1. General Electric Company (NYSE:GE)
Number of Hedge Fund Holders: 57
General Electric Company (NYSE:GE) operates as a high-tech industrial company across the globe. The company’s four business segments include Power, Renewable Energy, Aviation, and Healthcare. The renewable energy sector provides industry-leading solutions for customers by combining onshore and offshore wind turbines, blade manufacturing, grid solutions, hydro, storage, and hybrid renewables. The company’s renewable energy business is one of the world’s top wind turbine suppliers and boasts installation of over 49,000 units that are generating wind electricity across the globe, and makes General Electric Company (NYSE:GE) the best wind power and solar stock to buy.
This April, Deutsche Bank analyst Nicole DeBlase slashed her price target on General Electric Company (NYSE:GE) to $107 from $118 to reflect supply-chain pressures impacting the company’s renewables and healthcare segments, but maintained a Buy rating on the shares. Regardless, DeBlase sees General Electric Company (NYSE:GE) as capable of achieving the low end of its earnings guidance in 2022.
On April 26, General Electric Company (NYSE:GE) released an earnings report for the fiscal first quarter of 2022. The company reported earnings per share of $0.24 and beat EPS estimates by $0.04. The company’s quarterly revenues totaled $17.04 billion, of which $2.9 billion were attributed to the renewable energy segment, and outperformed market consensus by $122.94 million.
General Electric Company (NYSE:GE) is a top stock pick among investor circles. Insider Monkey found 57 hedge funds bullish on General Electric Company (NYSE:GE) at the end of Q4 2021. The collective stakes of these funds came in at $6.26 billion, up from $6.24 billion in the prior quarter with 53 positions.
As of March 31, 2022, Pzena Investment Management owns an astounding 11.05 million shares of General Electric Company (NYSE:GE) which equates to a stake value of $1.01 billion. Pzena Investment Management is the top shareholder in the company.
Here is what Vulcan Value Partners had to say about General Electric Company (NYSE:GE) in its third-quarter 2021 investor letter:
“During the quarter, we sold our positions in General Electric Co. General Electric is a company we followed for a long time. In the past, we removed GE from the MVP list due to management’s poor capital allocation decisions which resulted in value instability. Larry Culp, the former CEO of Danaher, became CEO of General Electric in 2018. The company implemented a vast restructuring program to simplify the industrial side of its business, sold off non-core assets, paid down debt with the proceeds, and drastically shrunk GE Capital. These restructuring activities allowed its world-class jet engine and healthcare businesses to shine through, and improved value stability. As a result, we added the company back to the MVP list. While the pandemic negatively impacted General Electric’s aviation business in the short run, it also gave us the opportunity to buy General Electric in the second quarter of 2020 with a substantial margin of safety. GE is a good example of a competitively entrenched, yet slower growing MVP business. As its stock price rose rapidly over the last year, its value growth did not keep up, and the price to value gap closed quickly. As our margin of safety diminished, we sold our position in GE and allocated to more discounted companies.”
You can also take a look at 10 Energy Dividend Stocks with Over 2% Yield and 10 Best Renewable Energy Stocks to Buy Now.
