WASHINGTON, Oct 22 (Reuters) - The chairman and chief executive of General Electric Co (GE.N) boosted his stake in the company’s common stock by 8.4 percent on Monday, buying about $3.3 million in shares on the open market.
Jeff Immelt bought the 83,000 shares at prices ranging from $40.03 to $40.13, increasing his direct holdings to 1.07 million shares, according to a filing with the U.S. Securities and Exchange Commission.
Immelt has regularly purchased shares in the industrial conglomerate for three years, but the latest transactions included a much larger chunk of stock than his regular pattern, according to an analyst report at InsiderScore.com.
The report noted the price of the stock is the highest he has paid over the past three years while also noting the stock has been trading near a multiyear high. Also, the report said the number of shares Immelt bought on Monday was the most he has ever acquired in one quarter.
GE shares have gained about 8 percent in 2007 after lagging the U.S. market for much of the past few years.
Immelt, who has held his posts at GE since 2001, has been a consistent buyer of GE stock since early 2005 and has bought stock on the open market during 11 of the 12 subsequent quarters, the report said.
It also noted that Immelt is required by company guidelines to own at least six times his annual base salary, which equals a $19.8 million requirement.
Assuming a stock price of $40.08, the midpoint of the price of the shares Immelt bought on Monday, he directly owns about $42.95 million in GE common stock.
Reporting by Karey Wutkowski