Bank of New York Mellon Corp Raises Stock Holdings in General Electric (NYSE:GE)

Bank of New York Mellon Corp grew its stake in shares of General Electric (NYSE:GE) by 1.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,766,421 shares of the conglomerate’s stock after acquiring an additional 115,257 shares during the quarter. Bank of New York Mellon Corp’s holdings in General Electric were worth $1,128,571,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Hennion & Walsh Asset Management Inc. boosted its holdings in General Electric by 69.7% in the third quarter. Hennion & Walsh Asset Management Inc. now owns 4,357 shares of the conglomerate’s stock worth $822,000 after purchasing an additional 1,790 shares during the last quarter. Assenagon Asset Management S.A. lifted its holdings in shares of General Electric by 0.7% during the 3rd quarter. Assenagon Asset Management S.A. now owns 30,671 shares of the conglomerate’s stock valued at $5,784,000 after buying an additional 209 shares during the period. Arkadios Wealth Advisors boosted its stake in shares of General Electric by 2.4% in the 3rd quarter. Arkadios Wealth Advisors now owns 6,023 shares of the conglomerate’s stock worth $1,136,000 after buying an additional 140 shares during the last quarter. NorthCrest Asset Manangement LLC grew its holdings in shares of General Electric by 65.9% in the third quarter. NorthCrest Asset Manangement LLC now owns 2,089 shares of the conglomerate’s stock worth $394,000 after acquiring an additional 830 shares during the period. Finally, GHP Investment Advisors Inc. grew its holdings in shares of General Electric by 9.3% in the third quarter. GHP Investment Advisors Inc. now owns 1,275 shares of the conglomerate’s stock worth $240,000 after acquiring an additional 108 shares during the period. Hedge funds and other institutional investors own 74.77% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on GE. Bank of America increased their target price on General Electric from $200.00 to $225.00 and gave the company a “buy” rating in a report on Monday, January 27th. Redburn Atlantic started coverage on shares of General Electric in a research note on Tuesday, February 18th. They issued a “buy” rating and a $250.00 price objective on the stock. Northcoast Research assumed coverage on shares of General Electric in a research report on Tuesday, January 7th. They set a “neutral” rating for the company. Wells Fargo & Company increased their price target on shares of General Electric from $225.00 to $250.00 and gave the stock an “overweight” rating in a research report on Friday, January 24th. Finally, UBS Group lifted their price target on shares of General Electric from $215.00 to $235.00 and gave the stock a “buy” rating in a research note on Friday, January 24th. Three equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $211.31.

General Electric Price Performance

Shares of General Electric stock opened at $198.68 on Tuesday. The company has a market capitalization of $213.24 billion, a price-to-earnings ratio of 33.17, a PEG ratio of 2.59 and a beta of 1.21. The company has a quick ratio of 0.81, a current ratio of 1.09 and a debt-to-equity ratio of 0.88. The stock’s 50-day simple moving average is $187.23 and its 200-day simple moving average is $181.22. General Electric has a 52 week low of $122.48 and a 52 week high of $212.19.

General Electric (NYSE:GE) last issued its earnings results on Thursday, January 23rd. The conglomerate reported $1.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.27. General Electric had a return on equity of 22.19% and a net margin of 14.31%. As a group, analysts expect that General Electric will post 5.4 earnings per share for the current fiscal year.

General Electric Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 25th. Stockholders of record on Monday, March 10th will be issued a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 0.72%. This is an increase from General Electric’s previous quarterly dividend of $0.28. General Electric’s payout ratio is 24.04%.

About General Electric

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.