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

Cinctive Capital Management LP bought a new position in General Electric (NYSE:GE) in the third quarter, Holdings Channel reports. The institutional investor bought 49,431 shares of the conglomerate’s stock, valued at approximately $9,322,000.

Several other institutional investors have also modified their holdings of the stock. Studio Investment Management LLC increased its position 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 purchasing an additional 78 shares during the last quarter. Toth Financial Advisory Corp purchased a new stake in shares of General Electric in the 3rd quarter valued at approximately $25,000. Valley Wealth Managers Inc. purchased a new stake in shares of General Electric in the 3rd quarter valued at approximately $25,000. O Brien Wealth Partners LLC acquired a new stake in shares of General Electric during the 3rd quarter worth approximately $27,000. Finally, Peterson Financial Group Inc. purchased a new stake in shares of General Electric during the 3rd quarter valued at approximately $28,000. Hedge funds and other institutional investors own 74.77% of the company’s stock.

Wall Street Analyst Weigh In

GE has been the subject of several analyst reports. Bank of America increased their price objective on General Electric from $180.00 to $200.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Royal Bank of Canada cut their price objective on General Electric from $210.00 to $200.00 and set an “outperform” rating for the company in a research report on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft upped their target price on shares of General Electric from $212.00 to $235.00 and gave the company a “buy” rating in a research report on Thursday, October 3rd. Melius Research lifted their price target on shares of General Electric from $194.00 to $202.00 in a research report on Tuesday, October 22nd. Finally, UBS Group upped their price objective on shares of General Electric from $223.00 to $230.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Two research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $200.93.

Insiders Place Their Bets

In other General Electric news, SVP Riccardo Procacci sold 7,000 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $181.13, for a total value of $1,267,910.00. Following the sale, the senior vice president now directly owns 13,289 shares in the company, valued at $2,407,036.57. This trade represents a 34.50 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Russell Stokes sold 15,550 shares of the company’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $178.29, for a total value of $2,772,409.50. Following the transaction, the senior vice president now directly owns 148,857 shares of the company’s stock, valued at approximately $26,539,714.53. This represents a 9.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.66% of the stock is currently owned by company insiders.

General Electric Stock Performance

NYSE:GE opened at $182.16 on Monday. The company has a market cap of $197.15 billion, a price-to-earnings ratio of 32.01, a price-to-earnings-growth ratio of 1.79 and a beta of 1.19. The company has a quick ratio of 0.85, a current ratio of 1.13 and a debt-to-equity ratio of 0.95. General Electric has a 52 week low of $94.54 and a 52 week high of $194.80. The company has a fifty day simple moving average of $183.01 and a two-hundred 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 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.02. The company had revenue of $9.84 billion for the quarter, compared to the consensus estimate of $9.02 billion. General Electric had a return on equity of 18.93% and a net margin of 11.48%. General Electric’s revenue was up 5.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.82 EPS. As a group, equities analysts anticipate that General Electric will post 4.24 earnings per share 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 $0.28 dividend. The ex-dividend date of this dividend was Thursday, September 26th. This represents a $1.12 dividend on an annualized basis and a yield of 0.61%. General Electric’s dividend payout ratio is currently 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.