Summit Financial LLC Raises Stock Position in General Electric (NYSE:GE)

Summit Financial LLC lifted its position in General Electric (NYSE:GE) by 112.8% in the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 5,861 shares of the conglomerate’s stock after purchasing an additional 3,107 shares during the period. Summit Financial LLC’s holdings in General Electric were worth $932,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of GE. Vanguard Group Inc. lifted its position in shares of General Electric by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 88,444,222 shares of the conglomerate’s stock worth $11,288,136,000 after purchasing an additional 550,996 shares during the period. Capital International Investors raised its stake in General Electric by 9.9% in the first quarter. Capital International Investors now owns 59,100,643 shares of the conglomerate’s stock worth $10,373,936,000 after buying an additional 5,309,543 shares in the last quarter. Capital World Investors lifted its holdings in General Electric by 2,818.1% during the first quarter. Capital World Investors now owns 12,749,560 shares of the conglomerate’s stock worth $2,237,930,000 after buying an additional 12,312,648 shares during the period. Norges Bank purchased a new position in shares of General Electric in the 4th quarter valued at $1,193,159,000. Finally, Canada Pension Plan Investment Board increased its holdings in shares of General Electric by 221.6% in the 1st 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. Institutional investors own 74.77% of the company’s stock.

General Electric Trading Up 0.6 %

Shares of General Electric stock opened at $174.62 on Tuesday. The stock has a market cap of $189.34 billion, a PE ratio of 57.25, a price-to-earnings-growth ratio of 1.73 and a beta of 1.21. The firm has a fifty day moving average price of $165.47 and a 200 day moving average price of $162.96. General Electric has a 1 year low of $84.42 and a 1 year high of $177.20. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.14 and a quick ratio of 0.85.

General Electric (NYSE:GE) last released its quarterly earnings data on Tuesday, July 23rd. The conglomerate reported $1.20 earnings per share for the quarter, beating 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 business had revenue of $9.09 billion during the quarter, compared to analyst estimates of $8.44 billion. During the same quarter last year, the business posted $0.68 EPS. The company’s revenue was up 3.9% on a year-over-year basis. Equities research analysts predict that General Electric will post 4.2 earnings per share for the current year.

General Electric Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 25th. Stockholders of record on Thursday, July 11th were paid a dividend of $0.28 per share. The ex-dividend date of this dividend was Thursday, July 11th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.64%. General Electric’s payout ratio is 36.72%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on GE shares. StockNews.com downgraded General Electric from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Royal Bank of Canada lifted their price objective on shares of General Electric from $175.00 to $190.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. Deutsche Bank Aktiengesellschaft increased their target price on shares of General Electric from $195.00 to $209.00 and gave the company a “buy” rating in a research report on Monday, June 10th. Wells Fargo & Company upped their price target on General Electric from $192.00 to $205.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Finally, Jefferies Financial Group increased their price objective on General Electric from $185.00 to $190.00 and gave the company a “buy” rating in a report on Friday, June 28th. Two analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, General Electric currently has a consensus rating of “Moderate Buy” and an average price target of $190.38.

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.