Lord Abbett & CO. LLC Makes New $44.73 Million Investment in General Electric (NYSE:GE)

Lord Abbett & CO. LLC purchased a new stake in shares of General Electric (NYSE:GE - Free Report) in the third quarter, according to its most recent filing with the SEC. The firm purchased 237,169 shares of the conglomerate's stock, valued at approximately $44,725,000.

A number of other institutional investors also recently bought and sold shares of the company. Studio Investment Management LLC raised its position in shares of General Electric by 97.5% during the 2nd quarter. Studio Investment Management LLC now owns 158 shares of the conglomerate's stock worth $25,000 after purchasing an additional 78 shares during the last quarter. Toth Financial Advisory Corp acquired a new position in shares of General Electric in the third quarter worth $25,000. Valley Wealth Managers Inc. purchased a new stake in shares of General Electric in the third quarter valued at $25,000. O Brien Wealth Partners LLC acquired a new stake in shares of General Electric during the third quarter valued at $27,000. Finally, Peterson Financial Group Inc. purchased a new stake in General Electric during the 3rd quarter worth about $28,000. 74.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on GE shares. UBS Group raised their price target on shares of General Electric from $223.00 to $230.00 and gave the stock a "buy" rating in a research note on Wednesday, October 23rd. Wells Fargo & Company raised their target price on shares of General Electric from $210.00 to $225.00 and gave the stock an "overweight" rating in a research report on Wednesday. Deutsche Bank Aktiengesellschaft boosted their price target on General Electric from $212.00 to $235.00 and gave the company a "buy" rating in a report on Thursday, October 3rd. Bank of America raised their price objective on General Electric from $180.00 to $200.00 and gave the stock a "buy" rating in a report on Wednesday, October 23rd. Finally, Sanford C. Bernstein upped their target price on General Electric from $201.00 to $225.00 and gave the company an "outperform" rating in a research note on Monday, October 14th. Two analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, General Electric currently has an average rating of "Moderate Buy" and an average price target of $201.93.

Insider Buying and Selling at General Electric

In other news, SVP Russell Stokes sold 15,550 shares of the stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $178.29, for a total transaction of $2,772,409.50. Following the transaction, the senior vice president now owns 148,857 shares of the company's stock, valued at approximately $26,539,714.53. This trade represents a 9.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Riccardo Procacci sold 7,000 shares of the business's stock in a transaction dated 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 completion of the sale, the senior vice president now directly owns 13,289 shares of the company's stock, valued at approximately $2,407,036.57. This represents a 34.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.66% of the stock is currently owned by corporate insiders.

General Electric Trading Up 0.7 %

Shares of General Electric stock traded up $1.18 during trading hours on Friday, hitting $166.01. The company's stock had a trading volume of 4,957,058 shares, compared to its average volume of 6,129,265. General Electric has a 1-year low of $95.92 and a 1-year high of $194.80. The company has a market capitalization of $179.67 billion, a PE ratio of 29.18, a P/E/G ratio of 1.66 and a beta of 1.17. The company has a quick ratio of 0.85, a current ratio of 1.13 and a debt-to-equity ratio of 0.95. The business has a fifty day moving average of $180.30 and a 200 day moving average of $172.44.

General Electric (NYSE:GE - Get Free Report) last issued its earnings results on Tuesday, October 22nd. The conglomerate reported $1.15 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.02. The company had revenue of $9.84 billion during 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% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.82 earnings per share. As a group, equities analysts forecast that General Electric will post 4.24 EPS for the current year.

General Electric Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, January 27th. Stockholders of record on Friday, December 27th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.67%. General Electric's payout ratio is currently 19.68%.

General Electric Company 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.