5 Best Alternative Fuel Stocks To Buy Right Now

3. General Electric Company (NYSE:GE)

Number of Hedge Fund Holders: 59

General Electric Company (NYSE:GE) is an American conglomerate headquartered in Boston, Massachusetts. It is one of the smartest companies to buy according to hedge funds. Through its subsidiary, GE Renewable Energy, the company focuses on renewable energy production through wind, hydroelectric, and solar power. Moreover, General Electric Company (NYSE:GE) is the largest wind turbine manufacturer in the world.

On March 17, it was revealed that General Electric Company (NYSE:GE) is planning to install one of the world’s most powerful wind turbines in Japan. The company increased the power output of the turbine by 30% compared to its previous model and it is expected to serve around 24,000 households in the country.

On March 10, BofA maintained a Buy rating on General Electric Company (NYSE:GE)’s shares with a $105 price target, up from $96. The firm noted that the price target was raised due to the company’s 2025 operating profit guidance provided on its latest Investor Day.

Vulcan Value Partners made the following comment about General Electric Company (NYSE:GE) in its Q4 2022 investor letter:

“General Electric Company (NYSE:GE) recently spun off its health care businesses, General Electric HealthCare Technologies, which has leading market share positions in medical imaging products including MRI devices and CT scanners. General Electric’s remaining businesses include Aerospace and its Power and Renewables business. Aerospace is performing well and comprises the bulk of General Electric’s value in our opinion. We believe that the spin-off of General Electric HealthCare Technologies has highlighted the value of General Electric’s remaining business units. General Electric intends to spin out its Power and Renewables business unit early in 2024.”