Melfa Wealth Management Inc. Has $2.22 Million Stock Holdings in General Electric (NYSE:GE)

Melfa Wealth Management Inc. trimmed its position in General Electric (NYSE:GE) by 0.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 11,747 shares of the conglomerate’s stock after selling 100 shares during the quarter. General Electric comprises approximately 1.5% of Melfa Wealth Management Inc.’s holdings, making the stock its 16th largest position. Melfa Wealth Management Inc.’s holdings in General Electric were worth $2,215,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Mackenzie Financial Corp raised its stake in General Electric by 10.5% during the second quarter. Mackenzie Financial Corp now owns 603,988 shares of the conglomerate’s stock worth $96,016,000 after acquiring an additional 57,372 shares in the last quarter. Marietta Investment Partners LLC bought a new position in shares of General Electric in the second quarter valued at about $1,569,000. GAMMA Investing LLC grew its holdings in General Electric by 25.4% during 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. Senator Investment Group LP acquired a new stake in General Electric in the 2nd quarter valued at about $34,973,000. Finally, Blair William & Co. IL raised its stake in shares of General Electric by 4.4% in the second quarter. Blair William & Co. IL now owns 181,971 shares of the conglomerate’s stock worth $28,928,000 after acquiring an additional 7,670 shares during the last quarter. 74.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently commented on GE. Wells Fargo & Company increased their price target on shares of General Electric from $192.00 to $205.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Barclays increased their target price on General Electric from $175.00 to $200.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. Jefferies Financial Group upped their price target on shares of General Electric from $185.00 to $190.00 and gave the company a “buy” rating in a report on Friday, June 28th. Sanford C. Bernstein increased their target price on General Electric from $201.00 to $225.00 and gave the stock an “outperform” rating in a report on Monday. Finally, Royal Bank of Canada boosted their price target on General Electric from $175.00 to $190.00 and gave the company an “outperform” rating in a report on Wednesday, July 24th. Two research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $196.86.

General Electric Price Performance

GE stock traded up $0.66 during mid-day trading on Thursday, hitting $192.84. The stock had a trading volume of 947,556 shares, compared to its average volume of 6,341,698. The firm has a fifty day simple moving average of $177.46 and a 200 day simple moving average of $166.91. The firm has a market capitalization of $211.08 billion, a P/E ratio of 63.32, a P/E/G ratio of 1.86 and a beta of 1.18. 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 52 week low of $84.42 and a 52 week high of $194.80.

General Electric (NYSE:GE) last announced its quarterly earnings data on Tuesday, July 23rd. The conglomerate reported $1.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.99 by $0.21. General Electric had a net margin of 7.66% and a return on equity of 16.07%. The business had revenue of $9.09 billion for the quarter, compared to analysts’ expectations of $8.44 billion. During the same period last year, the firm posted $0.68 earnings per share. The firm’s quarterly revenue was up 3.9% compared to the same quarter last year. As a group, research analysts forecast that General Electric will post 4.2 EPS for the current year.

General Electric Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Thursday, September 26th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Thursday, September 26th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.58%. General Electric’s payout ratio is currently 36.72%.

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.