Vetr upgraded shares of General Electric Co. (NYSE:GE) from a hold rating to a buy rating in a research note published on Monday morning. The firm currently has $32.04 target price on the stock.
GE has been the topic of a number of other research reports. Oppenheimer Holdings Inc. restated a market perform rating on shares of General Electric in a research note on Tuesday, June 28th. TheStreet upgraded General Electric from a hold rating to a buy rating in a research note on Friday, July 22nd. Credit Suisse Group AG reiterated a buy rating on shares of General Electric in a research note on Saturday, July 9th. Sanford C. Bernstein reiterated a market perform rating and issued a $34.00 price objective on shares of General Electric in a research note on Tuesday, July 26th. Finally, Standpoint Research assumed coverage on General Electric in a research note on Friday, July 22nd. They issued a sell rating and a $26.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and thirteen have assigned a buy rating to the company. General Electric currently has an average rating of Hold and an average target price of $32.75.
Shares of General Electric (NYSE:GE) opened at 29.53 on Monday. General Electric has a 1-year low of $24.83 and a 1-year high of $33.00. The company has a market cap of $264.63 billion, a price-to-earnings ratio of 24.96 and a beta of 1.11. The firm has a 50-day moving average price of $30.63 and a 200 day moving average price of $30.82.
General Electric (NYSE:GE) last announced its earnings results on Friday, July 22nd. The company reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.05. General Electric had a return on equity of 15.04% and a net margin of 9.14%. The firm had revenue of $33.49 million for the quarter, compared to the consensus estimate of $31.76 billion. During the same quarter in the previous year, the business earned $0.31 EPS. The company’s revenue was up 14.6% compared to the same quarter last year. On average, analysts predict that General Electric will post $1.51 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 25th. Shareholders of record on Monday, September 19th will be given a dividend of $0.23 per share. The ex-dividend date is Thursday, September 15th. This represents a $0.92 annualized dividend and a yield of 3.12%. General Electric’s payout ratio is 77.97%.
In other General Electric news, Chairman Jeffrey R. Immelt purchased 50,000 shares of the business’s stock in a transaction on Tuesday, July 26th. The stock was acquired at an average cost of $31.45 per share, for a total transaction of $1,572,500.00. Following the completion of the transaction, 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 SEC, which is accessible through this link. Company insiders own 0.23% of the company’s stock.
Several hedge funds have recently bought and sold shares of GE. Emerald Acquisition Ltd. purchased a new stake in General Electric during the second quarter worth $217,979,000. Waddell & Reed Financial Inc. raised its stake in General Electric by 107.2% in the second quarter. Waddell & Reed Financial Inc. now owns 7,130,127 shares of the company’s stock worth $224,456,000 after buying an additional 3,688,210 shares in the last quarter. Acadian Asset Management LLC raised its stake in General Electric by 291.0% in the second quarter. Acadian Asset Management LLC now owns 4,872,359 shares of the company’s stock worth $153,380,000 after buying an additional 3,626,125 shares in the last quarter. Vanguard Group Inc. raised its stake in General Electric by 0.6% in the second quarter. Vanguard Group Inc. now owns 575,093,558 shares of the company’s stock worth $18,103,945,000 after buying an additional 3,276,096 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D raised its stake in General Electric by 47.8% in the second quarter. State of New Jersey Common Pension Fund D now owns 9,610,000 shares of the company’s stock worth $302,523,000 after buying an additional 3,110,000 shares in the last quarter. Institutional investors own 55.81% of the company’s stock.
About General Electric
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