Miracle Mile Advisors LLC Has $1.47 Million Position in General Electric (NYSE:GE)

Miracle Mile Advisors LLC lifted its position in shares of General Electric (NYSE:GE) by 207.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,827 shares of the conglomerate’s stock after purchasing an additional 5,957 shares during the period. Miracle Mile Advisors LLC’s holdings in General Electric were worth $1,472,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of GE. Newport Trust Company LLC bought a new stake in shares of General Electric during the 2nd quarter worth about $2,613,332,000. Jennison Associates LLC boosted its holdings in shares of General Electric by 91.8% during the 3rd quarter. Jennison Associates LLC now owns 7,771,759 shares of the conglomerate’s stock worth $1,465,598,000 after buying an additional 3,719,894 shares during the period. Massachusetts Financial Services Co. MA bought a new stake in shares of General Electric during the 2nd quarter worth about $580,200,000. International Assets Investment Management LLC boosted its holdings in shares of General Electric by 21,069.8% during the 3rd quarter. International Assets Investment Management LLC now owns 3,173,142 shares of the conglomerate’s stock worth $598,391,000 after buying an additional 3,158,153 shares during the period. Finally, Wulff Hansen & CO. boosted its holdings in shares of General Electric by 18,693.9% during the 2nd quarter. Wulff Hansen & CO. now owns 1,614,022 shares of the conglomerate’s stock worth $256,581,000 after buying an additional 1,605,434 shares during the period. 74.77% of the stock is currently owned by institutional investors and hedge funds.

General Electric Price Performance

GE stock opened at $176.77 on Wednesday. The company has a 50 day simple moving average of $174.37 and a 200 day simple moving average of $173.74. The stock has a market cap of $191.32 billion, a price-to-earnings ratio of 31.07, a P/E/G ratio of 1.63 and a beta of 1.19. General Electric has a 1 year low of $100.95 and a 1 year high of $194.80. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.13 and a quick ratio of 0.85.

General Electric (NYSE:GE) last released its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.02. The business had revenue of $9.84 billion during the quarter, compared to analysts’ expectations of $9.02 billion. General Electric had a net margin of 11.48% and a return on equity of 18.93%. The firm’s quarterly revenue was up 5.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.82 EPS. Research analysts anticipate that General Electric will post 4.24 EPS for the current fiscal year.

General Electric Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 27th. Investors of record on Friday, December 27th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 0.63%. The ex-dividend date of this dividend is Friday, December 27th. General Electric’s dividend payout ratio is 19.68%.

Insider Buying and Selling

In other General Electric news, SVP Riccardo Procacci sold 7,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $181.13, for a total value of $1,267,910.00. Following the completion of the transaction, the senior vice president now directly owns 13,289 shares in the company, valued at approximately $2,407,036.57. This represents a 34.50 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Russell Stokes sold 15,550 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $178.29, for a total transaction of $2,772,409.50. Following the completion of the transaction, the senior vice president now owns 148,857 shares of the company’s stock, valued at approximately $26,539,714.53. This trade represents a 9.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.66% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts recently commented on GE shares. Citigroup lifted their target price on shares of General Electric from $198.00 to $216.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Deutsche Bank Aktiengesellschaft cut their price objective on shares of General Electric from $235.00 to $228.00 and set a “buy” rating for the company in a report on Thursday, January 2nd. Northcoast Research started coverage on shares of General Electric in a report on Tuesday, January 7th. They issued a “neutral” rating for the company. Melius Research boosted their price objective on shares of General Electric from $194.00 to $202.00 in a report on Tuesday, October 22nd. Finally, UBS Group boosted their price objective on shares of General Electric from $223.00 to $230.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Three equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, General Electric currently has an average rating of “Moderate Buy” and an average target price of $201.47.

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.