Turtle Creek Wealth Advisors LLC Buys 189 Shares of General Electric (NYSE:GE)

Turtle Creek Wealth Advisors LLC lifted its stake in shares of General Electric (NYSE:GE) by 14.9% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,459 shares of the conglomerate’s stock after purchasing an additional 189 shares during the period. Turtle Creek Wealth Advisors LLC’s holdings in General Electric were worth $275,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in 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 buying an additional 78 shares during the last quarter. Toth Financial Advisory Corp acquired a new position in shares of General Electric in the third quarter valued at $25,000. Valley Wealth Managers Inc. bought a new position in shares of General Electric in the third quarter valued at about $25,000. O Brien Wealth Partners LLC acquired a new stake in shares of General Electric during the 3rd quarter worth about $27,000. Finally, MFA Wealth Advisors LLC bought a new stake in shares of General Electric during the 2nd quarter worth about $31,000. Institutional investors and hedge funds own 74.77% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on GE. Barclays increased their price target on shares of General Electric from $175.00 to $200.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. Citigroup increased their target price on General Electric from $198.00 to $216.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Melius Research upped their price objective on General Electric from $194.00 to $202.00 in a report on Tuesday, October 22nd. Deutsche Bank Aktiengesellschaft increased their price objective on General Electric from $212.00 to $235.00 and gave the stock a “buy” rating in a research report on Thursday, October 3rd. Finally, Royal Bank of Canada reduced their target price on shares of 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 investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $200.93.

Insiders Place Their Bets

In other news, SVP Riccardo Procacci sold 7,000 shares of General Electric stock in a transaction dated 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 sale, the senior vice president now directly owns 13,289 shares of the company’s stock, valued at approximately $2,407,036.57. This trade represents a 34.50 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.66% of the company’s stock.

General Electric Price Performance

Shares of GE stock traded down $1.47 during trading hours on Friday, reaching $176.93. The company’s stock had a trading volume of 5,302,109 shares, compared to its average volume of 6,243,640. General Electric has a fifty-two week low of $93.05 and a fifty-two week high of $194.80. The firm’s 50 day simple moving average is $182.29 and its 200-day simple moving average is $170.57. The company has a quick ratio of 0.85, a current ratio of 1.13 and a debt-to-equity ratio of 0.95. The company has a market capitalization of $191.49 billion, a price-to-earnings ratio of 31.09, a PEG ratio of 1.81 and a beta of 1.19.

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

General Electric Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Thursday, September 26th were given 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 0.63%. General Electric’s dividend payout ratio is currently 19.68%.

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.