In a surprising move, Peregrine Asset Advisers Inc. recently purchased a significant number of shares in General Electric (NYSE:GE), further solidifying its position as a major player in the conglomerate’s investment portfolio. According to the Securities & Exchange Commission filing made by the asset advisers, they acquired 42,044 shares of General Electric stock during the first quarter of this year. This notable acquisition was valued at approximately $4,019,000 and accounts for 3.9% of Peregrine Asset Advisers Inc.’s overall investment holdings. Impressively, this makes General Electric the firm’s tenth largest position.
The positive news does not stop there for General Electric. On August 14, 2023, the company released its highly anticipated quarterly earnings results from the second quarter. The conglomerate reported an impressive $0.68 in earnings per share (EPS), surpassing analysts’ initial expectations of $0.46 by a substantial margin of $0.22 per share. Moreover, General Electric also exceeded revenue estimates, recording $15.85 billion for the quarter compared to analysts’ projections of $14.76 billion.
General Electric impressively achieved both financial milestones while maintaining a net margin of 13.32% and a return on equity of 9.30%. Furthermore, its revenue demonstrated remarkable growth at 18.6% higher than that of the same quarter last year when compared on a year-on-year basis. Comparatively speaking, during the corresponding period in the previous fiscal year, General Electric reported EPS of $0.78.
These positive developments undoubtedly contributed to increased interest from equities analysts who are closely monitoring General Electric’s progress and future prospects as an investment option. Several research experts have weighed in on the matter already with their own assessments and predictions for General Electric’s performance.
One such analyst is JPMorgan Chase & Co., which upped its price target on General Electric’s shares from $100.00 to $102.00, signifying a more “neutral” rating for the stock. Similarly, The Goldman Sachs Group also revised its target price range from $121.00 to $133.00 while giving the stock a highly sought-after “buy” rating.
Meanwhile, StockNews.com entered the fray by initiating coverage on General Electric, assigning it a “buy” rating based on their research findings. Jefferies Financial Group echoed this sentiment but went even further in its optimistic analysis by lifting its target price from $120.00 to an impressive $130.00 per share.
Barclays, renowned for its astute market analysis, granted General Electric an “overweight” rating and adjusted their target price barrier to $131.00 per share. With these recent ratings in tow, it is evident that there is growing confidence among financial experts regarding General Electric’s future performance.
Although three analysts have maintained a “hold” rating on General Electric’s stock, there is strong consensus among industry professionals that the conglomerate offers great potential and should be considered for investment opportunities.
To corroborate these assertions further, Bloomberg.com indicates that the average rating given to General Electric stock is currently labeled as a “Moderate Buy.” Consequently, the average target price assigned to General Electric shares by analysts stands at an impressive $118.67.
As we move forward into the latter half of 2023, it has become increasingly clear that General Electric has garnered significant attention from both institutional investors like Peregrine Asset Advisers Inc., as well as equities analysts who provide valuable insights into prospective investments for their clients. The company’s robust quarterly earnings report has undeniably cemented its position as an attractive prospect within the realm of corporate investments and leaves no doubts about its potential for continued success throughout this fiscal year and beyond.
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Hedge Funds Engage in Robust Activity as SVP Michael J. Holston Makes Significant Stock Transactions at General Electric
General Electric Experiences Robust Hedge Fund Activity while SVP Michael J. Holston Engages in Significant Stock Transactions
August 14, 2023 – In recent developments, General Electric (GE) has witnessed a flurry of activity from hedge funds, resulting in notable stock transactions. Additionally, Senior Vice President Michael J. Holston has engaged in significant selling activities, shedding thousands of shares for substantial amounts. These events indicate the dynamism within GE and exemplify the involvement of institutional investors shaping the company’s future.
Hedge Funds Seize Opportunities with General Electric:
TFO TDC LLC, Global Wealth Management Investment Advisory Inc., Syverson Strege & Co, Ridgewood Investments LLC, and Silicon Valley Capital Partners have all recently bought and sold shares of General Electric. TFO TDC LLC acquired a new position in GE’s shares during the fourth quarter valued at approximately $31,000. Meanwhile, Global Wealth Management Investment Advisory Inc. experienced an astounding increase of 808.1% in their stake during the first quarter when they obtained an additional 299 shares worth $31,000. Syverson Strege & Co also raised its stake by 53.6% during Q1 by acquiring an extra 118 shares worth $32,000. Furthermore, Ridgewood Investments LLC purchased a new position worth approximately $34,000 during the same period. Finally, Silicon Valley Capital Partners also entered the fray with a new position valued at around $31,000 during Q4 of last year. In total, institutional investors currently own 74.75% of GE’s stock.
Michael J. Holston’s Stock Transactions:
Senior Vice President Michael J. Holston exercised considerable influence on GE’s stock market performance through various transactions over past months. On Monday, May 22nd alone, he sold 58,292 shares at an average price of $104.68, resulting in a total transaction value of $6,102,006.56. Following this sale, Holston possessed 70,537 shares worth approximately $7,383,813.16. Furthermore, he conducted another large-scale stock sale on Thursday, July 27th, disposing of 112,614 shares at an average price of $115.20. This second transaction generated a total value of $12,973,132.80 and left Holston with 57,923 shares valued at approximately $6,672,729.60.
Stock Performance and Analysis:
General Electric’s stock has experienced bullish activity recently as it reached $114.60 per share during mid-day trading on August 14th. The trading volume stood at 3,562,235 shares compared to the average volume of 5,209,359 shares. Over the past year (from August 2022 to August 2023), GE’s stock has demonstrated a remarkable ascent from a low of $48.06 to a high of $117.96. Currently holding a market cap of $124.73 billion and exhibiting a P/E ratio of 13.59 along with a P/E/G ratio of 7.02 and beta coefficient of 1.28; General Electric demonstrates stable financials favorable for investors.
Conclusion:
The recent hedge fund activities in General Electric have signaled renewed interest among institutional investors while SVP Michael J Holston’s stock transactions have added an element of complexity to the company’s operations and sparked curiosity within its investor community. Moreover, GE’s solid performance in the stock market further augurs well for future growth prospects that could provide handsome returns to investors who choose to embark on this journey with one of America’s leading conglomerates.
