Investors bought 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 equities tracked, General Electric had the 13th 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 brokerages have also commented on GE. Vetr upgraded shares of General Electric from a “hold” rating to a “buy” rating and set a $31.34 price target on the stock in a report on Monday, June 13th. Royal Bank Of Canada reiterated an “outperform” rating on shares of General Electric in a report on Monday, June 20th. Zacks Investment Research lowered shares of General Electric from a “hold” rating to a “sell” rating in a report on Wednesday, June 22nd. Goldman Sachs Group Inc. set a $29.00 price target on shares of General Electric and gave the stock a “neutral” rating in a report on Monday, June 27th. Finally, Credit Suisse Group AG reiterated an “outperform” rating and set a $34.00 price target on shares of General Electric in a report on Monday, June 27th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and twelve have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $32.76.
In other General Electric news, Chairman Jeffrey R. Immelt bought 50,000 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the chairman now directly owns 2,198,688 shares in the company, valued at approximately $69,148,737.60. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.23% of the company’s stock.
Several large investors have recently bought and sold shares of the company. Rockefeller Financial Services Inc. increased its stake in shares of General Electric by 7.0% in the second quarter. Rockefeller Financial Services Inc. now owns 318,258 shares of the company’s stock worth $10,019,000 after buying an additional 20,893 shares during the last quarter. Appleton Partners Inc. MA increased its stake in shares of General Electric by 3.1% in the second quarter. Appleton Partners Inc. MA now owns 265,352 shares of the company’s stock worth $8,353,000 after buying an additional 7,908 shares during the last quarter. Charter Trust Co. increased its stake in shares of General Electric by 1.5% in the second quarter. Charter Trust Co. now owns 1,235,479 shares of the company’s stock worth $38,893,000 after buying an additional 18,811 shares during the last quarter. GWM Advisors LLC increased its stake in shares of General Electric by 506.3% in the second quarter. GWM Advisors LLC now owns 50,829 shares of the company’s stock worth $1,595,000 after buying an additional 42,445 shares during the last quarter. Finally, Abner Herrman & Brock LLC increased its stake in shares of General Electric by 9.0% in the second quarter. Abner Herrman & Brock LLC now owns 354,721 shares of the company’s stock worth $11,426,000 after buying an additional 29,308 shares during the last quarter. 55.81% of the stock is owned by institutional investors.
The stock has a market capitalization of $258.62 billion, a price-to-earnings ratio of 24.40 and a beta of 1.15. The stock has a 50 day moving average price of $30.31 and a 200 day moving average price of $30.77.
General Electric (NYSE:GE) last announced its quarterly earnings results 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 had revenue of $33.49 million for the quarter, compared to analyst estimates of $31.76 billion. General Electric had a net margin of 9.14% and a return on equity of 15.04%. The company’s revenue was up 14.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.31 EPS. On average, analysts predict that General Electric Co. will post $1.50 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 25th. Shareholders 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 yield of 3.19%. The ex-dividend date of this dividend is Thursday, September 15th. General Electric’s dividend payout ratio (DPR) is presently 77.97%.
General Electric Company Profile
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