General Electric (GE) Stake Boosted by Conning Inc.
Conning Inc. grew its position in General Electric (NYSE:GE) by 4.3% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,272,834 shares of the conglomerate’s stock after purchasing an additional 53,023 shares during the quarter. Conning Inc.’s holdings in General Electric were worth $30,777,000 as of its most recent SEC filing.
Several other large investors have also recently added to or reduced their stakes in GE. Vanguard Group Inc. boosted its stake in General Electric by 0.6% during the second quarter. Vanguard Group Inc. now owns 600,238,644 shares of the conglomerate’s stock worth $16,212,445,000 after buying an additional 3,297,890 shares in the last quarter. BlackRock Inc. boosted its stake in General Electric by 3.9% during the second quarter. BlackRock Inc. now owns 517,315,514 shares of the conglomerate’s stock worth $13,972,691,000 after buying an additional 19,422,516 shares in the last quarter. Capital World Investors boosted its stake in General Electric by 8.6% during the second quarter. Capital World Investors now owns 141,322,676 shares of the conglomerate’s stock worth $3,817,125,000 after buying an additional 11,194,678 shares in the last quarter. Capital Research Global Investors boosted its stake in General Electric by 18.6% during the second quarter. Capital Research Global Investors now owns 91,205,460 shares of the conglomerate’s stock worth $2,463,459,000 after buying an additional 14,316,281 shares in the last quarter. Finally, Franklin Resources Inc. boosted its stake in General Electric by 43.8% during the second quarter. Franklin Resources Inc. now owns 78,024,403 shares of the conglomerate’s stock worth $2,107,438,000 after buying an additional 23,764,129 shares in the last quarter. 55.63% of the stock is currently owned by institutional investors.
A number of equities research analysts have weighed in on the stock. JPMorgan Chase & Co. set a $22.00 price target on shares of General Electric and gave the stock a “sell” rating in a research note on Tuesday, September 19th. Citigroup set a $28.00 price target on shares of General Electric and gave the stock a “buy” rating in a research note on Monday, October 23rd. UBS Group downgraded shares of General Electric from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $31.00 to $24.00 in a research note on Monday, October 23rd. Vetr downgraded shares of General Electric from a “strong-buy” rating to a “buy” rating and set a $21.08 price target on the stock. in a research note on Wednesday. Finally, Royal Bank of Canada downgraded shares of General Electric from an “outperform” rating to a “sector perform” rating and reduced their target price for the company from $25.00 to $20.00 in a research note on Tuesday, November 14th. Six research analysts have rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the company. General Electric currently has an average rating of “Hold” and a consensus price target of $23.19.
General Electric (GE) opened at $18.76 on Friday. The company has a quick ratio of 1.53, a current ratio of 1.86 and a debt-to-equity ratio of 1.14. General Electric has a twelve month low of $17.25 and a twelve month high of $31.47. The stock has a market capitalization of $162,690.00, a PE ratio of 21.81, a P/E/G ratio of 2.05 and a beta of 1.07.
General Electric (NYSE:GE) last released its quarterly earnings results on Friday, October 20th. The conglomerate reported $0.29 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.49 by ($0.20). General Electric had a net margin of 6.08% and a return on equity of 13.72%. The business had revenue of $33.47 billion during the quarter, compared to the consensus estimate of $32.51 billion. During the same period in the prior year, the firm earned $0.32 earnings per share. The business’s quarterly revenue was up 11.5% compared to the same quarter last year. research analysts predict that General Electric will post 1.07 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 25th. Investors of record on Wednesday, December 27th will be issued a $0.12 dividend. The ex-dividend date is Tuesday, December 26th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.56%. General Electric’s dividend payout ratio is 55.81%.
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About General Electric
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