Pinnacle Associates Ltd. Purchases 165 Shares of General Electric (NYSE:GE)

Pinnacle Associates Ltd. grew its position in shares of General Electric (NYSE:GE) by 0.8% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 19,685 shares of the conglomerate’s stock after buying an additional 165 shares during the quarter. Pinnacle Associates Ltd.’s holdings in General Electric were worth $3,129,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. MFA Wealth Advisors LLC bought a new position in shares of General Electric during the 2nd quarter worth approximately $31,000. Kapitalo Investimentos Ltda bought a new position in shares of General Electric during the 4th quarter worth approximately $32,000. Financial Connections Group Inc. bought a new position in shares of General Electric during the 2nd quarter worth approximately $32,000. Richardson Financial Services Inc. bought a new position in shares of General Electric during the 1st quarter worth approximately $34,000. Finally, Macroview Investment Management LLC raised its holdings in shares of General Electric by 37.9% in the 2nd quarter. Macroview Investment Management LLC now owns 211 shares of the conglomerate’s stock worth $34,000 after purchasing an additional 58 shares during the period. Institutional investors own 74.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Deutsche Bank Aktiengesellschaft lifted their price target 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. Barclays lifted their price target on shares of General Electric from $175.00 to $200.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. JPMorgan Chase & Co. lifted their price target on shares of General Electric from $148.00 to $175.00 and gave the stock an “overweight” rating in a report on Monday, May 13th. Wells Fargo & Company lifted their price target on shares of General Electric from $192.00 to $205.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Finally, UBS Group lifted their price target on shares of General Electric from $201.00 to $209.00 and gave the stock a “buy” rating in a report on Monday, July 1st. Two equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, General Electric has a consensus rating of “Moderate Buy” and a consensus price target of $190.38.

General Electric Price Performance

Shares of General Electric stock traded up $1.04 during trading on Friday, hitting $174.62. The stock had a trading volume of 5,295,576 shares, compared to its average volume of 6,756,916. The firm has a market cap of $191.14 billion, a price-to-earnings ratio of 57.25, a P/E/G ratio of 1.70 and a beta of 1.21. General Electric has a 12 month low of $84.42 and a 12 month high of $177.20. The business’s 50-day moving average is $165.18 and its 200 day moving average is $162.52. The company has a current ratio of 1.14, a quick ratio of 0.85 and a debt-to-equity ratio of 0.95.

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, topping the consensus estimate of $0.99 by $0.21. The firm had revenue of $9.09 billion for the quarter, compared to analysts’ expectations of $8.44 billion. General Electric had a net margin of 7.66% and a return on equity of 16.07%. The business’s quarterly revenue was up 3.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.68 earnings per share. As a group, sell-side analysts anticipate that General Electric will post 4.15 earnings per share for the current year.

General Electric Announces Dividend

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

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.