Blackhill Capital Inc. boosted its stake in shares of General Electric Co. (NYSE:GE) by 1.7% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 354,542 shares of the company’s stock after buying an additional 6,000 shares during the period. General Electric accounts for approximately 1.8% of Blackhill Capital Inc.’s investment portfolio, making the stock its 15th largest position. Blackhill Capital Inc.’s holdings in General Electric were worth $11,161,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Emerald Acquisition Ltd. bought a new stake in shares of General Electric during the second quarter valued at approximately $217,979,000. Acadian Asset Management LLC increased its stake in shares of General Electric by 291.0% in the second quarter. Acadian Asset Management LLC now owns 4,872,359 shares of the company’s stock valued at $153,380,000 after buying an additional 3,626,125 shares in the last quarter. State of New Jersey Common Pension Fund D increased its stake in shares of General Electric by 47.8% in the second quarter. State of New Jersey Common Pension Fund D now owns 9,610,000 shares of the company’s stock valued at $302,523,000 after buying an additional 3,110,000 shares in the last quarter. Kleinwort Benson Investors Dublin Ltd bought a new stake in shares of General Electric during the second quarter valued at approximately $76,016,000. Finally, Swiss National Bank increased its stake in shares of General Electric by 6.7% in the second quarter. Swiss National Bank now owns 26,154,361 shares of the company’s stock valued at $823,339,000 after buying an additional 1,634,800 shares in the last quarter. 55.81% of the stock is owned by institutional investors and hedge funds.
Shares of General Electric Co. (NYSE:GE) traded down 0.41% during mid-day trading on Monday, hitting $28.96. The stock had a trading volume of 14,429,859 shares. The stock has a market capitalization of $259.52 billion, a P/E ratio of 24.48 and a beta of 1.15. General Electric Co. has a 52 week low of $27.10 and a 52 week high of $33.00. The stock has a 50 day moving average of $30.31 and a 200-day moving average of $30.77.
General Electric (NYSE:GE) last released its earnings results on Friday, July 22nd. The company reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.05. General Electric had a return on equity of 15.04% and a net margin of 9.14%. The business had revenue of $33.49 million for the quarter, compared to analyst estimates of $31.76 billion. During the same quarter in the prior year, the company posted $0.31 earnings per share. General Electric’s revenue was up 14.6% on a year-over-year basis. On average, equities research analysts predict that General Electric Co. will post $1.50 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 25th. Investors of record on Monday, September 19th will be issued a dividend of $0.23 per share. The ex-dividend date is Thursday, September 15th. This represents a $0.92 annualized dividend and a yield of 3.16%. General Electric’s payout ratio is presently 77.97%.
GE has been the subject of several analyst reports. Vetr raised General Electric from a “sell” rating to a “hold” rating and set a $30.93 target price for the company in a report on Thursday, July 7th. Credit Suisse Group AG reaffirmed an “outperform” rating and set a $34.00 target price on shares of General Electric in a report on Monday, June 27th. JPMorgan Chase & Co. reaffirmed an “underweight” rating and set a $26.00 target price on shares of General Electric in a report on Thursday, August 11th. Bank of America Corp. reaffirmed a “buy” rating and set a $37.00 target price on shares of General Electric in a report on Thursday. Finally, Zacks Investment Research raised General Electric from a “sell” rating to a “hold” rating in a research note on Wednesday, July 13th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and twelve have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $32.81.
In related news, Chairman Jeffrey R. Immelt bought 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 26th. The shares were acquired at an average price of $31.45 per share, for a total transaction of $1,572,500.00. Following the completion of the acquisition, the chairman now owns 2,198,688 shares of the company’s stock, valued at approximately $69,148,737.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.23% of the company’s stock.
About General Electric
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