General Electric Co. (NYSE:GE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Monday.
According to Zacks, “General Electric is actively restructuring its portfolio by divesting most of the GE Capital assets in order to redefine itself as a core industrial entity with digital edge, as exemplified by the acquisition of analytics firm Meridium. The company’s strategic acquisitions in 3D printing business will further boost its long-term revenues as it expects to grow the new additive business to $1 billion by 2020 at attractive returns. The company has a positive earnings history in the trailing four quarters, beating estimates thrice. Earnings estimates have also remained steady in the last week. However, despite prudent steps to limit financial exposure, it is still susceptible to various market risks following the Brexit referendum. The company’s objectives of simplification and productivity improvement pose operational execution risks as well. Significant order backlog and foreign currency volatility remain other headwinds.”
A number of other analysts have also weighed in on the stock. JPMorgan Chase & Co. set a $28.00 price objective on shares of General Electric and gave the stock a “sell” rating in a research report on Friday, September 23rd. Goldman Sachs Group Inc. set a $29.00 target price on shares of General Electric and gave the stock a “neutral” rating in a research report on Monday, June 27th. Vetr raised shares of General Electric from a “sell” rating to a “hold” rating and set a $30.93 target price on the stock in a research report on Thursday, July 7th. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of General Electric in a research report on Monday, June 20th. Finally, William Blair reaffirmed an “outperform” rating and set a $38.00 target price on shares of General Electric in a research report on Wednesday, June 29th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and twelve have assigned a buy rating to the company’s stock. General Electric currently has an average rating of “Hold” and an average target price of $32.65.
General Electric (NYSE:GE) opened at 29.62 on Monday. The company has a 50-day moving average of $30.58 and a 200-day moving average of $30.81. General Electric has a one year low of $26.22 and a one year high of $33.00. The stock has a market capitalization of $265.43 billion, a price-to-earnings ratio of 25.04 and a beta of 1.15.
General Electric (NYSE:GE) last posted its quarterly earnings data on Friday, July 22nd. The company reported $0.51 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.46 by $0.05. General Electric had a net margin of 9.14% and a return on equity of 15.04%. The company had revenue of $33.49 million for the quarter, compared to analyst estimates of $31.76 billion. During the same period in the prior year, the company posted $0.31 EPS. The firm’s revenue for the quarter was up 14.6% on a year-over-year basis. On average, equities analysts forecast that General Electric will post $1.50 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 25th. Investors of record on Monday, September 19th will be issued a dividend of $0.23 per share. The ex-dividend date of this dividend is Thursday, September 15th. This represents a $0.92 annualized dividend and a dividend yield of 3.11%. General Electric’s dividend payout ratio (DPR) is presently 77.97%.
In other General Electric news, Chairman Jeffrey R. Immelt bought 50,000 shares of General Electric stock in a transaction that occurred on Tuesday, July 26th. The stock was purchased at an average price of $31.45 per share, with a total value of $1,572,500.00. Following the completion of the acquisition, the chairman now directly owns 2,198,688 shares in the company, valued at approximately $69,148,737.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.23% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Catamount Wealth Management boosted its position in General Electric by 35.3% in the first quarter. Catamount Wealth Management now owns 3,451 shares of the company’s stock worth $110,000 after buying an additional 901 shares during the last quarter. Cable Hill Partners LLC boosted its position in General Electric by 0.4% in the second quarter. Cable Hill Partners LLC now owns 4,447 shares of the company’s stock worth $141,000 after buying an additional 19 shares during the last quarter. Global X Management Co. LLC boosted its position in General Electric by 58.6% in the second quarter. Global X Management Co. LLC now owns 5,058 shares of the company’s stock worth $159,000 after buying an additional 1,868 shares during the last quarter. James Investment Research Inc. boosted its position in General Electric by 2.6% in the second quarter. James Investment Research Inc. now owns 5,850 shares of the company’s stock worth $184,000 after buying an additional 150 shares during the last quarter. Finally, Balentine LLC boosted its position in General Electric by 62.2% in the second quarter. Balentine LLC now owns 5,936 shares of the company’s stock worth $187,000 after buying an additional 2,277 shares during the last quarter. 55.81% of the stock is owned by hedge funds and other institutional investors.
General Electric Company Profile
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