5 Most Profitable Industrial Stocks Now

1. General Electric Company (NYSE:GE)

Number of Hedge Fund Holders: 76

Latest TTM Net Income: $10.59 billion

Founded in 1892 and headquartered in Boston, General Electric Company (NYSE:GE) is a leading American multinational conglomerate. The company operates in diverse sectors, including aerospace, power, renewable energy, digital industry, additive manufacturing, and venture capital and finance.

On October 24, 2023, General Electric Company (NYSE:GE) released its third-quarter results for the period ending September 30. The company showcased notable growth in top-line, operating profit, and cash, resulting in an upward revision of the 2023 guidance. In addition, its reported total orders amounted to $17.9 billion, reflecting a 19% year-over-year increase, with organic orders experiencing an 18% uptick. Total revenues (GAAP) for the quarter reached $17.3 billion, marking a 20% year-over-year increase, while adjusted revenues stood at $16.5 billion, indicating an 18% organic rise.

In the third quarter, 76 hedge funds had a stake worth nearly $10.35 billion in General Electric Company (NYSE:GE). In the previous quarter, the company was a part of 71 hedge fund portfolios with a combined stake of $10.19 billion. The most prominent stake in Q3 was held by Chris Hohn’s TCI Fund Management with 41.65 million General Electric Company (NYSE:GE) shares worth $4.6 billion.

Here is what Longleaf Partners Fund said about General Electric Company (NYSE:GE) in its Q3 2023 investor letter:

“After a busy first half of the year, we initiated one new position in the quarter in a business we have successfully owned previously and were able to buy again at a discount within a new corporate structure. We opportunistically trimmed and added to several positions throughout the quarter, and we exited General Electric Company (NYSE:GE) and our small position in Hasbro after the share price ran away from us. GE was a multi-year portfolio holding for us that started out rocky but ultimately was a good illustration of owning a “quality” business that was temporarily viewed as “value” (aka, perceived as low quality) before ultimately being weighed properly by the market. CEO Larry Culp was a great partner, creating significant value for shareholders and closing the price-to-value gap. Under his leadership, GE materially improved its operations and is well under way on plans to simplify the business by separating it into three world-class companies. The market has finally caught up with reality versus perception and is pricing GE accordingly. Unfortunately, this means we no longer see a margin of safety for the business but will continue to watch GE and Culp closely and hope to have the opportunity to partner with him again.”

Disclosure: None. You can also take a look at 14 Best Automation Stocks To Buy Now and Hedge Funds Say These Penny Stocks Are Poised to Explode.