Jennison Associates LLC Raises Holdings in General Electric (NYSE:GE)

Jennison Associates LLC lifted its holdings in shares of General Electric (NYSE:GE) by 91.8% in the third quarter, HoldingsChannel reports. The firm owned 7,771,759 shares of the conglomerate’s stock after acquiring an additional 3,719,894 shares during the period. General Electric makes up about 0.9% of Jennison Associates LLC’s portfolio, making the stock its 25th biggest holding. Jennison Associates LLC’s holdings in General Electric were worth $1,465,598,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of GE. Studio Investment Management LLC grew its stake in General Electric by 97.5% in the 2nd quarter. Studio Investment Management LLC now owns 158 shares of the conglomerate’s stock worth $25,000 after acquiring an additional 78 shares during the period. Toth Financial Advisory Corp purchased a new stake in General Electric in the 3rd quarter worth approximately $25,000. Valley Wealth Managers Inc. purchased a new stake in General Electric in the 3rd quarter worth approximately $25,000. O Brien Wealth Partners LLC purchased a new stake in General Electric in the 3rd quarter worth approximately $27,000. Finally, Peterson Financial Group Inc. purchased a new stake in General Electric in the 3rd quarter worth approximately $28,000. 74.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on GE. Wells Fargo & Company lifted 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. Melius Research lifted their price target on shares of General Electric from $194.00 to $202.00 in a report on Tuesday, October 22nd. StockNews.com lowered shares of General Electric from a “buy” rating to a “hold” rating in a report on Monday, July 29th. 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 report on Thursday, October 3rd. Finally, Bank of America lifted their price target on shares of General Electric from $180.00 to $200.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Two investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, General Electric currently has an average rating of “Moderate Buy” and a consensus price target of $200.93.

Insider Buying and Selling

In other news, SVP Riccardo Procacci sold 7,000 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $181.13, for a total value 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 approximately $2,407,036.57. The trade was a 34.50 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.66% of the stock is currently owned by insiders.

General Electric Stock Performance

General Electric stock opened at $177.56 on Wednesday. General Electric has a 12-month low of $94.54 and a 12-month high of $194.80. The company has a market capitalization of $192.17 billion, a price-to-earnings ratio of 31.20, a price-to-earnings-growth ratio of 1.75 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 firm’s fifty day moving average price is $182.75 and its 200 day moving average price is $170.91.

General Electric (NYSE:GE) last released its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.02. General Electric had a net margin of 11.48% and a return on equity of 18.93%. The firm had revenue of $9.84 billion for the quarter, compared to the consensus estimate of $9.02 billion. During the same quarter in the previous year, the firm posted $0.82 EPS. The firm’s quarterly revenue was up 5.8% on a year-over-year basis. On average, research analysts forecast that General Electric will post 4.22 EPS for the current fiscal year.

General Electric Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Thursday, September 26th were paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 0.63%. The ex-dividend date of this dividend was Thursday, September 26th. General Electric’s dividend payout ratio (DPR) is 19.68%.

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.