CEO Immelt Buys $2M More in General Electric Stock (GE)

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Jeff Immelt, CEO of General Electric Co. (NYSE: GE), has gone active again in buying up shares of company stock.  In an SEC Filing, it shows that Jeff Immelt bought roughly 62,000 shares of GE stock at prices averaging $32.74 to $33.00 in transactions dated today, March 11, and these appear to be purchases on the open market.

This now takes Immelt’s direct ownership of shares up to 1,425,811.  He also holds 21,459 indirect shares listed in his 401K plan.  His purchases today came to about $2 million worth of shareholder buys.  Shares are currently at $33.25 in late afternoon trading.  His value now at today’s prices would be roughly $47.4 million.

He just came out noting that NBC is going to remain part of the conglomerate.

Whether you agree with CEO’s decisions or not, when they plunk down $2 million here and there to buy their stock it starts to look like they have strong convictions. 

Jon C. Ogg
March 11, 2008