Orrstown Financial Services Inc. Acquires 8,598 Shares of General Electric (NYSE:GE)

Orrstown Financial Services Inc. boosted its holdings in shares of General Electric (NYSE:GE) by 556.5% during the third quarter, Holdings Channel.com reports. The firm owned 10,143 shares of the conglomerate’s stock after acquiring an additional 8,598 shares during the period. General Electric accounts for about 0.6% of Orrstown Financial Services Inc.’s portfolio, making the stock its 28th largest position. Orrstown Financial Services Inc.’s holdings in General Electric were worth $1,913,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also bought and sold shares of GE. Studio Investment Management LLC raised its holdings in General Electric by 97.5% during the 2nd quarter. Studio Investment Management LLC now owns 158 shares of the conglomerate’s stock valued at $25,000 after buying an additional 78 shares during the period. Toth Financial Advisory Corp bought a new position in General Electric during the third quarter valued at $25,000. O Brien Wealth Partners LLC purchased a new stake in shares of General Electric in the third quarter valued at $27,000. MFA Wealth Advisors LLC bought a new stake in shares of General Electric in the 2nd quarter worth about $31,000. Finally, Financial Connections Group Inc. purchased a new position in shares of General Electric during the 2nd quarter worth about $32,000. Institutional investors own 74.77% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Melius Research increased their price objective on shares of General Electric from $194.00 to $202.00 in a research report on Tuesday, October 22nd. Royal Bank of Canada decreased their price target on General Electric from $210.00 to $200.00 and set an “outperform” rating for the company in a research note on Wednesday, October 23rd. Sanford C. Bernstein upped their price objective on General Electric from $201.00 to $225.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. StockNews.com downgraded General Electric from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Finally, Citigroup upped their price target on shares of General Electric from $198.00 to $216.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Two equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $200.93.

General Electric Price Performance

Shares of GE opened at $175.30 on Tuesday. 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 company has a 50 day moving average price of $179.99 and a 200-day moving average price of $168.69. General Electric has a fifty-two week low of $84.66 and a fifty-two week high of $194.80. The stock has a market capitalization of $190.08 billion, a PE ratio of 30.81, a PEG ratio of 1.74 and a beta of 1.18.

General Electric (NYSE:GE) last posted its earnings results on Tuesday, October 22nd. The conglomerate reported $1.15 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.02. General Electric had a return on equity of 18.93% and a net margin of 11.48%. The company had revenue of $9.84 billion during the quarter, compared to analyst estimates of $9.02 billion. During the same quarter in the prior year, the business earned $0.82 earnings per share. General Electric’s revenue was up 5.8% on a year-over-year basis. Equities analysts predict that General Electric will post 4.2 earnings per share for the current fiscal year.

General Electric Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Thursday, September 26th were issued a $0.28 dividend. The ex-dividend date was Thursday, September 26th. This represents a $1.12 dividend on an annualized basis and a yield of 0.64%. General Electric’s dividend payout ratio is presently 19.68%.

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.