Anchor Investment Management LLC Reduces Position in General Electric (NYSE:GE)

Anchor Investment Management LLC reduced its position in General Electric (NYSE:GE) by 31.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,802 shares of the conglomerate’s stock after selling 3,523 shares during the quarter. Anchor Investment Management LLC’s holdings in General Electric were worth $1,240,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Mackenzie Financial Corp raised its stake in General Electric by 10.5% during the 2nd quarter. Mackenzie Financial Corp now owns 603,988 shares of the conglomerate’s stock valued at $96,016,000 after acquiring an additional 57,372 shares during the last quarter. Marietta Investment Partners LLC acquired a new position in shares of General Electric in the second quarter valued at approximately $1,569,000. Vanguard Group Inc. raised its stake in shares of General Electric by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 88,444,222 shares of the conglomerate’s stock worth $11,288,136,000 after purchasing an additional 550,996 shares during the last quarter. GAMMA Investing LLC grew its position in General Electric by 25.4% in the 2nd quarter. GAMMA Investing LLC now owns 16,999 shares of the conglomerate’s stock valued at $2,702,000 after buying an additional 3,442 shares during the last quarter. Finally, Senator Investment Group LP purchased a new position in General Electric in the 2nd quarter valued at $34,973,000. 74.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Barclays upped their price objective on shares of General Electric from $175.00 to $200.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. Jefferies Financial Group increased their price target on shares of General Electric from $185.00 to $190.00 and gave the stock a “buy” rating in a report on Friday, June 28th. Sanford C. Bernstein started coverage on General Electric in a research report on Tuesday, September 10th. They set an “outperform” rating and a $201.00 target price on the stock. Wells Fargo & Company raised their price target on General Electric from $192.00 to $205.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Finally, Royal Bank of Canada upped their price objective on General Electric from $175.00 to $190.00 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. Two 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, the company has a consensus rating of “Moderate Buy” and an average price target of $193.00.

General Electric Stock Down 1.4 %

Shares of NYSE GE opened at $183.89 on Friday. The firm’s 50-day moving average is $173.17 and its two-hundred day moving average is $169.67. The company has a market capitalization of $201.29 billion, a PE ratio of 60.29, a price-to-earnings-growth ratio of 1.87 and a beta of 1.18. General Electric has a 12-month low of $84.42 and a 12-month high of $190.88. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.14 and a quick ratio of 0.85.

General Electric (NYSE:GE) last posted its earnings results on Tuesday, July 23rd. The conglomerate reported $1.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.99 by $0.21. The firm had revenue of $9.09 billion for the quarter, compared to analyst estimates of $8.44 billion. General Electric had a return on equity of 16.07% and a net margin of 7.66%. General Electric’s revenue was up 3.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.68 EPS. Equities analysts anticipate 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. Investors of record on Thursday, September 26th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 0.61%. The ex-dividend date is Thursday, September 26th. General Electric’s payout ratio 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.