Allspring Global Investments Holdings LLC Lowers Stock Holdings in General Electric (NYSE:GE)

Allspring Global Investments Holdings LLC reduced its position in General Electric (NYSE:GE) by 7.0% in the 2nd quarter, Holdings Channel reports. The fund owned 617,088 shares of the conglomerate’s stock after selling 46,271 shares during the period. Allspring Global Investments Holdings LLC’s holdings in General Electric were worth $98,099,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in General Electric by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 88,444,222 shares of the conglomerate’s stock worth $11,288,136,000 after acquiring an additional 550,996 shares during the period. Capital International Investors grew its stake in shares of General Electric by 9.9% during the 1st quarter. Capital International Investors now owns 59,100,643 shares of the conglomerate’s stock valued at $10,373,936,000 after buying an additional 5,309,543 shares during the period. Capital World Investors grew its stake in shares of General Electric by 2,818.1% during the 1st quarter. Capital World Investors now owns 12,749,560 shares of the conglomerate’s stock valued at $2,237,930,000 after buying an additional 12,312,648 shares during the period. Norges Bank purchased a new stake in shares of General Electric during the 4th quarter valued at $1,193,159,000. Finally, Canada Pension Plan Investment Board grew its stake in shares of General Electric by 221.6% during the 1st quarter. Canada Pension Plan Investment Board now owns 7,121,741 shares of the conglomerate’s stock valued at $1,250,079,000 after buying an additional 4,907,530 shares during the period. 74.77% of the stock is owned by hedge funds and other institutional investors.

General Electric Price Performance

Shares of NYSE:GE opened at $169.82 on Tuesday. The company has a quick ratio of 0.85, a current ratio of 1.14 and a debt-to-equity ratio of 0.95. General Electric has a fifty-two week low of $84.42 and a fifty-two week high of $177.20. The firm has a 50-day simple moving average of $164.55 and a 200 day simple moving average of $161.91. The company has a market cap of $185.89 billion, a PE ratio of 56.14, a P/E/G ratio of 1.70 and a beta of 1.21.

General Electric (NYSE:GE) last announced its quarterly earnings data on Tuesday, July 23rd. The conglomerate reported $1.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.99 by $0.21. General Electric had a net margin of 7.66% and a return on equity of 16.07%. The business had revenue of $9.09 billion during the quarter, compared to the consensus estimate of $8.44 billion. During the same quarter in the prior year, the firm earned $0.68 EPS. The company’s revenue for the quarter was up 3.9% compared to the same quarter last year. On average, sell-side analysts anticipate that General Electric will post 4.15 EPS for the current year.

General Electric Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 25th. Shareholders of record on Thursday, July 11th were given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 0.66%. The ex-dividend date of this dividend was Thursday, July 11th. General Electric’s dividend payout ratio (DPR) is 36.72%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on GE. JPMorgan Chase & Co. boosted their price objective on shares of General Electric from $148.00 to $175.00 and gave the company an “overweight” rating in a research note on Monday, May 13th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of General Electric from $195.00 to $209.00 and gave the company a “buy” rating in a research note on Monday, June 10th. Wells Fargo & Company boosted their price objective on shares of General Electric from $192.00 to $205.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Royal Bank of Canada lifted their target price on shares of General Electric from $175.00 to $190.00 and gave the company an “outperform” rating in a report on Wednesday, July 24th. Finally, StockNews.com lowered shares of General Electric from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Two analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, General Electric presently has an average rating of “Moderate Buy” and an average price target of $190.38.

About General Electric

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.