Capital Research & Management Co recently announced the acquisition of new stake in General Electric Company (NYSE:GE). The institutional investor has increased its shareholding in the Industrials company by 5.11% to 91.07 million shares with purchase of 4.43 million shares. This fresh investment now brings its stake to 8.34% valued currently at $7.09 billion. In addition, The Vanguard Group, Inc. raised its holdings by 0.62 million to 81.86 million shares. And Dodge & Cox has lifted its position by 28.03% or 8.12 million shares – to 37.09 million shares.
With over 4.23 million General Electric Company (GE) shares trading Tuesday and a closing price of $87.30 on the day, the dollar volume was approximately $369.64 million. The shares have shown a positive half year performance of 17.15% and its price on 11/22/22 gained nearly 1.64%. Currently, there are 1.09B common shares owned by the public and among those 1.09B shares have been available to trade.
Insiders at the company have transacted a total of 69 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 40 of these insider trades were purchases, accounting for 221,665 shares. Insider sales of the common stock occurred on 29 occasions, with total insider shares sold totaling 51,238 shares.
The top 3 mutual fund holders in General Electric Company are American Funds Investment Company, Vanguard Total Stock Market Index, and Vanguard 500 Index Fund. American Funds Investment Company owns 35.4 million shares of the company’s stock, all valued at over $2.75 billion. The company bought an additional 2.52 million shares recently to bring their total holdings to about 3.24% of the shares outstanding. Vanguard Total Stock Market Index bought 88278.0 shares to see its total holdings expand to 32.78 million shares valued at over $2.55 billion and representing 3.00% of the shares outstanding. Vanguard 500 Index Fund bought 0.25 million shares to bring its total holdings to over 25.09 million shares at a value of $1.95 billion. Vanguard 500 Index Fund now owns shares totaling to 2.30% of the shares outstanding.
However, the script later moved the day high at 87.58, up 1.64%. The company’s stock has a 5-day price change of 0.18% and 13.76% over the past three months. GE shares are trading -7.59% year to date (YTD), with the 12-month market performance down to -13.60% lower. It has a 12-month low price of $59.93 and touched a high of $103.73 over the same period. GE has an average intraday trading volume of 6.14 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 6.95%, 19.92%, and 11.62% respectively.
Institutional ownership of General Electric Company (NYSE: GE) shares accounts for 71.90% of the company’s 1.09B shares outstanding. Mutual fund holders own 27.04%, while other institutional holders and individual stakeholders account for 44.78% and 0.58% respectively.
It has a market capitalization of $95.29B and a beta (3y monthly) value of 1.24. The earnings-per-share (ttm) stands at -$4.70. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.36% over the week and 2.64% over the month.
Analysts forecast that General Electric Company (GE) will achieve an EPS of $1.14 for the current quarter, $0.66 for the next quarter and $4.38 for 2023. The lowest estimate earnings-per-share for the quarter is $0.86 while analysts give the company a high EPS estimate of $1.3. Comparatively, EPS for the current quarter was $0.92 a year ago. Earnings per share for the fiscal year are expected to decrease by -159.20%, and 71.57% over the next financial year. EPS should grow at an annualized rate of 44.50% over the next five years, compared to -19.90% over the past 5-year period.
Looking at the support for the GE, a number of firms have released research notes about the stock. Bernstein stated their Outperform rating for the stock in a research note on August 17, 2022, with the firm’s price target at $105-$100. RBC Capital Mkts coverage for the General Electric Company (GE) stock in a research note released on February 22, 2022 offered a Outperform rating with a price target of $113. Bernstein was of a view on January 11, 2022 that the stock is Outperform, while Credit Suisse gave the stock Outperform rating on January 04, 2022, issuing a price target of $122. Morgan Stanley on their part issued Overweight rating on November 23, 2021.