OLD National Bancorp IN Decreases Stock Holdings in General Electric (NYSE:GE)

OLD National Bancorp IN trimmed its position in General Electric (NYSE:GE) by 17.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,747 shares of the conglomerate’s stock after selling 597 shares during the quarter. OLD National Bancorp IN’s holdings in General Electric were worth $437,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of GE. USA Financial Formulas grew its holdings in General Electric by 24,042.9% in the fourth quarter. USA Financial Formulas now owns 10,140 shares of the conglomerate’s stock valued at $1,294,000 after purchasing an additional 10,098 shares during the period. Grandfield & Dodd LLC lifted its position in shares of General Electric by 9.3% in the fourth quarter. Grandfield & Dodd LLC now owns 269,783 shares of the conglomerate’s stock valued at $34,432,000 after acquiring an additional 22,998 shares in the last quarter. Rathbones Group PLC lifted its position in shares of General Electric by 2.7% in the fourth quarter. Rathbones Group PLC now owns 225,814 shares of the conglomerate’s stock valued at $28,821,000 after acquiring an additional 5,997 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of General Electric by 8.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,184,772 shares of the conglomerate’s stock valued at $534,123,000 after acquiring an additional 318,245 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of General Electric by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 88,444,222 shares of the conglomerate’s stock valued at $11,288,136,000 after acquiring an additional 550,996 shares in the last quarter. 74.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on GE shares. Deutsche Bank Aktiengesellschaft raised their target price on General Electric from $195.00 to $209.00 and gave the company a “buy” rating in a research report on Monday, June 10th. Royal Bank of Canada raised their target price on General Electric from $175.00 to $190.00 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. Jefferies Financial Group raised their target price on General Electric from $185.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, June 28th. JPMorgan Chase & Co. lifted their price objective on General Electric from $148.00 to $175.00 and gave the stock an “overweight” rating in a research report on Monday, May 13th. Finally, Argus lifted their price objective on General Electric from $170.00 to $180.00 and gave the stock a “buy” rating in a research report on Wednesday, April 24th. Two investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, General Electric has an average rating of “Moderate Buy” and a consensus target price of $185.71.

Insider Buying and Selling

In other news, SVP Russell Stokes sold 45,309 shares of the company’s stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $162.82, for a total transaction of $7,377,211.38. Following the completion of the transaction, the senior vice president now directly owns 112,958 shares of the company’s stock, valued at approximately $18,391,821.56. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.66% of the stock is currently owned by insiders.

General Electric Trading Up 0.9 %

Shares of NYSE GE traded up $1.52 during trading on Friday, reaching $167.13. The stock had a trading volume of 2,770,097 shares, compared to its average volume of 7,044,665. General Electric has a fifty-two week low of $84.42 and a fifty-two week high of $177.20. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.85 and a current ratio of 1.14. The business’s 50-day moving average price is $162.56 and its 200-day moving average price is $158.81. The company has a market cap of $182.94 billion, a P/E ratio of 54.80, a PEG ratio of 1.70 and a beta of 1.21.

General Electric (NYSE:GE) last released its earnings results on Tuesday, July 23rd. The conglomerate reported $1.20 EPS for the quarter, topping the consensus estimate of $0.99 by $0.21. General Electric had a return on equity of 16.07% and a net margin of 7.66%. The firm had revenue of $9.09 billion during the quarter, compared to analysts’ expectations of $8.44 billion. During the same period in the previous year, the firm posted $0.68 EPS. General Electric’s revenue for the quarter was up 3.9% on a year-over-year basis. On average, equities research analysts predict that General Electric will post 4.15 EPS for the current fiscal year.

General Electric Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, July 25th. Investors of record on Thursday, July 11th were paid a dividend of $0.28 per share. The ex-dividend date was Thursday, July 11th. This represents a $1.12 annualized dividend and a yield of 0.67%. General Electric’s payout ratio is 36.72%.

About General Electric

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.