State of Michigan Retirement System Acquires 200 Shares of General Electric (NYSE:GE)

State of Michigan Retirement System raised its holdings in General Electric (NYSE:GE) by 0.1% in the first quarter, Holdings Channel reports. The firm owned 298,161 shares of the conglomerate’s stock after purchasing an additional 200 shares during the period. State of Michigan Retirement System’s holdings in General Electric were worth $52,336,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently bought and sold shares of the company. Halpern Financial Inc. lifted its position in shares of General Electric by 968.4% during the 4th quarter. Halpern Financial Inc. now owns 203 shares of the conglomerate’s stock valued at $25,000 after buying an additional 184 shares during the last quarter. Criterion Capital Advisors LLC purchased a new position in shares of General Electric during the 4th quarter valued at $27,000. CGC Financial Services LLC lifted its position in shares of General Electric by 90.2% during the 4th quarter. CGC Financial Services LLC now owns 232 shares of the conglomerate’s stock valued at $30,000 after buying an additional 110 shares during the last quarter. Capital Analysts LLC lifted its position in shares of General Electric by 55.8% during the 4th quarter. Capital Analysts LLC now owns 243 shares of the conglomerate’s stock valued at $31,000 after buying an additional 87 shares during the last quarter. Finally, Bfsg LLC purchased a new position in shares of General Electric during the 4th quarter valued at $32,000. Institutional investors own 74.77% of the company’s stock.

General Electric Price Performance

Shares of NYSE:GE traded up $2.50 on Tuesday, hitting $161.47. The company’s stock had a trading volume of 5,246,791 shares, compared to its average volume of 7,303,346. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.17 and a quick ratio of 0.82. The company has a market capitalization of $176.75 billion, a PE ratio of 52.65, a PEG ratio of 1.69 and a beta of 1.22. The company has a 50-day simple moving average of $162.53 and a 200 day simple moving average of $151.85. General Electric has a 1 year low of $84.42 and a 1 year high of $170.80.

General Electric (NYSE:GE) last announced its quarterly earnings data on Tuesday, April 23rd. The conglomerate reported $0.82 EPS for the quarter, beating the consensus estimate of $0.65 by $0.17. The firm had revenue of $16.10 billion for the quarter, compared to analyst estimates of $15.25 billion. General Electric had a return on equity of 12.54% and a net margin of 5.05%. The company’s revenue was up 11.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.27 EPS. Sell-side analysts forecast that General Electric will post 4 EPS for the current fiscal year.

General Electric Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 25th. Stockholders of record on Thursday, July 11th will be given a dividend of $0.28 per share. The ex-dividend date is Thursday, July 11th. This represents a $1.12 annualized dividend and a dividend yield of 0.69%. General Electric’s dividend payout ratio (DPR) is presently 36.72%.

Insider Activity

In related news, SVP Russell Stokes sold 45,309 shares of the firm’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 transaction of $7,377,211.38. Following the transaction, the senior vice president now directly owns 112,958 shares in the company, valued at approximately $18,391,821.56. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.66% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on GE. StockNews.com began coverage on General Electric in a report on Monday, April 29th. They set a “hold” rating on the stock. The Goldman Sachs Group increased their price objective on General Electric from $190.00 to $211.00 and gave the stock a “buy” rating in a report on Wednesday, April 24th. Argus increased their price objective on General Electric from $170.00 to $180.00 and gave the stock a “buy” rating in a report on Wednesday, April 24th. Wells Fargo & Company increased their price objective on General Electric from $165.00 to $192.00 and gave the stock an “overweight” rating in a report on Monday, April 29th. Finally, Bank of America increased their price objective on General Electric from $165.00 to $180.00 and gave the stock a “buy” rating in a report on Wednesday, April 24th. Two investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, General Electric currently has a consensus rating of “Moderate Buy” and a consensus target price of $181.93.

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.