The Vanguard Group, Inc. recently announced the acquisition of new stake in General Electric Co. (NYSE:GE). The institutional investor has increased its shareholding in the Industrials company by 0.06% to 83.56 million shares with purchase of 46391.0 shares. This fresh investment now brings its stake to 7.68% valued currently at $10.66 billion. In addition, BlackRock Fund Advisors raised its holdings by 0.28 million to 47.89 million shares. And Geode Capital Management LLC has lifted its position by 2.22% or 0.44 million shares – to 20.19 million shares.
Currently, there are 1.09B common shares owned by the public and among those 1.08B shares have been available to trade.
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Insiders at the company have transacted a total of 53 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 29 of these insider trades were purchases, accounting for 652,157 shares. Insider sales of the common stock occurred on 24 occasions, with total insider shares sold totaling 477,945 shares.
The top 3 mutual fund holders in General Electric Co. are American Funds Investment Company, Vanguard Total Stock Market ETF, and American Funds Growth Fund of Ame. American Funds Investment Company owns 37.12 million shares of the company’s stock, all valued at over $4.74 billion. Vanguard Total Stock Market ETF bought 82305.0 shares to see its total holdings expand to 34.19 million shares valued at over $4.36 billion and representing 3.14% of the shares outstanding. American Funds Growth Fund of Ame now owns shares totaling to 2.62% of the shares outstanding.
However, the script later moved the day high at 132.27, up 1.09%. The company’s stock has a 5-day price change of 1.11% and 22.70% over the past three months. GE shares are trading 2.82% year to date (YTD), with the 12-month market performance up to 70.74% higher. It has a 12-month low price of $75.67 and touched a high of $130.80 over the same period. GE has an average intraday trading volume of 4.74 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 2.96%, 7.00%, and 17.89% respectively.
Institutional ownership of General Electric Co. (NYSE: GE) shares accounts for 76.30% of the company’s 1.09B shares outstanding. Mutual fund holders own 32.11%, while other institutional holders and individual stakeholders account for 44.35% and 0.60% respectively.
It has a market capitalization of $142.83B and a beta (3y monthly) value of 1.27. The stock’s trailing 12-month PE ratio is 15.03, while the earnings-per-share (ttm) stands at $8.73. The company has a PEG of 0.48 and a Quick Ratio of 0.82 with the debt-to-equity ratio at 0.80. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.82% over the week and 1.67% over the month.
Analysts forecast that General Electric Co. (GE) will achieve an EPS of $0.9 for the current quarter, $0.72 for the next quarter and $4.64 for 2024. The lowest estimate earnings-per-share for the quarter is $0.83 while analysts give the company a high EPS estimate of $0.98. Comparatively, EPS for the current quarter was $1.24 a year ago. Earnings per share for the fiscal year are expected to increase by 1.77%, and 72.31% over the next financial year. EPS should shrink at an annualized rate of 31.38% over the next five years, compared to 51.10% over the past 5-year period.
Looking at the support for the GE, a number of firms have released research notes about the stock. RBC Capital Mkts stated their Outperform rating for the stock in a research note on December 18, 2023, with the firm’s price target at $131-$150.
