SpiderRock Advisors LLC Raises Stock Position in General Electric (NYSE:GE)

SpiderRock Advisors LLC increased its holdings in shares of General Electric (NYSE:GE) by 4.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 9,932 shares of the conglomerate’s stock after purchasing an additional 448 shares during the period. SpiderRock Advisors LLC’s holdings in General Electric were worth $1,873,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in GE. Pragma Gestao DE Patrimonio Ltd. purchased a new stake in shares of General Electric in the third quarter worth about $9,429,000. CWA Asset Management Group LLC purchased a new position in General Electric in the 3rd quarter worth approximately $798,000. Leavell Investment Management Inc. grew its position in General Electric by 70.8% in the third quarter. Leavell Investment Management Inc. now owns 8,469 shares of the conglomerate’s stock valued at $1,599,000 after acquiring an additional 3,512 shares in the last quarter. Hollencrest Capital Management raised its stake in shares of General Electric by 4.0% during the third quarter. Hollencrest Capital Management now owns 10,419 shares of the conglomerate’s stock valued at $1,965,000 after purchasing an additional 403 shares during the period. Finally, Capital Performance Advisors LLP acquired a new position in shares of General Electric during the third quarter worth $389,000. 74.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

GE has been the subject of a number of recent analyst reports. Wells Fargo & Company raised their price target on shares of General Electric from $205.00 to $210.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. Sanford C. Bernstein upped their price target on shares of General Electric from $201.00 to $225.00 and gave the company an “outperform” rating in a report on Monday, October 14th. Citigroup lifted their price target on General Electric from $198.00 to $216.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Royal Bank of Canada reduced their target price on General Electric from $210.00 to $200.00 and set an “outperform” rating on the stock in a report on Wednesday, October 23rd. Finally, Deutsche Bank Aktiengesellschaft increased their target price on shares of General Electric from $212.00 to $235.00 and gave the stock a “buy” rating in a report on Thursday, October 3rd. Two research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $200.93.

General Electric Price Performance

GE stock traded up $1.23 during trading hours on Monday, hitting $172.93. 1,071,438 shares of the stock traded hands, compared to its average volume of 6,304,265. The stock has a 50-day simple moving average of $180.20 and a 200 day simple moving average of $169.19. The company has a market cap of $187.16 billion, a P/E ratio of 30.44, a P/E/G ratio of 1.70 and a beta of 1.19. General Electric has a one year low of $86.83 and a one year high of $194.80. The company has a current ratio of 1.13, a quick ratio of 0.85 and a debt-to-equity ratio of 0.95.

General Electric (NYSE:GE) last posted its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.15 EPS for the quarter, beating analysts’ consensus estimates of $1.13 by $0.02. General Electric had a net margin of 11.48% and a return on equity of 18.93%. The company had revenue of $9.84 billion during the quarter, compared to analyst estimates of $9.02 billion. During the same period in the prior year, the firm earned $0.82 earnings per share. The business’s quarterly revenue was up 5.8% on a year-over-year basis. Equities analysts forecast that General Electric will post 4.22 earnings per share for the current year.

General Electric Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 25th. Stockholders of record on Thursday, September 26th were issued a dividend of $0.28 per share. The ex-dividend date of this dividend was Thursday, September 26th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.65%. General Electric’s dividend payout ratio is 19.68%.

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.