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

Bank of New York Mellon Corp lifted its position in General Electric (NYSE:GE) by 1.7% during the 4th quarter, according to its most recent disclosure with the SEC. The fund 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 about 0.63% of General Electric worth $1,128,571,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in GE. Valley Wealth Managers Inc. bought a new position in General Electric during the 3rd quarter valued at approximately $25,000. Hager Investment Management Services LLC bought a new stake in shares of General Electric in the 4th quarter worth approximately $27,000. Peterson Financial Group Inc. purchased a new position in shares of General Electric during the third quarter valued at approximately $28,000. Sugar Maple Asset Management LLC bought a new position in shares of General Electric during the fourth quarter valued at approximately $29,000. Finally, RPg Family Wealth Advisory LLC purchased a new stake in General Electric in the third quarter worth $30,000. 74.77% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have issued reports on GE shares. JPMorgan Chase & Co. boosted 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. Wells Fargo & Company boosted their price target on shares of General Electric from $225.00 to $250.00 and gave the company an “overweight” rating in a research report on Friday, January 24th. Deutsche Bank Aktiengesellschaft lowered 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. Citigroup upped their target price on General Electric from $216.00 to $235.00 and gave the stock a “buy” rating in a report on Monday, January 27th. Finally, Northcoast Research initiated coverage on General Electric in a research report on Tuesday, January 7th. They issued a “neutral” rating for the company. Three research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat.com, General Electric currently has an average rating of “Moderate Buy” and a consensus price target of $211.31.

General Electric Price Performance

Shares of NYSE:GE opened at $198.68 on Tuesday. The business has a fifty day moving average price of $187.23 and a 200-day moving average price of $181.22. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.09 and a quick ratio of 0.81. The company has a market capitalization of $213.24 billion, a PE ratio of 33.17, a PEG ratio of 2.59 and a beta of 1.21. General Electric has a 1-year low of $122.48 and a 1-year high of $212.19.

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

General Electric Increases Dividend

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