Bank of New York Mellon Corp Purchases 115,257 Shares of General Electric (NYSE:GE)

Bank of New York Mellon Corp grew its holdings in General Electric (NYSE:GE - Free Report) by 1.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,766,421 shares of the conglomerate's stock after purchasing an additional 115,257 shares during the period. Bank of New York Mellon Corp owned approximately 0.63% of General Electric worth $1,128,571,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Game Plan Financial Advisors LLC boosted its position in General Electric by 10.5% during the 4th quarter. Game Plan Financial Advisors LLC now owns 578 shares of the conglomerate's stock worth $96,000 after acquiring an additional 55 shares during the period. Red Door Wealth Management LLC lifted its position in shares of General Electric by 4.0% in the fourth quarter. Red Door Wealth Management LLC now owns 1,444 shares of the conglomerate's stock worth $241,000 after purchasing an additional 56 shares in the last quarter. Saxon Interests Inc. boosted its holdings in shares of General Electric by 4.2% during the fourth quarter. Saxon Interests Inc. now owns 1,425 shares of the conglomerate's stock worth $238,000 after purchasing an additional 57 shares during the period. Old North State Wealth Management LLC grew its position in General Electric by 3.0% during the fourth quarter. Old North State Wealth Management LLC now owns 1,981 shares of the conglomerate's stock valued at $331,000 after purchasing an additional 58 shares in the last quarter. Finally, Northeast Investment Management increased its stake in General Electric by 2.2% in the 4th quarter. Northeast Investment Management now owns 2,708 shares of the conglomerate's stock valued at $452,000 after buying an additional 59 shares during the period. Institutional investors and hedge funds own 74.77% of the company's stock.

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Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on GE. Redburn Atlantic initiated coverage on shares of General Electric in a research note on Tuesday, February 18th. They set a "buy" rating and a $250.00 target price for the company. Citigroup lifted their price objective on General Electric from $216.00 to $235.00 and gave the company a "buy" rating in a research report on Monday, January 27th. Wells Fargo & Company upped their target price on General Electric from $225.00 to $250.00 and gave the stock an "overweight" rating in a research report on Friday, January 24th. Royal Bank of Canada reissued an "outperform" rating and issued a $200.00 price target on shares of General Electric in a research note on Wednesday, January 22nd. Finally, JPMorgan Chase & Co. raised their price objective on shares of General Electric from $190.00 to $210.00 and gave the company an "overweight" rating in a research report on Friday, January 24th. Three research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $211.31.

General Electric Stock Performance

GE traded up $5.79 during trading on Friday, hitting $207.22. The stock had a trading volume of 6,116,408 shares, compared to its average volume of 5,268,165. The firm has a market cap of $222.40 billion, a PE ratio of 34.59, a P/E/G ratio of 2.59 and a beta of 1.21. The company has a current ratio of 1.09, a quick ratio of 0.81 and a debt-to-equity ratio of 0.88. General Electric has a 12 month low of $124.08 and a 12 month high of $212.19. The company has a 50 day simple moving average of $189.46 and a 200-day simple moving average of $181.72.

General Electric (NYSE:GE - Get Free Report) last posted its quarterly earnings data on Thursday, January 23rd. The conglomerate reported $1.32 EPS for the quarter, topping analysts' consensus estimates of $1.05 by $0.27. General Electric had a return on equity of 22.19% and a net margin of 14.31%. Analysts expect that General Electric will post 5.4 EPS for the current year.

General Electric Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 25th. Stockholders of record on Monday, March 10th will be paid a $0.36 dividend. This is an increase from General Electric's previous quarterly dividend of $0.28. This represents a $1.44 annualized dividend and a dividend yield of 0.69%. General Electric's dividend payout ratio (DPR) is presently 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.