Jennison Associates LLC boosted its stake in General Electric Co. (NYSE:GE) by 9.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 18,226,299 shares of the company’s stock after buying an additional 1,588,006 shares during the period. Jennison Associates LLC owned about 0.20% of General Electric worth $573,764,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Fisher Asset Management LLC increased its position in shares of General Electric by 0.5% in the second quarter. Fisher Asset Management LLC now owns 31,314,984 shares of the company’s stock worth $1,008,656,000 after buying an additional 161,641 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of General Electric by 3.4% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 27,336,995 shares of the company’s stock worth $860,569,000 after buying an additional 903,836 shares during the last quarter. Swiss National Bank increased its position 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 worth $823,339,000 after buying an additional 1,634,800 shares during the last quarter. State of New Jersey Common Pension Fund D increased its position 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 worth $302,523,000 after buying an additional 3,110,000 shares during the last quarter. Finally, Emerald Acquisition Ltd. bought a new position in shares of General Electric during the second quarter worth about $217,979,000. 55.81% of the stock is currently owned by institutional investors.
Shares of General Electric Co. (NYSE:GE) traded up 0.545% during midday trading on Friday, reaching $29.691. 22,448,127 shares of the company’s stock were exchanged. General Electric Co. has a one year low of $24.83 and a one year high of $33.00. The company’s 50-day moving average is $30.63 and its 200-day moving average is $30.82. The stock has a market cap of $266.07 billion, a P/E ratio of 25.098 and a beta of 1.11.
General Electric (NYSE:GE) last issued its quarterly earnings results on Friday, July 22nd. The company reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.05. The business earned $33.49 million during the quarter, compared to the consensus estimate of $31.76 billion. General Electric had a return on equity of 15.04% and a net margin of 9.14%. The company’s quarterly revenue was up 14.6% on a year-over-year basis. During the same quarter last year, the company earned $0.31 earnings per share. Equities analysts expect that General Electric Co. will post $1.50 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 25th. Shareholders of record on Monday, September 19th will be issued a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 3.12%. The ex-dividend date is Thursday, September 15th. General Electric’s dividend payout ratio is presently 77.97%.
A number of analysts have recently weighed in on the stock. JPMorgan Chase & Co. set a $28.00 target price on shares of General Electric and gave the stock a “sell” rating in a research report on Friday, September 23rd. Morgan Stanley set a $32.00 target price on shares of General Electric and gave the stock a “hold” rating in a research report on Wednesday, August 31st. Zacks Investment Research downgraded shares of General Electric from a “buy” rating to a “hold” rating in a research report on Wednesday, September 21st. Vetr raised shares of General Electric from a “hold” rating to a “buy” rating and set a $30.83 target price on the stock in a research report on Monday, September 19th. Finally, Stifel Nicolaus set a $34.00 target price on shares of General Electric and gave the stock a “buy” rating in a research report on Thursday, September 8th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and thirteen have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $32.65.
In other General Electric news, Chairman Jeffrey R. Immelt purchased 50,000 shares of the stock in a transaction on Tuesday, July 26th. The stock was acquired at an average price of $31.45 per share, with a total value of $1,572,500.00. Following the completion of the acquisition, the chairman now owns 2,198,688 shares in the company, valued at $69,148,737.60. The acquisition was disclosed in a filing with the SEC, which is available at this link. 0.23% of the stock is owned by company insiders.
About General Electric
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