5 Best Green Stocks To Invest In 2023

2. General Electric Company (NYSE:GE)

Number of Hedge Fund Holders: 71

General Electric Company (NYSE:GE), established in 1892 and registered in the state of New York with headquarters in Boston, is a prominent American multinational conglomerate. The company operates across various divisions, encompassing aerospace, power, renewable energy, digital industry, additive manufacturing, as well as venture capital and finance.

During the second quarter, General Electric Company (NYSE:GE) disclosed a non-GAAP EPS of $0.68 and revenue of $16.7 billion, surpassing predictions by $0.22 and $1.5 billion, respectively. The company enhanced its FY 2023 organic revenue growth projection, shifting it to a low-double-digit range from the initial high-single-digit range. Additionally, the adjusted EPS outlook was raised to $2.10 to $2.30 from the earlier projection of $1.70 to $2.00.

In the second quarter, 71 hedge funds had a stake worth nearly $10.2 billion in General Electric Company (NYSE:GE). In the previous quarter, the company was a part of 59 hedge fund portfolios with a combined stake of $7.6 billion. The most prominent stake in Q2 was held by Chris Hohn’s TCI Fund Management with 41.65 million General Electric Company (NYSE:GE) shares worth $4.575 billion.

Vulcan Value Partners made the following comment about General Electric Company (NYSE:GE) in its Q1 2023 investor letter:

“General Electric Company (NYSE:GE) was a material contributor during the quarter. With the successful spin-off of GE HealthCare in early January, the company operates in two major markets: GE Aerospace and GE Vernova. GE Aerospace powers three out of every four commercial flights. GE Vernova helps generate 30% of the world’s electricity and has a meaningful role to play in the energy transition. The company’s service activities, which are higher margin and more resilient, represent approximately 60% of revenue and 85% of its backlog. The company reported strong fourth quarter 2022 results and management’s 2023 outlook is positive.”