DnB Asset Management AS Has $32.24 Million Holdings in General Electric (NYSE:GE)

DnB Asset Management AS decreased its holdings in shares of General Electric (NYSE:GE) by 7.8% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 293,528 shares of the conglomerate’s stock after selling 24,933 shares during the quarter. DnB Asset Management AS’s holdings in General Electric were worth $32,244,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in GE. FMR LLC grew its holdings in shares of General Electric by 5.7% in the 1st quarter. FMR LLC now owns 63,795,835 shares of the conglomerate’s stock valued at $6,098,882,000 after acquiring an additional 3,463,502 shares in the last quarter. State Street Corp boosted its position in General Electric by 17.3% during the first quarter. State Street Corp now owns 48,490,012 shares of the conglomerate’s stock valued at $4,639,533,000 after purchasing an additional 7,157,356 shares during the last quarter. TCI Fund Management Ltd. bought a new position in General Electric in the first quarter valued at approximately $2,496,379,000. Geode Capital Management LLC increased its position in shares of General Electric by 1.7% during the 1st quarter. Geode Capital Management LLC now owns 19,272,027 shares of the conglomerate’s stock worth $1,837,514,000 after purchasing an additional 319,196 shares during the last quarter. Finally, Moneta Group Investment Advisors LLC raised its stake in shares of General Electric by 122,242.2% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 13,438,063 shares of the conglomerate’s stock worth $878,644,000 after purchasing an additional 13,427,079 shares in the last quarter. Institutional investors own 74.83% of the company’s stock.

General Electric Stock Performance

NYSE GE traded up $2.39 on Thursday, reaching $115.99. The stock had a trading volume of 2,341,274 shares, compared to its average volume of 6,125,524. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.25 and a quick ratio of 0.90. The company has a market cap of $126.24 billion, a P/E ratio of 13.48, a price-to-earnings-growth ratio of 6.89 and a beta of 1.28. The firm has a fifty day moving average of $112.57 and a two-hundred day moving average of $103.41. General Electric has a 1-year low of $48.06 and a 1-year high of $117.96.

General Electric (NYSE:GE) last announced its earnings results on Tuesday, July 25th. The conglomerate reported $0.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.22. General Electric had a net margin of 13.32% and a return on equity of 9.30%. The company had revenue of $15.85 billion during the quarter, compared to analysts’ expectations of $14.76 billion. During the same quarter in the previous year, the business posted $0.78 earnings per share. General Electric’s quarterly revenue was up 18.6% on a year-over-year basis. On average, equities research analysts anticipate that General Electric will post 2.32 EPS for the current year.

General Electric Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 25th. Stockholders of record on Tuesday, September 26th will be given a $0.08 dividend. The ex-dividend date of this dividend is Monday, September 25th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.28%. General Electric’s payout ratio is 3.80%.

Insider Activity at General Electric

In related news, major shareholder General Electric Pension Trust bought 35,160 shares of the business’s stock in a transaction dated Friday, June 30th. The stock was purchased at an average cost of $995.44 per share, for a total transaction of $34,999,670.40. Following the transaction, the insider now owns 175,160 shares in the company, valued at approximately $174,361,270.40. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, SVP Michael J. Holston sold 112,614 shares of General Electric stock in a transaction that occurred on Thursday, July 27th. The shares were sold at an average price of $115.20, for a total value of $12,973,132.80. Following the transaction, the senior vice president now directly owns 57,923 shares of the company’s stock, valued at $6,672,729.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder General Electric Pension Trust bought 35,160 shares of the business’s stock in a transaction on Friday, June 30th. The shares were acquired at an average price of $995.44 per share, with a total value of $34,999,670.40. Following the completion of the purchase, the insider now directly owns 175,160 shares of the company’s stock, valued at $174,361,270.40. The disclosure for this purchase can be found here. 0.67% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts recently weighed in on GE shares. Wolfe Research raised their target price on shares of General Electric from $107.00 to $125.00 in a research note on Wednesday, June 28th. StockNews.com initiated coverage on shares of General Electric in a research note on Thursday, August 17th. They set a “buy” rating on the stock. Royal Bank of Canada raised their target price on shares of General Electric from $120.00 to $130.00 in a research note on Wednesday, July 26th. The Goldman Sachs Group boosted their price target on General Electric from $121.00 to $133.00 and gave the stock a “buy” rating in a research report on Tuesday, July 25th. Finally, Oppenheimer cut General Electric from an “outperform” rating to a “market perform” rating in a research report on Monday, July 31st. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, General Electric has an average rating of “Moderate Buy” and a consensus price target of $120.00.

General Electric Profile

General Electric Company operates as a high-tech industrial company in Europe, China, Asia, the Americas, the Middle East, and Africa. It 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.