CIBC Asset Management Inc Grows Holdings in General Electric (NYSE:GE)

CIBC Asset Management Inc increased its stake in General Electric (NYSE:GE) by 7.5% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 158,286 shares of the conglomerate’s stock after acquiring an additional 11,057 shares during the period. CIBC Asset Management Inc’s holdings in General Electric were worth $29,850,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Newport Trust Company LLC purchased a new position in General Electric during the 2nd quarter valued at $2,613,332,000. Capital World Investors raised its holdings in shares of General Electric by 2,818.1% during the first quarter. Capital World Investors now owns 12,749,560 shares of the conglomerate’s stock valued at $2,237,930,000 after purchasing an additional 12,312,648 shares during the last quarter. Capital International Investors grew its position in General Electric by 9.9% during the first quarter. Capital International Investors now owns 59,100,643 shares of the conglomerate’s stock valued at $10,373,936,000 after buying an additional 5,309,543 shares during the period. Canada Pension Plan Investment Board grew its holdings in General Electric by 221.6% during the first quarter. Canada Pension Plan Investment Board now owns 7,121,741 shares of the conglomerate’s stock valued at $1,250,079,000 after purchasing an additional 4,907,530 shares during the period. Finally, Massachusetts Financial Services Co. MA purchased a new position in shares of General Electric during the 2nd quarter valued at $580,200,000. Institutional investors own 74.77% of the company’s stock.

Insider Activity

In other news, SVP Riccardo Procacci sold 7,000 shares of General Electric stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $181.13, for a total value of $1,267,910.00. Following the completion of the sale, the senior vice president now owns 13,289 shares of the company’s stock, valued at $2,407,036.57. The trade was a 34.50 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.66% of the company’s stock.

General Electric Trading Down 0.8 %

GE opened at $176.89 on Friday. General Electric has a one year low of $93.05 and a one year high of $194.80. The company has a market cap of $191.45 billion, a P/E ratio of 31.09, a PEG ratio of 1.81 and a beta of 1.19. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.85 and a current ratio of 1.13. The business’s 50-day simple moving average is $181.98 and its 200-day simple moving average is $170.48.

General Electric (NYSE:GE) last released its earnings results on Tuesday, October 22nd. The conglomerate reported $1.15 EPS for the quarter, beating analysts’ consensus estimates of $1.13 by $0.02. The company had revenue of $9.84 billion during the quarter, compared to the consensus estimate of $9.02 billion. General Electric had a return on equity of 18.93% and a net margin of 11.48%. General Electric’s quarterly revenue was up 5.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.82 earnings per share. As a group, equities research analysts expect that General Electric will post 4.22 EPS for the current fiscal year.

General Electric Announces Dividend

The business 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. The ex-dividend date was Thursday, September 26th. This represents a $1.12 annualized dividend and a dividend yield of 0.63%. General Electric’s dividend payout ratio is currently 19.68%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on GE. Bank of America raised their target price on shares of General Electric from $180.00 to $200.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft upped their price objective on General Electric from $212.00 to $235.00 and gave the company a “buy” rating in a research report on Thursday, October 3rd. Wells Fargo & Company increased their price target on General Electric from $205.00 to $210.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. Melius Research upped their target price on General Electric from $194.00 to $202.00 in a report on Tuesday, October 22nd. Finally, UBS Group upped their target price on General Electric from $223.00 to $230.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Two investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $200.93.

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.