General Electric (NYSE:GE) Shares Sold by Summit Investment Advisors Inc.

Summit Investment Advisors Inc. lessened its holdings in shares of General Electric (NYSE:GE) by 3.2% in the fourth quarter, HoldingsChannel reports. The fund owned 13,196 shares of the conglomerate’s stock after selling 438 shares during the period. Summit Investment Advisors Inc.’s holdings in General Electric were worth $2,201,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently modified their holdings of GE. Norges Bank bought a new position in General Electric in the 4th quarter valued at about $2,375,439,000. Invesco Ltd. boosted its holdings in shares of General Electric by 14.4% in the fourth quarter. Invesco Ltd. now owns 9,544,757 shares of the conglomerate’s stock valued at $1,591,970,000 after acquiring an additional 1,204,910 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of General Electric during the fourth quarter valued at approximately $194,208,000. Franklin Resources Inc. raised its holdings in General Electric by 206.5% during the third quarter. Franklin Resources Inc. now owns 1,444,466 shares of the conglomerate’s stock worth $278,247,000 after purchasing an additional 973,135 shares in the last quarter. Finally, FMR LLC lifted its position in General Electric by 1.5% in the fourth quarter. FMR LLC now owns 66,823,968 shares of the conglomerate’s stock worth $11,145,570,000 after purchasing an additional 965,012 shares during the period. Institutional investors own 74.77% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Citigroup dropped their price target on shares of General Electric from $235.00 to $227.00 and set a “buy” rating on the stock in a research report on Thursday, April 10th. Royal Bank of Canada reiterated an “outperform” rating and issued a $200.00 target price on shares of General Electric in a report on Wednesday, January 22nd. Deutsche Bank Aktiengesellschaft reduced their target price on shares of General Electric from $235.00 to $228.00 and set a “buy” rating for the company in a report on Thursday, January 2nd. Northcoast Research raised General Electric from a “neutral” rating to a “buy” rating and set a $205.00 price target on the stock in a report on Wednesday, April 9th. Finally, Redburn Atlantic started coverage on General Electric in a research note on Tuesday, February 18th. They set a “buy” rating and a $250.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $212.73.

General Electric Price Performance

GE opened at $185.89 on Tuesday. The stock has a fifty day moving average price of $197.99 and a 200 day moving average price of $186.61. The company has a current ratio of 1.09, a quick ratio of 0.81 and a debt-to-equity ratio of 0.88. General Electric has a 1 year low of $146.78 and a 1 year high of $214.21. The stock has a market cap of $199.51 billion, a price-to-earnings ratio of 31.03, a PEG ratio of 2.59 and a beta of 1.04.

General Electric (NYSE:GE) last announced its quarterly earnings results on Thursday, January 23rd. The conglomerate reported $1.32 EPS for the quarter, beating the consensus estimate of $1.05 by $0.27. General Electric had a return on equity of 22.19% and a net margin of 14.31%. Analysts forecast that General Electric will post 5.4 EPS for the current fiscal year.

General Electric Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 25th. Stockholders of record on Monday, March 10th will be issued a dividend of $0.36 per share. The ex-dividend date of this dividend is Monday, March 10th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 0.77%. This is an increase from General Electric’s previous quarterly dividend of $0.28. General Electric’s dividend payout ratio (DPR) is currently 24.04%.

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.