Cornerstone Wealth Management LLC Has $1.57 Million Stake in General Electric (NYSE:GE)

Cornerstone Wealth Management LLC grew its stake in shares of General Electric (NYSE:GE) by 12.0% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 8,959 shares of the conglomerate’s stock after buying an additional 963 shares during the period. Cornerstone Wealth Management LLC’s holdings in General Electric were worth $1,573,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Kovack Advisors Inc. lifted its position in General Electric by 5.5% in the first quarter. Kovack Advisors Inc. now owns 10,257 shares of the conglomerate’s stock worth $1,800,000 after purchasing an additional 539 shares during the period. Massachusetts Wealth Management lifted its holdings in shares of General Electric by 8.9% during the 1st quarter. Massachusetts Wealth Management now owns 13,644 shares of the conglomerate’s stock worth $2,395,000 after acquiring an additional 1,117 shares during the period. Pachira Investments Inc. acquired a new stake in shares of General Electric during the 1st quarter valued at about $658,000. Norden Group LLC acquired a new stake in shares of General Electric during the 1st quarter valued at about $3,044,000. Finally, BluePath Capital Management LLC bought a new stake in General Electric in the first quarter valued at about $227,000. Institutional investors own 74.77% of the company’s stock.

Insider Activity at General Electric

In related news, SVP Russell Stokes sold 45,309 shares of General Electric stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $162.82, for a total transaction of $7,377,211.38. Following the completion of the sale, the senior vice president now directly owns 112,958 shares of the company’s stock, valued at $18,391,821.56. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.66% of the stock is currently owned by company insiders.

General Electric Stock Up 1.0 %

NYSE:GE opened at $163.00 on Friday. The stock’s fifty day moving average price is $162.59 and its two-hundred day moving average price is $152.20. The company has a market cap of $178.42 billion, a price-to-earnings ratio of 53.44, a P/E/G ratio of 1.72 and a beta of 1.21. General Electric has a 52-week low of $84.42 and a 52-week high of $170.80. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.82 and a current ratio of 1.17.

General Electric (NYSE:GE) last posted its quarterly earnings results on Tuesday, April 23rd. The conglomerate reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.17. The business had revenue of $16.10 billion for the quarter, compared to analysts’ expectations of $15.25 billion. General Electric had a return on equity of 12.54% and a net margin of 5.05%. The firm’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.27 earnings per share. On average, analysts anticipate that General Electric will post 4.02 EPS for the current year.

General Electric Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 25th. Investors of record on Thursday, July 11th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.69%. The ex-dividend date of this dividend is Thursday, July 11th. General Electric’s dividend payout ratio (DPR) is 36.72%.

Wall Street Analyst Weigh In

GE has been the topic of a number of recent research reports. Barclays decreased their price objective on General Electric from $181.00 to $175.00 and set an “overweight” rating on the stock in a report on Wednesday, April 3rd. UBS Group upped their price target on General Electric from $201.00 to $209.00 and gave the company a “buy” rating in a research report on Monday. JPMorgan Chase & Co. lifted their price objective on General Electric from $148.00 to $175.00 and gave the company an “overweight” rating in a report on Monday, May 13th. TD Cowen raised shares of General Electric from a “hold” rating to a “buy” rating and upped their target price for the stock from $175.00 to $180.00 in a report on Tuesday, April 9th. Finally, Jefferies Financial Group increased their target price on shares of General Electric from $185.00 to $190.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. Two investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $181.93.

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.