Thrivent Financial for Lutherans Raises Stake in General Electric (NYSE:GE)

Thrivent Financial for Lutherans boosted its position in shares of General Electric (NYSE:GE) by 34.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 76,795 shares of the conglomerate’s stock after purchasing an additional 19,766 shares during the period. Thrivent Financial for Lutherans’ holdings in General Electric were worth $14,483,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Newport Trust Company LLC acquired a new position in shares of General Electric in the 2nd quarter worth approximately $2,613,332,000. Canada Pension Plan Investment Board raised its position in General Electric by 221.6% in the first quarter. Canada Pension Plan Investment Board now owns 7,121,741 shares of the conglomerate’s stock valued at $1,250,079,000 after purchasing an additional 4,907,530 shares during the period. Massachusetts Financial Services Co. MA acquired a new stake in shares of General Electric in the second quarter valued at $580,200,000. International Assets Investment Management LLC grew its position in General Electric by 21,069.8% in the 3rd quarter. International Assets Investment Management LLC now owns 3,173,142 shares of the conglomerate’s stock valued at $598,391,000 after acquiring an additional 3,158,153 shares in the last quarter. Finally, Evergreen Quality Fund GP Ltd. purchased a new stake in General Electric during the 1st quarter worth about $385,745,000. Hedge funds and other institutional investors own 74.77% of the company’s stock.

Insider Transactions at General Electric

In other General Electric news, SVP Russell Stokes sold 15,550 shares of the business’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $178.29, for a total transaction of $2,772,409.50. Following the completion of the transaction, the senior vice president now owns 148,857 shares in the company, valued at approximately $26,539,714.53. The trade was a 9.46 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Riccardo Procacci sold 7,000 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $181.13, for a total value of $1,267,910.00. Following the transaction, the senior vice president now directly owns 13,289 shares in the company, valued at $2,407,036.57. This trade represents a 34.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.66% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Citigroup increased their price objective on General Electric from $198.00 to $216.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Deutsche Bank Aktiengesellschaft raised their target price on shares of General Electric from $212.00 to $235.00 and gave the stock a “buy” rating in a research note on Thursday, October 3rd. StockNews.com cut shares of General Electric from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Wells Fargo & Company lifted their price objective on General Electric from $205.00 to $210.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. Finally, Barclays raised their price target on General Electric from $175.00 to $200.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. Two analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $200.93.

General Electric Stock Performance

NYSE GE opened at $177.98 on Thursday. The business’s 50-day simple moving average is $182.98 and its 200-day simple moving average is $170.96. General Electric has a 1-year low of $94.54 and a 1-year high of $194.80. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.13 and a quick ratio of 0.85. The firm has a market capitalization of $192.63 billion, a P/E ratio of 31.28, a P/E/G ratio of 1.75 and a beta of 1.19.

General Electric (NYSE:GE) last announced its earnings results on Tuesday, October 22nd. The conglomerate reported $1.15 EPS for the quarter, beating the consensus estimate of $1.13 by $0.02. The business had revenue of $9.84 billion for the quarter, compared to the consensus estimate of $9.02 billion. General Electric had a return on equity of 18.93% and a net margin of 11.48%. The company’s revenue was up 5.8% on a year-over-year basis. During the same period last year, the business posted $0.82 EPS. Equities analysts predict that General Electric will post 4.22 EPS for the current year.

General Electric Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Thursday, September 26th were issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 0.63%. The ex-dividend date of this dividend was Thursday, September 26th. General Electric’s dividend payout ratio is presently 19.68%.

General Electric Profile

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.