General Electric Co. (NYSE:GE) has been given an average recommendation of “Hold” by the twenty-three ratings firms that are currently covering the stock. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and thirteen have given a buy rating to the company. The average 1-year price target among brokers that have covered the stock in the last year is $32.45.
GE has been the subject of a number of analyst reports. Vetr upgraded General Electric from a “sell” rating to a “hold” rating and set a $30.93 target price for the company in a report on Thursday, July 7th. Cowen and Company started coverage on General Electric in a report on Tuesday, June 7th. They set a “market perform” rating and a $29.00 price objective for the company. Credit Suisse Group AG reiterated an “outperform” rating and set a $34.00 price objective on shares of General Electric in a report on Monday, June 27th. JPMorgan Chase & Co. reiterated an “underweight” rating and set a $26.00 price objective on shares of General Electric in a report on Thursday, August 11th. Finally, Zacks Investment Research upgraded General Electric from a “sell” rating to a “hold” rating in a report on Wednesday, July 13th.
In related news, Chairman Jeffrey R. Immelt purchased 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 26th. The shares were purchased at an average cost of $31.45 per share, with a total value of $1,572,500.00. Following the purchase, the chairman now owns 2,198,688 shares of the company’s stock, valued at approximately $69,148,737.60. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.23% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GE. Chelsea Counsel Co. raised 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 period. Catamount Wealth Management raised 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 period. Nexus Investment Management Inc. raised 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 period. Kistler Tiffany Companies LLC raised 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 period. Finally, First PREMIER Bank raised 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 period. 55.81% of the stock is currently owned by institutional investors and hedge funds.
General Electric (NYSE:GE) last posted 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. The company earned $33.49 million during the quarter, compared to analyst estimates of $31.76 billion. General Electric had a return on equity of 15.04% and a net margin of 9.14%. General Electric’s revenue was up 14.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.31 earnings per share.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 25th. Investors of record on Monday, September 19th will be paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 3.11%. The ex-dividend date is Thursday, September 15th. General Electric’s dividend payout ratio is presently 77.97%.
About General Electric
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