Choreo LLC Buys 28,659 Shares of General Electric (NYSE:GE)

Choreo LLC lifted its stake in shares of General Electric (NYSE:GE) by 307.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 37,990 shares of the conglomerate’s stock after acquiring an additional 28,659 shares during the quarter. Choreo LLC’s holdings in General Electric were worth $6,039,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Prudential PLC increased its stake in General Electric by 11.0% in the 2nd quarter. Prudential PLC now owns 23,536 shares of the conglomerate’s stock worth $3,742,000 after buying an additional 2,334 shares in the last quarter. PFG Investments LLC grew its position in shares of General Electric by 3.6% during the second quarter. PFG Investments LLC now owns 24,523 shares of the conglomerate’s stock worth $3,898,000 after purchasing an additional 843 shares in the last quarter. First Foundation Advisors raised its stake in General Electric by 9.1% during the 2nd quarter. First Foundation Advisors now owns 3,310 shares of the conglomerate’s stock valued at $526,000 after purchasing an additional 276 shares during the period. Quest Partners LLC raised its stake in General Electric by 28,412.5% during the 2nd quarter. Quest Partners LLC now owns 2,281 shares of the conglomerate’s stock valued at $363,000 after purchasing an additional 2,273 shares during the period. Finally, Clearwater Capital Advisors LLC bought a new position in General Electric in the 2nd quarter worth approximately $220,000. 74.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on GE shares. JPMorgan Chase & Co. lifted their price objective on shares of General Electric from $148.00 to $175.00 and gave the company an “overweight” rating in a research report on Monday, May 13th. UBS Group boosted their price target on shares of 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 price objective on shares of General Electric from $175.00 to $200.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. Wells Fargo & Company lifted their target price on General Electric from $192.00 to $205.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Finally, Jefferies Financial Group increased their price target on General Electric from $185.00 to $190.00 and gave the company a “buy” rating in a research note on Friday, June 28th. Two research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $190.38.

General Electric Stock Performance

NYSE GE opened at $165.35 on Tuesday. The business’s 50 day moving average price is $165.91 and its 200-day moving average price is $163.48. General Electric has a fifty-two week low of $84.42 and a fifty-two week high of $177.20. The company has a market cap of $180.99 billion, a P/E ratio of 54.21, a P/E/G ratio of 1.60 and a beta of 1.18. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.85 and a current ratio of 1.14.

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. General Electric had a net margin of 7.66% and a return on equity of 16.07%. The company had revenue of $9.09 billion during the quarter, compared to analyst estimates of $8.44 billion. During the same period in the previous year, the firm earned $0.68 earnings per share. General Electric’s quarterly revenue was up 3.9% compared to the same quarter last year. Sell-side analysts predict that General Electric will post 4.2 earnings per share for the current year.

General Electric Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 25th. Investors of record on Thursday, July 11th were given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 0.68%. The ex-dividend date was Thursday, July 11th. General Electric’s dividend payout ratio (DPR) is currently 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.