5 Best Green Energy Stocks to Buy

2. General Electric Company (NYSE:GE)

Number of Hedge Fund Holders: 53     

General Electric Company (NYSE:GE) operates as a high-tech industrial company in Europe, China, Asia, the Americas, the Middle East, and Africa. It operates through four segments: Power, Renewable Energy, Aviation, and Healthcare segments. On November 30, General Electric Company said that its board of directors approved a spin-off of its healthcare business, GE Healthcare Holding. GE Healthcare is expected to begin trading on Nasdaq on Jan. 4, 2023. The healthcare unit is expected to be converted into a corporation and renamed GE HealthCare Technologies before the spin-off.

On December 5, Deutsche Bank analyst Nicole Deblase maintained a Buy rating on General Electric Company (NYSE:GE) stock and raised the price target to $94 from $89, noting that the supply chain is only just beginning to heal, backlogs are extended, and order growth generally remains quite healthy.

Among the hedge funds being tracked by Insider Monkey, New York-based investment firm Pzena Investment Group is a leading shareholder in General Electric Company (NYSE:GE) with 13.8 million shares worth more than $852 million.  

In its Q2 2022 investor letter, Longleaf Partners, an asset management firm, highlighted a few stocks and General Electric Company (NYSE:GE) was one of them. Here is what the fund said:

“General Electric Company (NYSE:GE) – Aviation, Healthcare and Power conglomerate GE was punished in the quarter amid top-down economic fears for this collection of seemingly cyclical businesses. However, the market is not giving the company credit for the material improvements CEO Larry Culp has made in his tenure. The balance sheet today is stronger than it has been in a very long time, and each of the three primary business segments each has strong paths to increasing earnings, regardless of the economic environment. Healthcare has historically not been a cyclical business. While Aviation typically has some economic sensitivity, the business still has a strong COVID rebound tailwind that should continue even in an uncertain environment. Power is a less cyclical business, and GE maintains a steady business servicing approximately one-third of the world’s electricity. GE is another example of strong insider buying indicating management’s confidence in the business, while the company also began buying back discounted shares. GE is still on track to break the company into three separate businesses, and we believe this will help the market properly weigh the value of each core segment.”