Envestnet Asset Management Inc. Buys 131,033 Shares of General Electric (NYSE:GE)

Envestnet Asset Management Inc. boosted its stake in shares of General Electric (NYSE:GE) by 15.7% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 967,639 shares of the conglomerate’s stock after buying an additional 131,033 shares during the period. Envestnet Asset Management Inc.’s holdings in General Electric were worth $153,826,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Studio Investment Management LLC increased its position in General Electric by 97.5% during the 2nd quarter. Studio Investment Management LLC now owns 158 shares of the conglomerate’s stock valued at $25,000 after buying an additional 78 shares in the last quarter. MFA Wealth Advisors LLC bought a new position in General Electric during the 2nd quarter valued at approximately $31,000. Richardson Financial Services Inc. bought a new position in General Electric during the 1st quarter valued at approximately $34,000. Financial Connections Group Inc. bought a new position in General Electric during the 2nd quarter valued at approximately $32,000. Finally, ANTIPODES PARTNERS Ltd bought a new position in General Electric during the 1st quarter valued at approximately $37,000. Institutional investors own 74.77% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on GE. StockNews.com lowered General Electric from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Wells Fargo & Company lifted their target price on General Electric from $192.00 to $205.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Deutsche Bank Aktiengesellschaft lifted their target price on General Electric from $195.00 to $209.00 and gave the stock a “buy” rating in a report on Monday, June 10th. Barclays lifted their target price on General Electric from $175.00 to $200.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Finally, Royal Bank of Canada lifted their target price on General Electric from $175.00 to $190.00 and gave the stock 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 stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $191.14.

General Electric Price Performance

NYSE GE opened at $178.28 on Monday. The company has a market capitalization of $195.15 billion, a PE ratio of 58.45, a price-to-earnings-growth ratio of 1.65 and a beta of 1.18. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.85 and a current ratio of 1.14. The business’s fifty day moving average is $166.57 and its 200 day moving average is $171.10. General Electric has a fifty-two week low of $84.42 and a fifty-two week high of $179.32.

General Electric (NYSE:GE) last released its earnings results on Tuesday, July 23rd. The conglomerate reported $1.20 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.21. The company had revenue of $9.09 billion for the quarter, compared to the consensus estimate of $8.44 billion. General Electric had a return on equity of 16.07% and a net margin of 7.66%. General Electric’s quarterly revenue was up 3.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.68 earnings per share. Sell-side analysts predict that General Electric will post 4.2 earnings per share for the current year.

General Electric Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, July 25th. Investors of record on Thursday, July 11th were given a dividend of $0.28 per share. The ex-dividend date was Thursday, July 11th. This represents a $1.12 annualized dividend and a yield of 0.63%. General Electric’s dividend payout ratio (DPR) is presently 36.72%.

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.