Petra Financial Advisors Inc. Has $1.30 Million Position in General Electric (NYSE:GE)

Petra Financial Advisors Inc. lessened its stake in General Electric (NYSE:GE) by 3.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 6,917 shares of the conglomerate’s stock after selling 228 shares during the period. Petra Financial Advisors Inc.’s holdings in General Electric were worth $1,304,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in GE. Newport Trust Company LLC bought a new position in shares of General Electric in the second quarter valued at approximately $2,613,332,000. Capital World Investors grew its holdings in General Electric by 2,818.1% during the first quarter. Capital World Investors now owns 12,749,560 shares of the conglomerate’s stock valued at $2,237,930,000 after purchasing an additional 12,312,648 shares during the period. Capital International Investors increased its stake 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 purchasing an additional 5,309,543 shares in the last quarter. Canada Pension Plan Investment Board raised 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 worth $1,250,079,000 after purchasing an additional 4,907,530 shares during the period. Finally, Massachusetts Financial Services Co. MA acquired a new position in shares of General Electric in the 2nd quarter valued at $580,200,000. 74.77% of the stock is owned by institutional investors and hedge funds.

General Electric Stock Performance

NYSE GE traded down $4.02 during trading on Thursday, hitting $170.62. 960,250 shares of the company’s stock traded hands, compared to its average volume of 6,320,072. General Electric has a 12-month low of $84.66 and a 12-month high of $194.80. The stock has a market capitalization of $184.66 billion, a price-to-earnings ratio of 30.70, a PEG ratio of 1.74 and a beta of 1.18. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.85 and a current ratio of 1.13. The business has a 50 day moving average of $180.14 and a 200-day moving average of $168.87.

General Electric (NYSE:GE) last released 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. 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 analysts’ expectations of $9.02 billion. During the same quarter in the prior year, the firm posted $0.82 earnings per share. The business’s quarterly revenue was up 5.8% on a year-over-year basis. As a group, equities research analysts anticipate that General Electric will post 4.2 earnings per share for the current fiscal year.

General Electric Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Thursday, September 26th were paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 0.66%. The ex-dividend date of this dividend was Thursday, September 26th. General Electric’s dividend payout ratio is presently 19.68%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Melius Research increased their price objective on shares of General Electric from $194.00 to $202.00 in a research note on Tuesday, October 22nd. Deutsche Bank Aktiengesellschaft raised their target price on shares of General Electric from $212.00 to $235.00 and gave the stock a “buy” rating in a research note on Thursday, October 3rd. Bank of America increased their target price on General Electric from $180.00 to $200.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Sanford C. Bernstein increased their price objective on General Electric from $201.00 to $225.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. Finally, Citigroup raised their target price on shares of General Electric from $198.00 to $216.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Two research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $200.93.

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.