General Electric Co. (NYSE:GE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The firm presently has a $33.00 price target on the stock. Zacks Investment Research’s price target would indicate a potential upside of 11.71% from the stock’s current price.
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 strategic acquisitions in 3D printing business will further boost its existing material science and additive manufacturing capabilities as it expects to grow the new additive business to $1 billion by 2020 at attractive returns. The Alstom deal is also likely to be accretive to 2016 earnings by $0.05 per share. 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. Significant order backlog and foreign currency volatility remain other headwinds.”
Other equities research analysts have also recently issued reports about the company. JPMorgan Chase & Co. set a $28.00 price objective on General Electric and gave the company a “sell” rating in a research report on Friday. Morgan Stanley set a $32.00 price objective on General Electric and gave the company a “hold” rating in a research report on Wednesday, August 31st. Vetr raised General Electric from a “hold” rating to a “buy” rating and set a $30.83 price objective on the stock in a research report on Monday, September 19th. Stifel Nicolaus set a $34.00 price objective on General Electric and gave the company a “buy” rating in a research report on Thursday, September 8th. Finally, Goldman Sachs Group Inc. set a $29.00 price objective on General Electric and gave the company a “neutral” rating in a research report on Monday, June 27th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and thirteen have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $32.75.
Shares of General Electric (NYSE:GE) opened at 29.54 on Tuesday. The company has a 50-day moving average of $30.76 and a 200 day moving average of $30.84. General Electric has a 52-week low of $24.26 and a 52-week high of $33.00. The firm has a market cap of $264.71 billion, a P/E ratio of 24.97 and a beta of 1.11.
General Electric (NYSE:GE) last posted its quarterly earnings data on Friday, July 22nd. The company reported $0.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $0.05. The business earned $33.49 million during the quarter, compared to the consensus estimate of $31.76 billion. General Electric had a return on equity of 15.04% and a net margin of 9.14%. The firm’s quarterly revenue was up 14.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.31 earnings per share. On average, equities analysts expect that General Electric will post $1.51 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 25th. Stockholders of record on Monday, September 19th will be issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date is Thursday, September 15th. General Electric’s dividend payout ratio (DPR) is 77.97%.
In related news, Chairman Jeffrey R. Immelt bought 50,000 shares of the company’s stock in a transaction dated Tuesday, July 26th. The stock was purchased at an average price of $31.45 per share, for a total transaction of $1,572,500.00. Following the acquisition, the chairman now owns 2,198,688 shares in the company, valued at $69,148,737.60. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. 0.23% of the stock is owned by insiders.
Several institutional investors have recently made changes to their positions in GE. Chelsea Counsel Co. boosted its position in General Electric by 1.7% in the first quarter. Chelsea Counsel Co. now owns 166,072 shares of the company’s stock worth $5,280,000 after buying an additional 2,700 shares during the last quarter. 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. Nexus Investment Management Inc. boosted its position in General Electric by 0.4% in the second quarter. Nexus Investment Management Inc. now owns 691,285 shares of the company’s stock worth $21,762,000 after buying an additional 2,600 shares during the last quarter. Kistler Tiffany Companies LLC boosted its position in General Electric by 0.6% in the second quarter. Kistler Tiffany Companies LLC now owns 111,883 shares of the company’s stock worth $3,522,000 after buying an additional 672 shares during the last quarter. Finally, First PREMIER Bank boosted its position in General Electric by 2.8% in the second quarter. First PREMIER Bank now owns 74,098 shares of the company’s stock worth $2,332,000 after buying an additional 1,990 shares during the last quarter. Hedge funds and other institutional investors own 55.81% of the company’s stock.
About General Electric
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