General Electric (NYSE:GE) Shares Purchased by CIBC Private Wealth Group LLC (2024)

Posted by Defense World Staff on Jun 7th, 2024

CIBC Private Wealth Group LLC boosted its position in General Electric (NYSE:GE – Free Report) by 3.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 77,992 shares of the conglomerate’s stock after purchasing an additional 2,400 shares during the period. CIBC Private Wealth Group LLC’s holdings in General Electric were worth $9,954,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Carmignac Gestion lifted its position in General Electric by 34.6% in the fourth quarter. Carmignac Gestion now owns 1,626,360 shares of the conglomerate’s stock valued at $207,572,000 after purchasing an additional 418,051 shares during the period. Intrepid Financial Planning Group LLC purchased a new position in General Electric in the fourth quarter valued at about $206,000. Cornerstone Advisory LLC purchased a new position in General Electric in the fourth quarter valued at about $223,000. Rafferty Asset Management LLC increased its holdings in General Electric by 5.5% in the fourth quarter. Rafferty Asset Management LLC now owns 91,297 shares of the conglomerate’s stock valued at $11,652,000 after buying an additional 4,735 shares in the last quarter. Finally, NEOS Investment Management LLC increased its holdings in General Electric by 37.5% in the fourth quarter. NEOS Investment Management LLC now owns 15,369 shares of the conglomerate’s stock valued at $1,962,000 after buying an additional 4,194 shares in the last quarter. Institutional investors and hedge funds own 74.77% of the company’s stock.

General Electric Stock Down 1.2 %

Shares of GE opened at $160.62 on Friday. The firm has a market cap of $175.82 billion, a PE ratio of 52.66, a price-to-earnings-growth ratio of 1.79 and a beta of 1.23. The company’s fifty day moving average is $160.42 and its two-hundred day moving average is $146.61. General Electric has a fifty-two week low of $82.11 and a fifty-two week high of $170.80. The company has a quick ratio of 0.82, a current ratio of 1.17 and a debt-to-equity ratio of 0.63.

General Electric (NYSE:GE – Get Free Report) last posted its earnings results on Tuesday, April 23rd. The conglomerate reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.17. The business had revenue of $16.10 billion for the quarter, compared to analyst estimates of $15.25 billion. General Electric had a net margin of 5.05% and a return on equity of 12.54%. The business’s quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.27 EPS. Analysts forecast that General Electric will post 3.98 earnings per share for the current year.

General Electric Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 25th. Shareholders of record on Monday, April 15th were issued a $0.28 dividend. The ex-dividend date of this dividend was Friday, April 12th. This represents a $1.12 dividend on an annualized basis and a yield of 0.70%. This is a positive change from General Electric’s previous quarterly dividend of $0.08. General Electric’s payout ratio is currently 36.72%.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. UBS Group increased their target price on shares of General Electric from $191.00 to $201.00 and gave the company a “buy” rating in a report on Thursday, May 23rd. StockNews.com initiated coverage on shares of General Electric in a research note on Monday, April 29th. They set a “hold” rating for the company. Citigroup raised their price objective on shares of General Electric from $120.43 to $186.00 and gave the stock a “buy” rating in a research note on Thursday, April 25th. Argus raised their price objective on shares of General Electric from $170.00 to $180.00 and gave the stock a “buy” rating in a research note on Wednesday, April 24th. Finally, JPMorgan Chase & Co. raised their price objective on shares of General Electric from $148.00 to $175.00 and gave the stock an “overweight” rating in a research note on Monday, May 13th. Two investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $176.00.

Check Out Our Latest Stock Analysis on GE

Insiders Place Their Bets

In other General Electric news, SVP Russell Stokes sold 45,309 shares of the business’s stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $162.82, for a total value of $7,377,211.38. Following the transaction, the senior vice president now owns 112,958 shares in the company, valued at approximately $18,391,821.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.66% of the stock is currently owned by company insiders.

General Electric Profile

(Free Report)

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.

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