CIBC Asset Management Inc Sells 6,586 Shares of General Electric (NYSE:GE)

CIBC Asset Management Inc reduced its holdings in shares of General Electric (NYSE:GE) by 4.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 147,229 shares of the conglomerate’s stock after selling 6,586 shares during the period. CIBC Asset Management Inc’s holdings in General Electric were worth $23,405,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in GE. Fisher Asset Management LLC increased its holdings in General Electric by 7.2% in the 4th quarter. Fisher Asset Management LLC now owns 13,791 shares of the conglomerate’s stock worth $1,760,000 after acquiring an additional 929 shares in the last quarter. Aveo Capital Partners LLC bought a new position in shares of General Electric in the fourth quarter worth approximately $203,000. Benjamin F. Edwards & Company Inc. increased its stake in shares of General Electric by 10.5% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 11,556 shares of the conglomerate’s stock worth $1,475,000 after purchasing an additional 1,096 shares in the last quarter. Axxcess Wealth Management LLC raised its position in shares of General Electric by 64.4% during the 4th quarter. Axxcess Wealth Management LLC now owns 7,619 shares of the conglomerate’s stock valued at $973,000 after purchasing an additional 2,985 shares during the period. Finally, Sapient Capital LLC purchased a new position in shares of General Electric during the 4th quarter valued at $276,000. 74.77% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Jefferies Financial Group increased their price target on General Electric from $185.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. 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 report on Monday, July 1st. JPMorgan Chase & Co. boosted their price target on General Electric from $148.00 to $175.00 and gave the stock an “overweight” rating in a report on Monday, May 13th. Deutsche Bank Aktiengesellschaft upped their price target on General Electric from $195.00 to $209.00 and gave the stock a “buy” rating in a research note on Monday, June 10th. Finally, Royal Bank of Canada lifted their price objective on shares of General Electric from $175.00 to $190.00 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. Two investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $190.38.

General Electric Stock Performance

Shares of NYSE:GE opened at $174.62 on Tuesday. The firm has a fifty day simple moving average of $165.47 and a two-hundred day simple moving average of $162.96. General Electric has a 52 week low of $84.42 and a 52 week 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. The stock has a market capitalization of $189.34 billion, a P/E ratio of 57.25, a PEG ratio of 1.73 and a beta of 1.21.

General Electric (NYSE:GE) last posted its quarterly earnings data on Tuesday, July 23rd. The conglomerate reported $1.20 EPS for the quarter, topping the consensus estimate of $0.99 by $0.21. The company had revenue of $9.09 billion during the quarter, compared to analyst estimates of $8.44 billion. General Electric had a net margin of 7.66% and a return on equity of 16.07%. General Electric’s quarterly revenue was up 3.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.68 earnings per share. On average, analysts expect that General Electric will post 4.2 earnings per share for the current fiscal year.

General Electric Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 25th. Shareholders of record on Thursday, July 11th were paid a $0.28 dividend. The ex-dividend date of this dividend was Thursday, July 11th. This represents a $1.12 dividend on an annualized basis and a yield of 0.64%. General Electric’s payout ratio is 36.72%.

General Electric Company 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.