Fulton Bank N.A. Boosts Stake in General Electric (NYSE:GE)

Fulton Bank N.A. increased its position in General Electric (NYSE:GE) by 16.7% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 1,712 shares of the conglomerate’s stock after purchasing an additional 245 shares during the period. Fulton Bank N.A.’s holdings in General Electric were worth $272,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in GE. Capital World Investors boosted its holdings in General Electric by 2,818.1% in the first quarter. Capital World Investors now owns 12,749,560 shares of the conglomerate’s stock valued at $2,237,930,000 after acquiring an additional 12,312,648 shares during the last quarter. Norges Bank bought a new stake in General Electric in the fourth quarter valued at about $1,193,159,000. Capital International Investors increased its holdings in General Electric by 9.9% in the first quarter. Capital International Investors now owns 59,100,643 shares of the conglomerate’s stock valued at $10,373,936,000 after buying an additional 5,309,543 shares during the last quarter. Canada Pension Plan Investment Board increased its holdings in General Electric by 221.6% in the first quarter. Canada Pension Plan Investment Board now owns 7,121,741 shares of the conglomerate’s stock valued at $1,250,079,000 after buying an additional 4,907,530 shares during the last quarter. Finally, WCM Investment Management LLC acquired a new position in General Electric in the fourth quarter valued at approximately $520,488,000. 74.77% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

GE has been the subject of several analyst reports. Argus boosted their price objective on General Electric from $170.00 to $180.00 and gave the stock a “buy” rating in a research report on Wednesday, April 24th. Deutsche Bank Aktiengesellschaft upped their price target on General Electric from $195.00 to $209.00 and gave the company a “buy” rating in a report on Monday, June 10th. TD Cowen raised shares of General Electric from a “hold” rating to a “buy” rating and boosted their target price for the company from $175.00 to $180.00 in a research note on Tuesday, April 9th. Jefferies Financial Group boosted their target price on shares of General Electric from $185.00 to $190.00 and gave the company a “buy” rating in a research note on Friday, June 28th. Finally, UBS Group increased their price objective on General Electric from $201.00 to $209.00 and gave the stock a “buy” rating in a report on Monday, July 1st. Two equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, General Electric presently has a consensus rating of “Moderate Buy” and a consensus target price of $185.71.

Insider Activity at General Electric

In other news, SVP Russell Stokes sold 45,309 shares of the stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $162.82, for a total transaction of $7,377,211.38. Following the completion of the sale, the senior vice president now directly owns 112,958 shares in the company, valued at $18,391,821.56. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.66% of the stock is owned by insiders.

General Electric Stock Performance

Shares of GE stock traded up $3.83 on Tuesday, reaching $162.19. The stock had a trading volume of 5,055,198 shares, compared to its average volume of 7,112,696. The company has a quick ratio of 0.85, a current ratio of 1.14 and a debt-to-equity ratio of 0.95. The firm’s 50-day moving average is $162.65 and its two-hundred day moving average is $158.25. The firm has a market capitalization of $177.53 billion, a price-to-earnings ratio of 53.33, a P/E/G ratio of 1.70 and a beta of 1.21. General Electric has a 12 month low of $84.42 and a 12 month high of $177.20.

General Electric (NYSE:GE) last announced its earnings results on Tuesday, July 23rd. The conglomerate reported $1.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.99 by $0.21. General Electric had a net margin of 7.66% and a return on equity of 16.07%. The firm had revenue of $9.09 billion for the quarter, compared to analyst estimates of $8.44 billion. During the same quarter in the prior year, the business posted $0.68 EPS. The business’s revenue was up 3.9% compared to the same quarter last year. On average, research analysts expect that General Electric will post 4.15 EPS for the current fiscal year.

General Electric Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 25th. Investors of record on Thursday, July 11th were paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 0.69%. The ex-dividend date of this dividend was Thursday, July 11th. General Electric’s payout ratio is 36.72%.

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.