OneAscent Financial Services LLC Acquires New Position in General Electric (NYSE:GE)

OneAscent Financial Services LLC acquired a new stake in shares of General Electric (NYSE:GE) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 3,311 shares of the conglomerate’s stock, valued at approximately $625,000.

A number of other hedge funds also recently made changes to their positions in the stock. Studio Investment Management LLC boosted 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 purchasing an additional 78 shares during the period. Toth Financial Advisory Corp bought a new position in General Electric in the 3rd quarter worth approximately $25,000. Valley Wealth Managers Inc. bought a new position in General Electric in the 3rd quarter worth approximately $25,000. O Brien Wealth Partners LLC bought a new position in General Electric in the 3rd quarter worth approximately $27,000. Finally, Peterson Financial Group Inc. bought a new position in General Electric in the 3rd quarter worth approximately $28,000. 74.77% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, SVP Riccardo Procacci sold 7,000 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $181.13, for a total transaction of $1,267,910.00. Following the transaction, the senior vice president now owns 13,289 shares of the company’s stock, valued at approximately $2,407,036.57. This represents a 34.50 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.66% of the company’s stock.

General Electric Stock Performance

NYSE:GE opened at $177.58 on Tuesday. The stock’s fifty day moving average is $182.54 and its 200 day moving average is $170.81. General Electric has a fifty-two week low of $94.54 and a fifty-two week high of $194.80. The firm has a market capitalization of $192.19 billion, a PE ratio of 31.21, a PEG ratio of 1.75 and a beta of 1.19. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.85 and a current ratio of 1.13.

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

General Electric Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Thursday, September 26th were paid a $0.28 dividend. The ex-dividend date was Thursday, September 26th. This represents a $1.12 dividend on an annualized basis and a yield of 0.63%. General Electric’s payout ratio is 19.68%.

Analyst Ratings Changes

Several research analysts have weighed in on GE shares. Deutsche Bank Aktiengesellschaft upped their price target on General Electric from $212.00 to $235.00 and gave the stock a “buy” rating in a research note on Thursday, October 3rd. Melius Research upped their price target on General Electric from $194.00 to $202.00 in a research note on Tuesday, October 22nd. Bank of America increased their target price on General Electric from $180.00 to $200.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. StockNews.com downgraded General Electric from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Finally, Royal Bank of Canada lowered their target price 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. Two research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $200.93.

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.