General Electric (NYSE:GE) Shares Gap Up Following Better-Than-Expected Earnings

General Electric (NYSE:GE)’s share price gapped up before the market opened on Tuesday following a stronger than expected earnings report. The stock had previously closed at $150.19, but opened at $157.83. General Electric shares last traded at $156.47, with a volume of 3,871,396 shares.

The conglomerate reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.17. The company had revenue of $16.10 billion for the quarter, compared to analyst estimates of $15.25 billion. General Electric had a return on equity of 10.88% and a net margin of 13.95%. General Electric’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.27 EPS.

General Electric Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, April 25th. Investors of record on Monday, April 15th will be given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 0.70%. The ex-dividend date of this dividend is Friday, April 12th. This is an increase from General Electric’s previous quarterly dividend of $0.08. General Electric’s dividend payout ratio (DPR) is 13.38%.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. The Goldman Sachs Group assumed coverage on General Electric in a research report on Tuesday, April 9th. They issued a “buy” rating and a $190.00 price objective for the company. Oppenheimer reaffirmed a “market perform” rating on shares of General Electric in a research note on Tuesday, March 5th. Jefferies Financial Group decreased their target price on General Electric from $195.00 to $180.00 and set a “buy” rating for the company in a research note on Wednesday, April 10th. Vertical Research started coverage on General Electric in a research note on Thursday, April 4th. They issued a “buy” rating and a $160.00 target price for the company. Finally, TD Cowen upgraded General Electric from a “hold” rating to a “buy” rating and boosted their price target for the company from $175.00 to $180.00 in a report on Tuesday, April 9th. Two investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, General Electric presently has an average rating of “Moderate Buy” and a consensus target price of $160.07.

Insider Transactions at General Electric

In other news, SVP Michael J. Holston sold 22,055 shares of the firm’s stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $144.87, for a total transaction of $3,195,107.85. Following the transaction, the senior vice president now directly owns 56,284 shares of the company’s stock, valued at $8,153,863.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other General Electric news, SVP Michael J. Holston sold 13,601 shares of the firm’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $135.55, for a total value of $1,843,615.55. Following the completion of the sale, the senior vice president now directly owns 48,339 shares in the company, valued at $6,552,351.45. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Michael J. Holston sold 22,055 shares of the firm’s stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $144.87, for a total transaction of $3,195,107.85. Following the completion of the sale, the senior vice president now owns 56,284 shares of the company’s stock, valued at $8,153,863.08. The disclosure for this sale can be found here. Insiders own 0.66% of the company’s stock.

Institutional Trading of General Electric

Several institutional investors and hedge funds have recently bought and sold shares of GE. Wesbanco Bank Inc. lifted its holdings in shares of General Electric by 14.0% during the first quarter. Wesbanco Bank Inc. now owns 58,002 shares of the conglomerate’s stock valued at $10,181,000 after purchasing an additional 7,125 shares during the last quarter. Summit Trail Advisors LLC lifted its holdings in shares of General Electric by 29.5% during the first quarter. Summit Trail Advisors LLC now owns 9,486 shares of the conglomerate’s stock valued at $1,665,000 after purchasing an additional 2,162 shares during the last quarter. Petra Financial Advisors Inc. bought a new stake in shares of General Electric during the first quarter valued at approximately $1,009,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA increased its position in shares of General Electric by 2.5% during the first quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 14,004 shares of the conglomerate’s stock valued at $2,458,000 after acquiring an additional 342 shares in the last quarter. Finally, Strategic Blueprint LLC increased its position in shares of General Electric by 17.7% during the first quarter. Strategic Blueprint LLC now owns 2,987 shares of the conglomerate’s stock valued at $524,000 after acquiring an additional 450 shares in the last quarter. 74.77% of the stock is currently owned by hedge funds and other institutional investors.

General Electric Stock Up 5.9 %

The company has a market cap of $173.87 billion, a P/E ratio of 19.01, a P/E/G ratio of 2.92 and a beta of 1.29. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.18 and a quick ratio of 0.85. The company’s 50-day moving average is $159.52 and its two-hundred day moving average is $135.03.

General Electric Company Profile

General Electric Company, doing business as GE Aerospace, designs and produces commercial and defense aircraft engines, integrated engine components, electric power, and mechanical aircraft systems. It also offers aftermarket services to support its products. The company operates in the United States, Europe, China, Asia, the Americas, the Middle East, and Africa.