Norway Savings Bank Boosts Position in General Electric Company (GE)

Norway Savings Bank boosted its stake in shares of General Electric Company (NYSE:GE) by 1.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 50,354 shares of the conglomerate’s stock after buying an additional 644 shares during the period. General Electric makes up about 1.3% of Norway Savings Bank’s holdings, making the stock its 19th largest position. Norway Savings Bank’s holdings in General Electric were worth $1,360,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. FMR LLC boosted its position in General Electric by 0.7% in the fourth quarter. FMR LLC now owns 130,741,961 shares of the conglomerate’s stock valued at $4,131,446,000 after buying an additional 900,672 shares during the last quarter. Norges Bank acquired a new position in General Electric during the fourth quarter valued at about $2,383,193,000. Harris Associates L P boosted its position in General Electric by 26.4% in the first quarter. Harris Associates L P now owns 46,376,143 shares of the conglomerate’s stock valued at $1,382,009,000 after buying an additional 9,681,420 shares during the last quarter. Trustees of General Electric Pension Trust acquired a new position in General Electric during the fourth quarter valued at about $1,038,590,000. Finally, Schwab Charles Investment Management Inc. boosted its position in General Electric by 2.9% in the first quarter. Schwab Charles Investment Management Inc. now owns 27,649,070 shares of the conglomerate’s stock valued at $823,943,000 after buying an additional 776,656 shares during the last quarter. Institutional investors and hedge funds own 54.29% of the company’s stock.

Shares of General Electric Company (NYSE GE) opened at 25.78 on Monday. The stock has a 50 day moving average price of $26.94 and a 200-day moving average price of $28.78. The company has a market cap of $223.20 billion, a P/E ratio of 31.40 and a beta of 1.21. General Electric Company has a 1-year low of $25.26 and a 1-year high of $32.38.

General Electric (NYSE:GE) last announced its quarterly earnings data on Friday, July 21st. The conglomerate reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.03. General Electric had a net margin of 6.45% and a return on equity of 14.59%. The firm had revenue of $29.56 billion for the quarter, compared to analyst estimates of $29.07 billion. During the same quarter in the prior year, the business earned $0.51 earnings per share. The business’s quarterly revenue was down 11.8% compared to the same quarter last year. Analysts predict that General Electric Company will post $1.57 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 25th. Stockholders of record on Monday, June 19th were issued a dividend of $0.24 per share. The ex-dividend date was Thursday, June 15th. This represents a $0.96 annualized dividend and a dividend yield of 3.72%. General Electric’s dividend payout ratio is currently 118.52%.

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A number of research analysts have recently weighed in on the company. Cowen and Company restated a “hold” rating and issued a $24.00 price target on shares of General Electric in a research report on Monday. J P Morgan Chase & Co set a $22.00 price target on General Electric and gave the company a “sell” rating in a research report on Monday, July 24th. Vetr lowered General Electric from a “buy” rating to a “hold” rating and set a $29.71 price objective on the stock. in a research note on Monday, June 12th. Morgan Stanley reaffirmed an “equal weight” rating and set a $27.00 price objective on shares of General Electric in a research note on Monday, July 17th. Finally, Stifel Nicolaus increased their price objective on General Electric from $32.00 to $33.00 and gave the company a “buy” rating in a research note on Tuesday, April 25th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $30.08.

In other General Electric news, Chairman Jeffrey R. Immelt bought 100,000 shares of the stock in a transaction that occurred on Monday, May 15th. The shares were bought at an average price of $28.07 per share, for a total transaction of $2,807,000.00. Following the acquisition, the chairman now directly owns 2,561,926 shares of the company’s stock, valued at approximately $71,913,262.82. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Alexander Dimitrief bought 1,845 shares of the stock in a transaction that occurred on Monday, July 24th. The stock was acquired at an average price of $25.54 per share, for a total transaction of $47,121.30. Following the acquisition, the insider now directly owns 65,597 shares in the company, valued at $1,675,347.38. The disclosure for this purchase can be found here. Insiders have bought 149,270 shares of company stock worth $4,113,059 in the last quarter. Company insiders own 0.36% of the company’s stock.

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