SteelPeak Wealth LLC Increases Stock Position in General Electric (NYSE:GE)

SteelPeak Wealth LLC increased its position in General Electric (NYSE:GE) by 52.2% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,030 shares of the conglomerate’s stock after acquiring an additional 1,039 shares during the period. SteelPeak Wealth LLC’s holdings in General Electric were worth $572,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in GE. Newport Trust Company LLC bought a new stake in General Electric in the 2nd quarter worth approximately $2,613,332,000. Capital World Investors grew its position in General Electric by 2,818.1% in the 1st quarter. Capital World Investors now owns 12,749,560 shares of the conglomerate’s stock worth $2,237,930,000 after purchasing an additional 12,312,648 shares during the period. Capital International Investors grew its position in shares of General Electric by 9.9% during the 1st quarter. Capital International Investors now owns 59,100,643 shares of the conglomerate’s stock valued at $10,373,936,000 after acquiring an additional 5,309,543 shares during the period. Canada Pension Plan Investment Board grew its position in shares of General Electric by 221.6% during 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. Finally, Massachusetts Financial Services Co. MA bought a new stake in shares of General Electric during the 2nd quarter valued at $580,200,000. Institutional investors own 74.77% of the company’s stock.

Analyst Upgrades and Downgrades

GE has been the subject of a number of recent research reports. Bank of America boosted their price objective on shares of General Electric from $180.00 to $200.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Sanford C. Bernstein boosted their price objective on shares of General Electric from $201.00 to $225.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. Citigroup boosted their price objective on shares of General Electric from $198.00 to $216.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. StockNews.com downgraded shares of General Electric from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Finally, Royal Bank of Canada cut their price objective on shares of General Electric from $210.00 to $200.00 and set an “outperform” rating for the company in a research report on Wednesday, October 23rd. Two investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $200.93.

General Electric Stock Down 1.7 %

Shares of NYSE GE opened at $171.75 on Friday. The firm’s 50-day moving average price is $180.18 and its 200-day moving average price is $168.89. The company has a current ratio of 1.13, a quick ratio of 0.85 and a debt-to-equity ratio of 0.95. The stock has a market capitalization of $185.88 billion, a price-to-earnings ratio of 30.18, a P/E/G ratio of 1.74 and a beta of 1.18. General Electric has a 12-month low of $84.66 and a 12-month high of $194.80.

General Electric (NYSE:GE) last announced its earnings results on Tuesday, October 22nd. The conglomerate reported $1.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.02. The firm had revenue of $9.84 billion for the quarter, compared to analysts’ expectations of $9.02 billion. General Electric had a net margin of 11.48% and a return on equity of 18.93%. The business’s revenue was up 5.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.82 EPS. On average, equities research analysts anticipate that General Electric will post 4.2 EPS for the current fiscal year.

General Electric Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 25th. Stockholders of record on Thursday, September 26th were given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 0.65%. The ex-dividend date of this dividend was Thursday, September 26th. General Electric’s dividend payout ratio is 19.68%.

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.