State of Alaska Department of Revenue Purchases Shares of 157,960 General Electric (NYSE:GE)

State of Alaska Department of Revenue purchased a new stake in General Electric (NYSE:GEGet Rating) in the second quarter, HoldingsChannel.com reports. The institutional investor purchased 157,960 shares of the conglomerate’s stock, valued at approximately $10,057,000.

A number of other hedge funds have also recently bought and sold shares of the stock. Anderson Hoagland & Co. bought a new position in General Electric in the second quarter valued at approximately $3,031,000. Redpoint Investment Management Pty Ltd grew its stake in General Electric by 7.0% in the second quarter. Redpoint Investment Management Pty Ltd now owns 27,043 shares of the conglomerate’s stock valued at $1,722,000 after purchasing an additional 1,769 shares in the last quarter. DnB Asset Management AS grew its stake in General Electric by 21.9% in the second quarter. DnB Asset Management AS now owns 357,117 shares of the conglomerate’s stock valued at $22,738,000 after purchasing an additional 64,100 shares in the last quarter. NuWave Investment Management LLC bought a new position in General Electric in the second quarter valued at approximately $697,000. Finally, Bank of New Hampshire bought a new position in General Electric in the second quarter valued at approximately $170,000. 67.09% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on GE shares. Barclays cut their price objective on General Electric from $96.00 to $81.00 and set an “overweight” rating for the company in a research report on Friday, July 8th. Credit Suisse Group cut their price objective on General Electric from $86.00 to $84.00 and set an “outperform” rating for the company in a research report on Wednesday, July 27th. Sanford C. Bernstein started coverage on General Electric in a research report on Tuesday, August 16th. They issued an “outperform” rating and a $100.00 price objective for the company. Morgan Stanley cut their price objective on General Electric from $100.00 to $95.00 and set an “overweight” rating for the company in a research report on Tuesday, July 12th. Finally, Deutsche Bank Aktiengesellschaft cut their price objective on General Electric from $90.00 to $88.00 in a research report on Wednesday, July 27th. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, General Electric presently has a consensus rating of “Moderate Buy” and a consensus target price of $99.15.

General Electric Price Performance

Shares of NYSE GE opened at $66.39 on Monday. The stock has a market capitalization of $72.80 billion, a PE ratio of -15.66, a P/E/G ratio of 3.47 and a beta of 1.09. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.13 and a quick ratio of 0.80. The business has a fifty day moving average price of $72.59 and a two-hundred day moving average price of $77.65. General Electric has a fifty-two week low of $59.93 and a fifty-two week high of $116.17.

General Electric (NYSE:GEGet Rating) last announced its quarterly earnings data on Tuesday, July 26th. The conglomerate reported $0.78 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.40. The firm had revenue of $18.65 billion during the quarter, compared to analysts’ expectations of $17.90 billion. General Electric had a positive return on equity of 7.50% and a negative net margin of 5.94%. The company’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.40 EPS. As a group, equities analysts predict that General Electric will post 2.74 earnings per share for the current fiscal year.

General Electric Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 25th. Shareholders of record on Tuesday, September 27th will be issued a $0.08 dividend. The ex-dividend date of this dividend is Monday, September 26th. This represents a $0.32 annualized dividend and a yield of 0.48%. General Electric’s dividend payout ratio is presently -7.55%.

General Electric Profile

(Get Rating)

General Electric Company operates as a high-tech industrial company in Europe, China, Asia, the Americas, the Middle East, and Africa. It operates through four segments: Power, Renewable Energy, Aviation, and Healthcare segments. The Power segment offers gas and steam turbines, full balance of plant, upgrade, and service solutions, as well as data-leveraging software for power generation, industrial, government, and other customers.

Featured Stories

Want to see what other hedge funds are holding GE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for General Electric (NYSE:GEGet Rating).

Institutional Ownership by Quarter for General Electric (NYSE:GE)

Receive News & Ratings for General Electric Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for General Electric and related companies with MarketBeat.com's FREE daily email newsletter.