Abacus Planning Group Inc. Has $331,000 Holdings in General Electric (NYSE:GE)

Abacus Planning Group Inc. increased its holdings in shares of General Electric (NYSE:GE) by 11.7% in the third quarter, HoldingsChannel reports. The firm owned 1,753 shares of the conglomerate’s stock after buying an additional 184 shares during the period. Abacus Planning Group Inc.’s holdings in General Electric were worth $331,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Studio Investment Management LLC grew its stake in 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 last quarter. MFA Wealth Advisors LLC acquired a new position in shares of General Electric in the second quarter valued at approximately $31,000. Kapitalo Investimentos Ltda bought a new position in shares of General Electric during the fourth quarter worth approximately $32,000. Financial Connections Group Inc. acquired a new stake in General Electric during the 2nd quarter worth approximately $32,000. Finally, Richardson Financial Services Inc. acquired a new stake in General Electric during the 1st quarter worth approximately $34,000. 74.77% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Barclays increased their price objective on General Electric from $175.00 to $200.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. Sanford C. Bernstein started coverage on shares of General Electric in a research report on Tuesday, September 10th. They set an “outperform” rating and a $201.00 price target on the stock. Royal Bank of Canada boosted their price objective 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. UBS Group lifted their price target on shares of General Electric from $201.00 to $209.00 and gave the company a “buy” rating in a research report on Monday, July 1st. Finally, StockNews.com cut General Electric from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Two analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, General Electric has a consensus rating of “Moderate Buy” and a consensus target price of $191.36.

General Electric Price Performance

Shares of GE stock opened at $186.42 on Thursday. The business has a fifty day simple moving average of $172.79 and a 200 day simple moving average of $169.57. The company has a market cap of $204.06 billion, a P/E ratio of 61.12, a P/E/G ratio of 1.87 and a beta of 1.18. 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 twelve month low of $84.42 and a twelve month high of $190.88.

General Electric (NYSE:GE) last posted its quarterly earnings results 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. The company had revenue of $9.09 billion for the quarter, compared to the consensus estimate of $8.44 billion. General Electric had a net margin of 7.66% and a return on equity of 16.07%. The firm’s quarterly revenue was up 3.9% compared to the same quarter last year. During the same period last year, the company posted $0.68 EPS. On average, sell-side analysts forecast that General Electric will post 4.2 EPS for the current fiscal year.

General Electric Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Thursday, September 26th will be issued a $0.28 dividend. The ex-dividend date is Thursday, September 26th. This represents a $1.12 dividend on an annualized basis and a yield of 0.60%. General Electric’s payout ratio is presently 36.72%.

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.