Focus Financial Network Inc. Grows Stake in General Electric (NYSE:GE)

Focus Financial Network Inc. lifted its position in General Electric (NYSE:GE) by 24.7% during the 2nd quarter, HoldingsChannel reports. The firm owned 3,929 shares of the conglomerate’s stock after buying an additional 778 shares during the period. Focus Financial Network Inc.’s holdings in General Electric were worth $616,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Kornitzer Capital Management Inc. KS increased its holdings in shares of General Electric by 39.5% in the 4th quarter. Kornitzer Capital Management Inc. KS now owns 8,825 shares of the conglomerate’s stock worth $1,126,000 after buying an additional 2,500 shares during the last quarter. abrdn plc increased its stake in General Electric by 67.8% in the fourth quarter. abrdn plc now owns 454,887 shares of the conglomerate’s stock valued at $58,057,000 after acquiring an additional 183,762 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd increased its stake in General Electric by 13.1% in the fourth quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 5,037 shares of the conglomerate’s stock valued at $643,000 after acquiring an additional 583 shares during the last quarter. Criterion Capital Advisors LLC purchased a new stake in General Electric during the fourth quarter valued at about $27,000. Finally, Cetera Trust Company N.A bought a new stake in General Electric during the fourth quarter worth about $159,000. Hedge funds and other institutional investors own 74.77% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. Deutsche Bank Aktiengesellschaft raised their price objective on General Electric from $195.00 to $209.00 and gave the company a “buy” rating in a report on Monday, June 10th. Jefferies Financial Group lifted their price target on shares of General Electric from $185.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. Citigroup increased 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. The Goldman Sachs Group boosted their price target on shares of General Electric from $190.00 to $211.00 and gave the stock a “buy” rating in a research note on Wednesday, April 24th. Finally, UBS Group raised their price objective on General Electric from $201.00 to $209.00 and gave the company a “buy” rating in a research note on Monday, July 1st. Two research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, General Electric presently has a consensus rating of “Moderate Buy” and an average price target of $190.38.

General Electric Trading Down 0.6 %

NYSE:GE traded down $0.99 during trading hours on Tuesday, hitting $169.94. The company had a trading volume of 2,573,487 shares, compared to its average volume of 6,893,465. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.14 and a quick ratio of 0.85. The stock has a 50-day moving average price of $163.41 and a 200 day moving average price of $160.76. The company has a market capitalization of $186.02 billion, a PE ratio of 55.70, a price-to-earnings-growth ratio of 1.70 and a beta of 1.21. General Electric has a 52 week low of $84.42 and a 52 week high of $177.20.

General Electric (NYSE:GE) last released its quarterly earnings results on Tuesday, July 23rd. The conglomerate reported $1.20 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.21. General Electric had a return on equity of 16.07% and a net margin of 7.66%. The company had revenue of $9.09 billion for the quarter, compared to analyst estimates of $8.44 billion. During the same period in the previous year, the company posted $0.68 earnings per share. The firm’s revenue was up 3.9% on a year-over-year basis. On average, equities research analysts predict that General Electric will post 4.15 EPS for the current fiscal year.

General Electric Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 25th. Shareholders of record on Thursday, July 11th were paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 0.66%. The ex-dividend date was Thursday, July 11th. General Electric’s payout ratio is 36.72%.

Insider Transactions at General Electric

In other General Electric news, SVP Russell Stokes sold 45,309 shares of the stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $162.82, for a total transaction of $7,377,211.38. Following the sale, the senior vice president now directly owns 112,958 shares in the company, valued at approximately $18,391,821.56. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.66% of the stock is owned by insiders.

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.