Cornerstone Wealth Management LLC Raises Stake in General Electric (NYSE:GE)

Cornerstone Wealth Management LLC raised its stake in General Electric (NYSE:GE) by 6.3% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 9,520 shares of the conglomerate’s stock after buying an additional 561 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in General Electric were worth $1,513,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Sapient Capital LLC acquired a new position in shares of General Electric in the 4th quarter valued at $331,000. NewEdge Wealth LLC lifted its stake in shares of General Electric by 2.9% in the 4th quarter. NewEdge Wealth LLC now owns 6,775 shares of the conglomerate’s stock valued at $865,000 after purchasing an additional 192 shares during the last quarter. Waldron Private Wealth LLC lifted its stake in shares of General Electric by 8.5% in the 4th quarter. Waldron Private Wealth LLC now owns 6,975 shares of the conglomerate’s stock valued at $890,000 after purchasing an additional 545 shares during the last quarter. Cullen Investment Group LTD. acquired a new position in shares of General Electric in the 4th quarter valued at $607,000. Finally, Ballast Advisors LLC lifted its stake in shares of General Electric by 4.8% in the 4th quarter. Ballast Advisors LLC now owns 1,994 shares of the conglomerate’s stock valued at $254,000 after purchasing an additional 91 shares during the last quarter. 74.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other General Electric news, SVP Russell Stokes sold 45,309 shares of the company’s stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $162.82, for a total value of $7,377,211.38. Following the completion of the sale, the senior vice president now directly owns 112,958 shares in the company, valued at $18,391,821.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.66% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on GE shares. The Goldman Sachs Group upped their price target on General Electric from $190.00 to $211.00 and gave the company a “buy” rating in a research note on Wednesday, April 24th. JPMorgan Chase & Co. increased their target price on General Electric from $148.00 to $175.00 and gave the stock an “overweight” rating in a research note on Monday, May 13th. UBS Group increased their target price on General Electric from $201.00 to $209.00 and gave the stock a “buy” rating in a research note on Monday, July 1st. Barclays increased their target price on General Electric from $175.00 to $200.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. Finally, Royal Bank of Canada increased their target price on General Electric from $175.00 to $190.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. Two research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $190.38.

General Electric Stock Performance

Shares of NYSE:GE traded up $1.96 during trading on Thursday, hitting $169.91. 1,955,671 shares of the company traded hands, compared to its average volume of 6,944,985. The stock has a market capitalization of $185.98 billion, a price-to-earnings ratio of 55.72, a PEG ratio of 1.70 and a beta of 1.21. The business’s fifty day moving average is $162.91 and its 200-day moving average is $159.79. General Electric has a one year low of $84.42 and a one year high of $177.20. The company has a quick ratio of 0.85, a current ratio of 1.14 and a debt-to-equity ratio of 0.95.

General Electric (NYSE:GE) last issued its quarterly earnings data on Tuesday, July 23rd. The conglomerate reported $1.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.99 by $0.21. General Electric had a return on equity of 16.07% and a net margin of 7.66%. The business had revenue of $9.09 billion during the quarter, compared to analyst estimates of $8.44 billion. During the same period in the prior year, the company posted $0.68 EPS. The business’s revenue for the quarter was up 3.9% compared to the same quarter last year. As a group, equities analysts predict that General Electric will post 4.15 earnings per share for the current fiscal year.

General Electric Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 25th. Investors of record on Thursday, July 11th were issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 0.66%. The ex-dividend date of this dividend was Thursday, July 11th. General Electric’s dividend payout ratio (DPR) is 36.72%.

General Electric Profile

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.