Commerce Bank cut its stake in shares of General Electric (NYSE:GE - Free Report) by 7.9% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 49,763 shares of the conglomerate's stock after selling 4,273 shares during the period. Commerce Bank's holdings in General Electric were worth $9,384,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Studio Investment Management LLC grew its stake in shares of General Electric by 97.5% in the 2nd quarter. Studio Investment Management LLC now owns 158 shares of the conglomerate's stock valued at $25,000 after buying an additional 78 shares during the period. Toth Financial Advisory Corp purchased a new position in shares of General Electric during the 3rd quarter worth $25,000. Valley Wealth Managers Inc. acquired a new stake in shares of General Electric during the 3rd quarter worth about $25,000. O Brien Wealth Partners LLC purchased a new stake in General Electric in the 3rd quarter valued at about $27,000. Finally, Peterson Financial Group Inc. acquired a new position in General Electric in the third quarter valued at about $28,000. 74.77% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages have recently weighed in on GE. Deutsche Bank Aktiengesellschaft lifted their price objective on General Electric from $212.00 to $235.00 and gave the company a "buy" rating in a research note on Thursday, October 3rd. Citigroup boosted their price target on shares of General Electric from $198.00 to $216.00 and gave the stock a "buy" rating in a research note on Thursday, October 10th. Royal Bank of Canada lowered 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 note on Wednesday, October 23rd. Bank of America increased their target price on shares of General Electric from $180.00 to $200.00 and gave the stock a "buy" rating in a report on Wednesday, October 23rd. Finally, UBS Group boosted their price target on shares of General Electric from $223.00 to $230.00 and gave the stock a "buy" rating in a research note on Wednesday, October 23rd. Two analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $200.93.
Get Our Latest Stock Report on GE
In other General Electric news, SVP Russell Stokes sold 15,550 shares of the business's 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 sale, the senior vice president now directly owns 148,857 shares in the company, valued at approximately $26,539,714.53. The trade was a 9.46 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Riccardo Procacci sold 7,000 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $181.13, for a total value of $1,267,910.00. Following the sale, the senior vice president now owns 13,289 shares of the company's stock, valued at $2,407,036.57. This trade represents a 34.50 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.66% of the company's stock.
NYSE GE opened at $178.87 on Friday. The stock has a market cap of $193.59 billion, a P/E ratio of 31.44, a PEG ratio of 1.75 and a beta of 1.19. The company's fifty day simple moving average is $183.17 and its 200-day simple moving average is $171.01. The company has a current ratio of 1.13, a quick ratio of 0.85 and a debt-to-equity ratio of 0.95. General Electric has a 52 week low of $94.54 and a 52 week high of $194.80.
General Electric (NYSE:GE - Get Free Report) last posted its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.02. General Electric had a return on equity of 18.93% and a net margin of 11.48%. The company had revenue of $9.84 billion for the quarter, compared to the consensus estimate of $9.02 billion. During the same period in the previous year, the business earned $0.82 EPS. General Electric's revenue for the quarter was up 5.8% compared to the same quarter last year. Equities research analysts predict that General Electric will post 4.24 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, October 25th. Stockholders of record on Thursday, September 26th were given a $0.28 dividend. The ex-dividend date of this dividend was Thursday, September 26th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.63%. General Electric's payout ratio is currently 19.68%.
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.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Before you consider General Electric, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and General Electric wasn't on the list.
While General Electric currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.