Pekin Hardy Strauss Inc. Increases Stake in General Electric (NYSE:GE)

25 Nov 2024, 13:20 by Mitch Edgeman · The Markets Daily

Pekin Hardy Strauss Inc. boosted its stake in General Electric (NYSE:GE – Free Report) by 14.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,847 shares of the conglomerate’s stock after purchasing an additional 750 shares during the period. Pekin Hardy Strauss Inc.’s holdings in General Electric were worth $1,103,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Catalyst Capital Advisors LLC grew its position in shares of General Electric by 117.7% in the 3rd quarter. Catalyst Capital Advisors LLC now owns 270 shares of the conglomerate’s stock worth $51,000 after buying an additional 146 shares during the last quarter. Mackenzie Financial Corp grew its position in shares of General Electric by 10.5% in the 2nd quarter. Mackenzie Financial Corp now owns 603,988 shares of the conglomerate’s stock worth $96,016,000 after buying an additional 57,372 shares during the last quarter. Marietta Investment Partners LLC bought a new stake in shares of General Electric in the 2nd quarter worth approximately $1,569,000. GAMMA Investing LLC grew its position in shares of General Electric by 25.4% in the 2nd quarter. GAMMA Investing LLC now owns 16,999 shares of the conglomerate’s stock worth $2,702,000 after buying an additional 3,442 shares during the last quarter. Finally, Senator Investment Group LP bought a new stake in shares of General Electric in the 2nd quarter worth approximately $34,973,000. 74.77% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at General Electric

In related news, SVP Russell Stokes sold 15,550 shares of the company’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $178.29, for a total transaction of $2,772,409.50. Following the completion of the sale, the senior vice president now owns 148,857 shares in the company, valued at approximately $26,539,714.53. This represents a 9.46 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Riccardo Procacci sold 7,000 shares of the company’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $181.13, for a total value of $1,267,910.00. Following the sale, the senior vice president now owns 13,289 shares of the company’s stock, valued at approximately $2,407,036.57. This trade represents a 34.50 % decrease in their position. The disclosure for this sale can be found here. 0.66% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft lifted their price objective on General Electric from $212.00 to $235.00 and gave the stock a “buy” rating in a research report on Thursday, October 3rd. Sanford C. Bernstein lifted their price target on General Electric from $201.00 to $225.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. Barclays lifted 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. Royal Bank of Canada dropped their price target on General Electric from $210.00 to $200.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 23rd. Finally, Citigroup lifted their price target on General Electric from $198.00 to $216.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Two investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, General Electric currently has an average rating of “Moderate Buy” and an average target price of $200.93.

Get Our Latest Stock Analysis on GE

General Electric Stock Up 1.4 %

GE stock opened at $181.15 on Monday. General Electric has a 1-year low of $94.54 and a 1-year high of $194.80. The business has a fifty day moving average price of $183.22 and a 200-day moving average price of $171.13. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.13 and a quick ratio of 0.85. The stock has a market capitalization of $196.06 billion, a P/E ratio of 31.84, a P/E/G ratio of 1.78 and a beta of 1.19.

General Electric (NYSE:GE – Get Free Report) last posted its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.15 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.02. General Electric had a return on equity of 18.93% and a net margin of 11.48%. The firm had revenue of $9.84 billion during the quarter, compared to analysts’ expectations of $9.02 billion. During the same quarter in the previous year, the business earned $0.82 earnings per share. The company’s revenue was up 5.8% on a year-over-year basis. Equities analysts forecast that General Electric will post 4.24 earnings per share for the current fiscal year.

General Electric Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Thursday, September 26th were given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 0.62%. The ex-dividend date was Thursday, September 26th. General Electric’s dividend payout ratio (DPR) is presently 19.68%.

General Electric Company Profile

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