Sumitomo Life Insurance Co. Boosts Holdings in General Electric (NYSE:GE)

Sumitomo Life Insurance Co. raised its stake in shares of General Electric (NYSE:GE) by 2.7% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 10,313 shares of the conglomerate’s stock after buying an additional 273 shares during the period. Sumitomo Life Insurance Co.’s holdings in General Electric were worth $1,945,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Studio Investment Management LLC boosted 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 in the last quarter. MFA Wealth Advisors LLC acquired a new position in shares of General Electric in the second quarter worth about $31,000. Kapitalo Investimentos Ltda purchased a new stake in shares of General Electric during the 4th quarter worth about $32,000. Financial Connections Group Inc. acquired a new stake in shares of General Electric during the 2nd quarter valued at about $32,000. Finally, Richardson Financial Services Inc. acquired a new stake in shares of General Electric during the 1st quarter valued at about $34,000. Institutional investors and hedge funds own 74.77% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Citigroup increased their price target on General Electric from $198.00 to $216.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of General Electric from $212.00 to $235.00 and gave the company a “buy” rating in a research note on Thursday, October 3rd. Barclays upped their price objective on shares of General Electric from $175.00 to $200.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. UBS Group increased their price objective on shares of General Electric from $201.00 to $209.00 and gave the company a “buy” rating in a report on Monday, July 1st. Finally, Royal Bank of Canada boosted their target price on shares of General Electric from $175.00 to $190.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. Two analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, General Electric has an average rating of “Moderate Buy” and a consensus target price of $196.86.

General Electric Trading Up 0.8 %

GE opened at $192.18 on Thursday. The firm has a market capitalization of $210.36 billion, a price-to-earnings ratio of 63.01, a price-to-earnings-growth ratio of 1.86 and a beta of 1.18. The company’s 50 day simple moving average is $177.46 and its two-hundred day simple moving average is $166.91. General Electric has a 1-year low of $84.42 and a 1-year high of $194.33. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.14 and a quick ratio of 0.85.

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

General Electric Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Thursday, September 26th will be given a dividend of $0.28 per share. The ex-dividend date is Thursday, September 26th. This represents a $1.12 annualized dividend and a dividend yield of 0.58%. General Electric’s payout ratio is 36.72%.

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.