OLD National Bancorp IN Raises Stock Position in General Electric (NYSE:GE)

OLD National Bancorp IN grew its position in General Electric (NYSE:GE) by 19.9% in the third quarter, HoldingsChannel reports. The institutional investor owned 3,294 shares of the conglomerate’s stock after purchasing an additional 547 shares during the period. OLD National Bancorp IN’s holdings in General Electric were worth $621,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in GE. Wellington Management Group LLP raised its position in shares of General Electric by 1.6% in the fourth quarter. Wellington Management Group LLP now owns 133,618 shares of the conglomerate’s stock valued at $17,054,000 after buying an additional 2,055 shares during the last quarter. RFG Advisory LLC increased its holdings in shares of General Electric by 35.9% during the 1st quarter. RFG Advisory LLC now owns 2,848 shares of the conglomerate’s stock worth $500,000 after buying an additional 753 shares during the last quarter. Dynamic Advisor Solutions LLC raised its holdings in shares of General Electric by 14.0% in the 1st quarter. Dynamic Advisor Solutions LLC now owns 18,944 shares of the conglomerate’s stock worth $3,325,000 after purchasing an additional 2,323 shares during the period. Mcdonald Partners LLC purchased a new position in General Electric in the first quarter valued at approximately $438,000. Finally, CFM Wealth Partners LLC purchased a new position in shares of General Electric in the 1st quarter valued at $205,000. 74.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently commented on GE. Jefferies Financial Group boosted their price target on General Electric from $185.00 to $190.00 and gave the stock a “buy” rating in a research report on Friday, June 28th. Deutsche Bank Aktiengesellschaft increased their price target on shares of General Electric from $212.00 to $235.00 and gave the stock a “buy” rating in a research report on Thursday, October 3rd. Citigroup raised their price objective on General Electric from $198.00 to $216.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Barclays lifted their target price on General Electric from $175.00 to $200.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. Finally, Melius Research boosted their price target on shares of General Electric from $194.00 to $202.00 in a report on Tuesday. Two equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, General Electric presently has a consensus rating of “Moderate Buy” and an average price target of $198.53.

General Electric Price Performance

NYSE:GE opened at $176.59 on Wednesday. The business’s 50-day moving average price is $179.24 and its 200 day moving average price is $168.05. The firm has a market cap of $193.30 billion, a P/E ratio of 57.90, a PEG ratio of 1.86 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 52-week low of $84.58 and a 52-week high of $194.80.

General Electric (NYSE:GE) last issued its earnings results on Tuesday, July 23rd. The conglomerate reported $1.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.99 by $0.21. The business had revenue of $9.09 billion for the quarter, compared to analysts’ expectations of $8.44 billion. General Electric had a return on equity of 16.07% and a net margin of 7.66%. The company’s quarterly revenue was up 3.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.68 EPS. As a group, sell-side analysts predict that General Electric will post 4.2 earnings per share for the current fiscal year.

General Electric Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Thursday, September 26th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 0.63%. The ex-dividend date of this dividend is Thursday, September 26th. General Electric’s dividend payout ratio (DPR) is currently 36.72%.

General Electric Company 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.