Miracle Mile Advisors LLC Has $383,000 Position in General Electric (NYSE:GE)

Miracle Mile Advisors LLC lifted its position in shares of General Electric (NYSE:GE) by 6.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,184 shares of the conglomerate’s stock after purchasing an additional 135 shares during the period. Miracle Mile Advisors LLC’s holdings in General Electric were worth $383,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Teza Capital Management LLC bought a new stake in General Electric in the third quarter valued at approximately $205,000. Ancora Advisors LLC lifted its holdings in General Electric by 5.5% during the 3rd quarter. Ancora Advisors LLC now owns 1,776 shares of the conglomerate’s stock valued at $196,000 after purchasing an additional 92 shares during the last quarter. Truist Financial Corp boosted its position in General Electric by 24.4% during the third quarter. Truist Financial Corp now owns 234,421 shares of the conglomerate’s stock worth $25,915,000 after purchasing an additional 45,939 shares during the period. Axxcess Wealth Management LLC increased its holdings in shares of General Electric by 5.7% in the third quarter. Axxcess Wealth Management LLC now owns 4,634 shares of the conglomerate’s stock valued at $512,000 after purchasing an additional 249 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its position in shares of General Electric by 1.1% in the third quarter. Ameriprise Financial Inc. now owns 3,074,080 shares of the conglomerate’s stock valued at $339,848,000 after purchasing an additional 32,643 shares during the period. 74.77% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have weighed in on GE. Wells Fargo & Company increased their price target on shares of General Electric from $165.00 to $192.00 and gave the company an “overweight” rating in a report on Monday, April 29th. The Goldman Sachs Group boosted their price target on General Electric from $190.00 to $211.00 and gave the company a “buy” rating in a research note on Wednesday, April 24th. Royal Bank of Canada increased their price objective on General Electric from $165.00 to $175.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 24th. Barclays decreased their price target on shares of General Electric from $181.00 to $175.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 3rd. Finally, StockNews.com began coverage on shares of General Electric in a report on Monday, April 29th. They set a “hold” rating on the stock. Two equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $181.93.

General Electric Stock Performance

Shares of General Electric stock opened at $158.98 on Tuesday. The company’s 50 day moving average price is $162.36 and its two-hundred day moving average price is $151.59. The firm has a market capitalization of $174.02 billion, a P/E ratio of 52.12, a P/E/G ratio of 1.69 and a beta of 1.22. General Electric has a fifty-two week low of $84.42 and a fifty-two week high of $170.80. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.17 and a quick ratio of 0.82.

General Electric (NYSE:GE) last issued its quarterly earnings data on Tuesday, April 23rd. The conglomerate reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.17. The business had revenue of $16.10 billion for the quarter, compared to analyst estimates of $15.25 billion. General Electric had a return on equity of 12.54% and a net margin of 5.05%. General Electric’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.27 EPS. On average, equities analysts forecast that General Electric will post 4 earnings per share for the current fiscal year.

General Electric Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 25th. Investors of record on Thursday, July 11th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Thursday, July 11th. This represents a $1.12 dividend on an annualized basis and a yield of 0.70%. General Electric’s dividend payout ratio (DPR) is presently 36.72%.

Insider Buying and Selling

In other General Electric news, SVP Russell Stokes sold 45,309 shares of the company’s stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $162.82, for a total value of $7,377,211.38. Following the completion of the transaction, the senior vice president now directly owns 112,958 shares in the company, valued at approximately $18,391,821.56. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 0.66% of the stock is owned by corporate insiders.

General Electric Company Profile

General Electric Company, doing business as GE Aerospace, designs and produces commercial and defense aircraft engines, integrated engine components, electric power, and mechanical aircraft systems. It also offers aftermarket services to support its products. The company operates in the United States, Europe, China, Asia, the Americas, the Middle East, and Africa.