Gateway Advisory LLC Grows Stock Position in General Electric (NYSE:GE)

Gateway Advisory LLC lifted its holdings in shares of General Electric (NYSE:GE) by 13.8% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 10,088 shares of the conglomerate’s stock after acquiring an additional 1,224 shares during the period. Gateway Advisory LLC’s holdings in General Electric were worth $1,108,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. TCI Fund Management Ltd. acquired a new stake in General Electric during the 1st quarter valued at approximately $2,496,379,000. Moneta Group Investment Advisors LLC raised its holdings in shares of General Electric by 122,242.2% during the fourth 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 during the last quarter. Norges Bank purchased a new stake in General Electric in the fourth quarter valued at $635,274,000. State Street Corp grew its position in General Electric by 17.3% during the 1st quarter. State Street Corp now owns 48,490,012 shares of the conglomerate’s stock worth $4,639,533,000 after purchasing an additional 7,157,356 shares during the period. Finally, Bank Julius Baer & Co. Ltd Zurich grew its position in General Electric by 106,570.5% during the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 6,248,759 shares of the conglomerate’s stock worth $686,426,000 after purchasing an additional 6,242,901 shares during the period. Hedge funds and other institutional investors own 74.83% of the company’s stock.

General Electric Price Performance

Shares of NYSE GE traded up $0.99 during midday trading on Friday, hitting $119.93. The stock had a trading volume of 4,139,400 shares, compared to its average volume of 5,910,168. The company has a market capitalization of $130.53 billion, a PE ratio of 13.52, a P/E/G ratio of 3.28 and a beta of 1.26. The stock has a 50 day simple moving average of $111.70 and a 200-day simple moving average of $109.52. General Electric has a 1 year low of $59.57 and a 1 year high of $120.08. The company has a quick ratio of 0.82, a current ratio of 1.17 and a debt-to-equity ratio of 0.65.

General Electric (NYSE:GE) last posted its quarterly earnings data on Tuesday, October 24th. The conglomerate reported $0.82 EPS for the quarter, beating the consensus estimate of $0.56 by $0.26. General Electric had a return on equity of 11.10% and a net margin of 14.38%. The firm had revenue of $17.35 billion during the quarter, compared to the consensus estimate of $15.46 billion. During the same period in the prior year, the company earned $0.35 EPS. The firm’s revenue was up 19.9% compared to the same quarter last year. On average, sell-side analysts expect that General Electric will post 2.65 EPS for the current fiscal year.

General Electric Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 25th. Investors of record on Tuesday, September 26th were paid a dividend of $0.08 per share. The ex-dividend date was Monday, September 25th. This represents a $0.32 annualized dividend and a yield of 0.27%. General Electric’s dividend payout ratio is presently 3.61%.

Analyst Ratings Changes

A number of analysts have recently commented on GE shares. Citigroup upped their target price on General Electric from $126.00 to $135.00 and gave the stock a “buy” rating in a research note on Thursday, July 27th. TheStreet cut shares of General Electric from a “b-” rating to a “c” rating in a research note on Tuesday, October 24th. StockNews.com started coverage on shares of General Electric in a research note on Thursday, October 5th. They issued a “buy” rating for the company. Argus increased their price target on shares of General Electric from $112.00 to $130.00 and gave the stock a “buy” rating in a report on Wednesday, July 26th. Finally, Barclays lifted their price objective on shares of General Electric from $131.00 to $133.00 and gave the company an “overweight” rating in a report on Wednesday, October 25th. Three research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $122.93.

About General Electric

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.