Miracle Mile Advisors LLC Purchases 5,957 Shares of General Electric (NYSE:GE)

Miracle Mile Advisors LLC grew its position in General Electric (NYSE:GE) by 207.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 8,827 shares of the conglomerate’s stock after purchasing an additional 5,957 shares during the quarter. Miracle Mile Advisors LLC’s holdings in General Electric were worth $1,472,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the company. State Street Corp boosted its stake in shares of General Electric by 2.1% in the 3rd quarter. State Street Corp now owns 43,322,827 shares of the conglomerate’s stock valued at $8,181,801,000 after purchasing an additional 898,296 shares during the last quarter. Geode Capital Management LLC boosted its stake in General Electric by 0.7% during the third quarter. Geode Capital Management LLC now owns 22,587,961 shares of the conglomerate’s stock worth $4,244,676,000 after acquiring an additional 156,272 shares in the last quarter. Newport Trust Company LLC bought a new position in General Electric during the second quarter worth $2,613,332,000. Legal & General Group Plc boosted its stake in General Electric by 5.8% during the second quarter. Legal & General Group Plc now owns 8,405,731 shares of the conglomerate’s stock worth $1,336,257,000 after acquiring an additional 459,201 shares in the last quarter. Finally, Jennison Associates LLC boosted its stake in General Electric by 91.8% during the third quarter. Jennison Associates LLC now owns 7,771,759 shares of the conglomerate’s stock worth $1,465,598,000 after acquiring an additional 3,719,894 shares in the last quarter. 74.77% of the stock is owned by institutional investors.

General Electric Stock Performance

Shares of GE stock opened at $176.77 on Wednesday. The firm has a 50-day moving average of $174.37 and a 200-day moving average of $173.74. The company has a market cap of $191.32 billion, a P/E ratio of 31.07, a P/E/G ratio of 1.63 and a beta of 1.19. 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 has a one year low of $100.95 and a one year high of $194.80.

General Electric (NYSE:GE) last posted 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. General Electric had a net margin of 11.48% and a return on equity of 18.93%. The business had revenue of $9.84 billion during the quarter, compared to the consensus estimate of $9.02 billion. During the same quarter last year, the company posted $0.82 earnings per share. The firm’s quarterly revenue was up 5.8% compared to the same quarter last year. Equities research analysts forecast that General Electric will post 4.24 EPS for the current fiscal year.

General Electric Dividend Announcement

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 issued a dividend of $0.28 per share. The ex-dividend date is Friday, December 27th. This represents a $1.12 dividend on an annualized basis and a yield of 0.63%. General Electric’s dividend payout ratio (DPR) is presently 19.68%.

Analyst Ratings Changes

Several brokerages recently issued reports on GE. Sanford C. Bernstein increased their target price on shares of General Electric from $201.00 to $225.00 and gave the stock an “outperform” rating in a research note on Monday, October 14th. Citigroup increased their target price on shares of General Electric from $198.00 to $216.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Melius Research increased their target price on shares of General Electric from $194.00 to $202.00 in a research note on Tuesday, October 22nd. Royal Bank of Canada cut their target price on shares of General Electric from $210.00 to $200.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 23rd. Finally, UBS Group raised their price objective on shares of General Electric from $223.00 to $230.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Three analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $201.47.

Insider Buying and Selling

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

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.