s holdings in General Electric were worth $2,290,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in GE. Morningstar Investment Services LLC acquired a new position in shares of General Electric during the 3rd quarter worth approximately $246,000. Teza Capital Management LLC acquired a new position in shares of General Electric during the 3rd quarter worth approximately $205,000. Ancora Advisors LLC raised its position in shares of General Electric by 5.5% during the 3rd quarter. Ancora Advisors LLC now owns 1,776 shares of the conglomerate’s stock worth $196,000 after purchasing an additional 92 shares during the last quarter. Rehmann Capital Advisory Group raised its position in shares of General Electric by 8.1% during the 3rd quarter. Rehmann Capital Advisory Group now owns 2,615 shares of the conglomerate’s stock worth $289,000 after purchasing an additional 196 shares during the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec grew its stake in General Electric by 2.9% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 123,719 shares of the conglomerate’s stock worth $13,677,000 after acquiring an additional 3,431 shares during the period. Institutional investors and hedge funds own 74.77% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on GE shares. TD Cowen raised shares of General Electric from a “hold” rating to a “buy” rating and lifted their target price for the stock from $175.00 to $180.00 in a research note on Tuesday, April 9th. The Goldman Sachs Group boosted their price objective on shares of General Electric from $190.00 to $211.00 and gave the company a “buy” rating in a research note on Wednesday, April 24th. Argus lifted 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. Royal Bank of Canada lifted their target price on shares of General Electric from $165.00 to $175.00 and gave the company an “outperform” rating in a report on Wednesday, April 24th. Finally, Citigroup lifted their target price 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. Two research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $181.36.

Insider Activity at General Electric

In related news, SVP Russell Stokes sold 45,309 shares of the firm’s stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $162.82, for a total transaction of $7,377,211.38. Following the transaction, the senior vice president now owns 112,958 shares in the company, valued at $18,391,821.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.66% of the company’s stock.

General Electric Price Performance

Shares of NYSE:GE opened at $158.97 on Monday. The firm’s 50 day moving average is $162.36 and its two-hundred day moving average is $151.59. General Electric has a 52 week low of $84.42 and a 52 week high of $170.80. The firm has a market capitalization of $174.01 billion, a P/E ratio of 52.12, a PEG ratio of 1.69 and a beta of 1.22. The company has a current ratio of 1.17, a quick ratio of 0.82 and a debt-to-equity ratio of 0.63.

General Electric (NYSE:GE) last announced its quarterly earnings results on Tuesday, April 23rd. The conglomerate reported $0.82 EPS for the quarter, beating the consensus estimate of $0.65 by $0.17. General Electric had a net margin of 5.05% and a return on equity of 12.54%. The company had revenue of $16.10 billion for the quarter, compared to analyst estimates of $15.25 billion. During the same quarter last year, the business earned $0.27 earnings per share. General Electric’s revenue was up 11.1% compared to the same quarter last year. Analysts anticipate that General Electric will post 4 earnings per share for the current year.

General Electric Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 25th. Investors of record on Thursday, July 11th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Thursday, July 11th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.70%. General Electric’s dividend 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.