Payden & Rygel Has $21.65 Million Stock Position in General Electric (NYSE:GE)

Payden & Rygel raised its stake in General Electric (NYSE:GE) by 102.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 129,800 shares of the conglomerate’s stock after acquiring an additional 65,600 shares during the quarter. General Electric comprises approximately 1.9% of Payden & Rygel’s investment portfolio, making the stock its 13th biggest holding. Payden & Rygel’s holdings in General Electric were worth $21,649,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Envestnet Asset Management Inc. boosted its holdings in General Electric by 9.7% in the fourth quarter. Envestnet Asset Management Inc. now owns 1,276,696 shares of the conglomerate’s stock valued at $212,940,000 after acquiring an additional 112,849 shares during the last quarter. Perennial Investment Advisors LLC boosted its stake in shares of General Electric by 7.3% in the 4th quarter. Perennial Investment Advisors LLC now owns 4,431 shares of the conglomerate’s stock valued at $739,000 after purchasing an additional 301 shares during the last quarter. Grantham Mayo Van Otterloo & Co. LLC boosted its stake in shares of General Electric by 4.9% in the 4th quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 457,321 shares of the conglomerate’s stock valued at $76,277,000 after purchasing an additional 21,368 shares during the last quarter. KCM Investment Advisors LLC grew its holdings in General Electric by 10.5% during the 4th quarter. KCM Investment Advisors LLC now owns 4,708 shares of the conglomerate’s stock worth $785,000 after acquiring an additional 447 shares during the period. Finally, Resona Asset Management Co. Ltd. bought a new stake in General Electric in the fourth quarter valued at about $54,344,000. 74.77% of the stock is owned by institutional investors.

General Electric Trading Down 11.1 %

Shares of General Electric stock opened at $166.76 on Friday. The stock has a market cap of $178.98 billion, a P/E ratio of 27.84, a P/E/G ratio of 2.59 and a beta of 1.04. The company has a quick ratio of 0.81, a current ratio of 1.09 and a debt-to-equity ratio of 0.88. General Electric has a 12-month low of $146.78 and a 12-month high of $214.21. The business’s 50 day moving average is $201.56 and its 200-day moving average is $187.02.

General Electric (NYSE:GE) last posted its quarterly earnings results on Thursday, January 23rd. The conglomerate reported $1.32 earnings per share (EPS) for the quarter, topping 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%. Equities research analysts predict that General Electric will post 5.4 earnings per share for the current fiscal year.

General Electric Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 25th. Shareholders of record on Monday, March 10th will be paid a $0.36 dividend. This is a positive change from General Electric’s previous quarterly dividend of $0.28. The ex-dividend date is Monday, March 10th. This represents a $1.44 annualized dividend and a yield of 0.86%. General Electric’s dividend payout ratio is currently 24.04%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on GE. Bank of America raised their target price on General Electric from $200.00 to $225.00 and gave the stock a “buy” rating in a report on Monday, January 27th. JPMorgan Chase & Co. lifted their price objective on shares of General Electric from $190.00 to $210.00 and gave the stock an “overweight” rating in a research note on Friday, January 24th. Royal Bank of Canada restated an “outperform” rating and set a $200.00 price objective on shares of General Electric in a report on Wednesday, January 22nd. UBS Group increased their target price on shares of General Electric from $215.00 to $235.00 and gave the stock a “buy” rating in a report on Friday, January 24th. Finally, Northcoast Research initiated coverage on General Electric in a report on Tuesday, January 7th. They set a “neutral” rating on the stock. Two investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $214.73.

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.