5 Most Profitable Industrial Stocks Now

4. General Electric Company (NYSE:GE)

Number of Hedge Fund Holders: 59

General Electric, in full General Electric Company (NYSE:GE), is an American multinational conglomerate founded in 1892, and incorporated in New York state and headquartered in Boston. One of the largest and most-diversified corporations in the world, its products include electrical and electronic equipment, aircraft engines, and financial services.

Earlier this January, Argus analyst John Eade raised the price target on General Electric Company (NYSE:GE) to $90 from $85 and maintained a Buy rating on the shares. According to the analyst, the company’s restructuring plan under its current CEO to split the conglomerate into three units should lead to better cash flow, higher earnings, and higher multiples. The analyst views the company positively, stating that despite the high inflation, global economic troubles and the pandemic, GE is making progress.

59 of the 943 hedge funds polled by Insider Monkey during Q4 2022 had bought General Electric Company (NYSE:GE)’s shares. General Electric Company (NYSE:GE)’s largest investor is Richard S. Pzena’s Pzena Investment Management which owns 13.2 million shares that are worth $1.1 billion.

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.”