Cornerstone Advisors LLC Raises Stock Position in General Electric (NYSE:GE)

Cornerstone Advisors LLC lifted its stake in General Electric (NYSE:GE) by 1.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 50,500 shares of the conglomerate’s stock after buying an additional 800 shares during the period. Cornerstone Advisors LLC’s holdings in General Electric were worth $9,523,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Studio Investment Management LLC boosted its holdings in shares of General Electric by 97.5% in the second quarter. Studio Investment Management LLC now owns 158 shares of the conglomerate’s stock valued at $25,000 after acquiring an additional 78 shares during the period. Toth Financial Advisory Corp acquired a new stake in General Electric during the 3rd quarter worth $25,000. Valley Wealth Managers Inc. purchased a new position in General Electric during the 3rd quarter worth $25,000. O Brien Wealth Partners LLC acquired a new position in General Electric in the third quarter valued at $27,000. Finally, Peterson Financial Group Inc. purchased a new stake in shares of General Electric in the third quarter valued at about $28,000. 74.77% of the stock is currently owned by institutional investors and hedge funds.

General Electric Stock Up 0.2 %

General Electric stock opened at $177.98 on Thursday. The firm has a market capitalization of $192.63 billion, a price-to-earnings ratio of 31.28, a price-to-earnings-growth ratio of 1.75 and a beta of 1.19. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.85 and a current ratio of 1.13. General Electric has a fifty-two week low of $94.54 and a fifty-two week high of $194.80. The stock’s fifty day moving average is $182.98 and its two-hundred day moving average is $170.96.

General Electric (NYSE:GE) last posted its earnings results on Tuesday, October 22nd. The conglomerate reported $1.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.02. The firm had revenue of $9.84 billion for the quarter, compared to analyst estimates of $9.02 billion. General Electric had a return on equity of 18.93% and a net margin of 11.48%. General Electric’s revenue was up 5.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.82 EPS. Analysts predict that General Electric will post 4.24 EPS for the current fiscal year.

General Electric Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Thursday, September 26th were paid a dividend of $0.28 per share. The ex-dividend date of this dividend was Thursday, September 26th. This represents a $1.12 annualized dividend and a dividend yield of 0.63%. General Electric’s dividend payout ratio is currently 19.68%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. UBS Group boosted their price target on General Electric from $223.00 to $230.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Sanford C. Bernstein upped their price target on General Electric from $201.00 to $225.00 and gave the stock an “outperform” rating in a research note on Monday, October 14th. Wells Fargo & Company lifted their price objective on shares of General Electric from $205.00 to $210.00 and gave the company an “overweight” rating in a research report on Wednesday, October 23rd. StockNews.com cut shares of General Electric from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Finally, Melius Research boosted their price target on shares of General Electric from $194.00 to $202.00 in a research note on Tuesday, October 22nd. Two analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, General Electric currently has a consensus rating of “Moderate Buy” and a consensus price target of $200.93.

Insider Transactions at General Electric

In related news, SVP Riccardo Procacci sold 7,000 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $181.13, for a total transaction of $1,267,910.00. Following the transaction, the senior vice president now directly owns 13,289 shares in the company, valued at approximately $2,407,036.57. This represents a 34.50 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Russell Stokes sold 15,550 shares of General Electric stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $178.29, for a total value of $2,772,409.50. Following the completion of the sale, the senior vice president now owns 148,857 shares of the company’s stock, valued at $26,539,714.53. This trade represents a 9.46 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.66% of the company’s stock.

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.