Estabrook Capital Management Decreases Holdings in General Electric (NYSE:GE)

Estabrook Capital Management decreased its stake in General Electric (NYSE:GE) by 2.8% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 37,273 shares of the conglomerate’s stock after selling 1,062 shares during the period. Estabrook Capital Management’s holdings in General Electric were worth $5,925,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in GE. Newport Trust Company LLC bought a new stake in shares of General Electric in the 2nd quarter worth approximately $2,613,332,000. Capital World Investors grew its holdings in General Electric by 2,818.1% during the first quarter. Capital World Investors now owns 12,749,560 shares of the conglomerate’s stock valued at $2,237,930,000 after purchasing an additional 12,312,648 shares during the period. Capital International Investors increased its position in General Electric by 9.9% in the first quarter. Capital International Investors now owns 59,100,643 shares of the conglomerate’s stock worth $10,373,936,000 after buying an additional 5,309,543 shares during the last quarter. Canada Pension Plan Investment Board increased its position in General Electric by 221.6% in the first quarter. Canada Pension Plan Investment Board now owns 7,121,741 shares of the conglomerate’s stock worth $1,250,079,000 after buying an additional 4,907,530 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA bought a new stake in shares of General Electric in the second quarter valued at $580,200,000. 74.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on GE. StockNews.com downgraded General Electric from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. 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. UBS Group lifted 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, July 1st. Barclays upped their price target on General Electric from $175.00 to $200.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Finally, Sanford C. Bernstein initiated coverage on shares of General Electric in a research report on Tuesday, September 10th. They issued an “outperform” rating and a $201.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $191.36.

General Electric Trading Up 0.7 %

Shares of GE stock opened at $187.43 on Friday. The business has a 50-day moving average price of $168.69 and a two-hundred day moving average price of $170.77. General Electric has a 12-month low of $84.42 and a 12-month high of $187.99. The company has a quick ratio of 0.85, a current ratio of 1.14 and a debt-to-equity ratio of 0.95. The firm has a market cap of $205.16 billion, a P/E ratio of 61.45, a price-to-earnings-growth ratio of 1.65 and a beta of 1.18.

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

General Electric Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Thursday, September 26th will be paid a $0.28 dividend. The ex-dividend date is Thursday, September 26th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.60%. General Electric’s dividend payout ratio (DPR) is 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.