Investors purchased shares of General Electric Co. (NYSE:GE) on weakness during trading hours on Monday after Citigroup lowered their price target on the stock from $36.00 to $35.00. $170.22 million flowed into the stock on the tick-up and $123.20 million flowed out of the stock on the tick-down, for a money net flow of $47.02 million into the stock. Of all companies tracked, General Electric had the 18th highest net in-flow for the day. General Electric traded down ($0.19) for the day and closed at $29.08
A number of other equities research analysts also recently issued reports on GE. Vetr raised shares of General Electric from a “sell” rating to a “hold” rating and set a $30.93 price target on the stock in a research report on Thursday, July 7th. Credit Suisse Group AG reaffirmed an “outperform” rating and set a $34.00 price target on shares of General Electric in a research report on Monday, June 27th. JPMorgan Chase & Co. reaffirmed an “underweight” rating and set a $26.00 price target on shares of General Electric in a research report on Thursday, August 11th. Bank of America Corp. reaffirmed a “buy” rating and set a $37.00 price target on shares of General Electric in a research report on Thursday, October 6th. Finally, Zacks Investment Research raised shares of General Electric from a “sell” rating to a “hold” rating in a research report on Wednesday, July 13th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. General Electric currently has a consensus rating of “Buy” and an average price target of $32.93.
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 bought at an average cost of $31.45 per share, with a total value of $1,572,500.00. Following the acquisition, the chairman now owns 2,198,688 shares of the company’s stock, valued at $69,148,737.60. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.23% of the stock is currently owned by company insiders.
A number of hedge funds have recently bought and sold shares of GE. Chelsea Counsel Co. raised its stake 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 in the last quarter. Catamount Wealth Management raised its stake 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 in the last quarter. Nexus Investment Management Inc. raised its stake 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 in the last quarter. Kistler Tiffany Companies LLC raised its stake 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 in the last quarter. Finally, First PREMIER Bank raised its stake 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 in the last quarter. 55.81% of the stock is owned by institutional investors.
The stock has a market capitalization of $259.16 billion, a P/E ratio of 24.45 and a beta of 1.15. The company’s 50 day moving average price is $30.18 and its 200-day moving average price is $30.73.
General Electric (NYSE:GE) last released its quarterly earnings data on Friday, July 22nd. The company reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate 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 earned $33.49 million during the quarter, compared to analyst estimates of $31.76 billion. During the same period in the prior year, the company posted $0.31 earnings per share. The business’s revenue for the quarter was up 14.6% compared to the same quarter last year. On average, equities research analysts predict that General Electric Co. 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. Stockholders of record on Monday, September 19th will be paid a $0.23 dividend. The ex-dividend date of this dividend is Thursday, September 15th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.18%. General Electric’s dividend payout ratio (DPR) is presently 77.97%.
General Electric Company Profile
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