Cinctive Capital Management LP Makes New Investment in General Electric (NYSE:GE)

Cinctive Capital Management LP purchased a new stake in General Electric (NYSE:GE) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 49,431 shares of the conglomerate’s stock, valued at approximately $9,322,000.

Other hedge funds have also recently modified their holdings of the company. Studio Investment Management LLC lifted its holdings in General Electric by 97.5% during the second quarter. Studio Investment Management LLC now owns 158 shares of the conglomerate’s stock worth $25,000 after buying an additional 78 shares during the period. Toth Financial Advisory Corp purchased a new stake in shares of General Electric during the 3rd quarter worth $25,000. Valley Wealth Managers Inc. bought a new stake in General Electric during the third quarter valued at about $25,000. O Brien Wealth Partners LLC purchased a new position in General Electric in the third quarter valued at about $27,000. Finally, Peterson Financial Group Inc. purchased a new position in General Electric in the third quarter valued at about $28,000. Hedge funds and other institutional investors own 74.77% of the company’s stock.

General Electric Trading Up 0.9 %

Shares of GE stock opened at $182.16 on Monday. General Electric has a 1-year low of $94.54 and a 1-year high of $194.80. The company has a market cap of $197.15 billion, a price-to-earnings ratio of 32.01, a PEG ratio of 1.79 and a beta of 1.19. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.13 and a quick ratio of 0.85. The stock has a 50 day simple moving average of $183.01 and a 200-day simple moving average of $171.80.

General Electric (NYSE:GE) last issued its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.15 EPS for the quarter, topping the consensus estimate of $1.13 by $0.02. The company had revenue of $9.84 billion during the quarter, compared to analyst estimates of $9.02 billion. General Electric had a net margin of 11.48% and a return on equity of 18.93%. The firm’s revenue was up 5.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.82 EPS. On average, equities research analysts expect that General Electric will post 4.24 EPS for the current fiscal year.

General Electric Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Thursday, September 26th were issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 0.61%. The ex-dividend date was Thursday, September 26th. General Electric’s payout ratio is 19.68%.

Insiders Place Their Bets

In other news, SVP Russell Stokes sold 15,550 shares of the company’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $178.29, for a total transaction of $2,772,409.50. Following the completion of the sale, the senior vice president now owns 148,857 shares of the company’s stock, valued at $26,539,714.53. This represents a 9.46 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Riccardo Procacci sold 7,000 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $181.13, for a total transaction 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. This trade represents a 34.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.66% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

GE has been the subject of several analyst reports. Bank of America increased their price target on shares of General Electric from $180.00 to $200.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. UBS Group raised their target price on shares of General Electric from $223.00 to $230.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft upped their price target on General Electric from $212.00 to $235.00 and gave the stock a “buy” rating in a research report on Thursday, October 3rd. Wells Fargo & Company raised their price objective on General Electric from $205.00 to $210.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. Finally, Sanford C. Bernstein upped their target price on General Electric from $201.00 to $225.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. Two equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $200.93.

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.