General Electric (NYSE:GE) Shares Purchased by Miracle Mile Advisors LLC

Miracle Mile Advisors LLC boosted its position in shares of General Electric (NYSE:GE) by 20.1% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,870 shares of the conglomerate’s stock after purchasing an additional 481 shares during the period. Miracle Mile Advisors LLC’s holdings in General Electric were worth $541,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of GE. Mackenzie Financial Corp increased its position in shares of General Electric by 10.5% during the 2nd quarter. Mackenzie Financial Corp now owns 603,988 shares of the conglomerate’s stock worth $96,016,000 after purchasing an additional 57,372 shares during the last quarter. Marietta Investment Partners LLC acquired a new stake in shares of General Electric during the second quarter valued at about $1,569,000. Vanguard Group Inc. raised its stake in shares of General Electric by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 88,444,222 shares of the conglomerate’s stock valued at $11,288,136,000 after acquiring an additional 550,996 shares during the period. GAMMA Investing LLC lifted its holdings in shares of General Electric by 25.4% in the 2nd quarter. GAMMA Investing LLC now owns 16,999 shares of the conglomerate’s stock worth $2,702,000 after acquiring an additional 3,442 shares during the last quarter. Finally, Senator Investment Group LP purchased a new position in shares of General Electric during the 2nd quarter worth approximately $34,973,000. 74.77% of the stock is currently owned by institutional investors and hedge funds.

General Electric Stock Performance

Shares of GE stock opened at $187.47 on Wednesday. The company has a market cap of $205.21 billion, a P/E ratio of 61.47, a PEG ratio of 1.87 and a beta of 1.18. The firm has a fifty day moving average price of $173.84 and a 200 day moving average price of $166.13. The company has a current ratio of 1.14, a quick ratio of 0.85 and a debt-to-equity ratio of 0.95. General Electric has a 12 month low of $84.42 and a 12 month high of $190.88.

General Electric (NYSE:GE) last released its quarterly earnings data on Tuesday, July 23rd. The conglomerate reported $1.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.99 by $0.21. General Electric had a return on equity of 16.07% and a net margin of 7.66%. The business had revenue of $9.09 billion during the quarter, compared to analysts’ expectations of $8.44 billion. During the same period in the prior year, the firm posted $0.68 EPS. The business’s quarterly revenue was up 3.9% compared to the same quarter last year. Sell-side analysts predict that General Electric will post 4.2 earnings per share for the current fiscal year.

General Electric Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Thursday, September 26th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.60%. The ex-dividend date of this dividend is Thursday, September 26th. General Electric’s dividend payout ratio (DPR) is 36.72%.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Wells Fargo & Company boosted their target price on General Electric from $192.00 to $205.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. UBS Group raised their target price on General Electric from $201.00 to $209.00 and gave the company a “buy” rating in a report on Monday, July 1st. Royal Bank of Canada boosted their price target on shares of General Electric from $175.00 to $190.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of General Electric from $212.00 to $235.00 and gave the company a “buy” rating in a research note on Thursday, October 3rd. Finally, StockNews.com downgraded shares of General Electric from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Two investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, General Electric presently has a consensus rating of “Moderate Buy” and a consensus price target of $193.00.

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.