Westpac Banking Corp Grows Stake in General Electric (NYSE:GE)

Westpac Banking Corp increased its holdings in shares of General Electric (NYSE:GE) by 3.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,258,678 shares of the conglomerate’s stock after purchasing an additional 45,919 shares during the quarter. Westpac Banking Corp’s holdings in General Electric were worth $7,842,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the stock. Pzena Investment Management LLC lifted its stake in shares of General Electric by 19.0% in the 3rd quarter. Pzena Investment Management LLC now owns 89,226,293 shares of the conglomerate’s stock valued at $555,880,000 after purchasing an additional 14,253,265 shares during the last quarter. Platinum Investment Management Ltd. lifted its stake in shares of General Electric by 64.9% during the 2nd quarter. Platinum Investment Management Ltd. now owns 34,680,403 shares of the conglomerate’s stock worth $236,867,000 after acquiring an additional 13,647,730 shares during the last quarter. BlackRock Inc. lifted its stake in shares of General Electric by 1.4% during the 2nd quarter. BlackRock Inc. now owns 564,187,905 shares of the conglomerate’s stock worth $3,853,404,000 after acquiring an additional 7,629,478 shares during the last quarter. AQR Capital Management LLC lifted its stake in shares of General Electric by 498.1% during the 2nd quarter. AQR Capital Management LLC now owns 8,026,604 shares of the conglomerate’s stock worth $53,859,000 after acquiring an additional 6,684,575 shares during the last quarter. Finally, Cibc World Markets Corp lifted its stake in shares of General Electric by 241.5% during the 2nd quarter. Cibc World Markets Corp now owns 3,350,691 shares of the conglomerate’s stock worth $22,885,000 after acquiring an additional 2,369,608 shares during the last quarter. 59.95% of the stock is owned by institutional investors.

A number of equities research analysts recently issued reports on the company. Morgan Stanley raised their price target on General Electric from $8.00 to $8.50 and gave the stock an “overweight” rating in a research note on Thursday, October 29th. UBS Group raised their price objective on General Electric from $8.50 to $9.00 and gave the stock a “buy” rating in a report on Friday, October 23rd. Barclays raised their price objective on General Electric from $9.00 to $11.00 in a report on Friday, November 13th. The Goldman Sachs Group raised their price objective on General Electric from $10.00 to $11.00 in a report on Thursday, October 29th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on General Electric from $6.81 to $9.00 and gave the stock a “hold” rating in a report on Thursday, October 29th. Eight research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $8.89.

Shares of GE opened at $9.76 on Friday. The stock has a 50-day moving average of $7.64 and a two-hundred day moving average of $6.87. General Electric has a one year low of $5.48 and a one year high of $13.26. The company has a debt-to-equity ratio of 2.10, a quick ratio of 2.04 and a current ratio of 2.31. The stock has a market cap of $85.50 billion, a P/E ratio of 27.11 and a beta of 0.76.

General Electric (NYSE:GE) last issued its quarterly earnings results on Wednesday, October 28th. The conglomerate reported $0.06 EPS for the quarter, topping the Zacks’ consensus estimate of ($0.04) by $0.10. General Electric had a return on equity of 5.37% and a net margin of 4.52%. The company had revenue of $19.42 billion during the quarter, compared to analysts’ expectations of $19.15 billion. During the same quarter in the previous year, the firm posted $0.15 EPS. Analysts predict that General Electric will post -0.03 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, October 26th. Stockholders of record on Monday, September 28th were issued a $0.01 dividend. The ex-dividend date of this dividend was Friday, September 25th. This represents a $0.04 annualized dividend and a dividend yield of 0.41%. General Electric’s dividend payout ratio (DPR) is presently 6.15%.

About General Electric

General Electric Company operates as a high-tech industrial company in the United States, Europe, Asia, the Americas, the Middle East, and Africa. It operates through Power, Renewable Energy, Aviation, Healthcare, and Capital segments. The Power segment offers technologies, solutions, and services related to energy production, including gas and steam turbines, generators, and power generation services.

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Institutional Ownership by Quarter for General Electric (NYSE:GE)

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