Investors Buy Shares of General Electric Company (GE) on Weakness Following Weak Earnings

Traders purchased shares of General Electric Company (NYSE:GE) on weakness during trading hours on Monday following a weaker than expected earnings announcement. $915.12 million flowed into the stock on the tick-up and $861.97 million flowed out of the stock on the tick-down, for a money net flow of $53.15 million into the stock. Of all companies tracked, General Electric had the 8th highest net in-flow for the day. General Electric traded down ($1.51) for the day and closed at $22.32The conglomerate reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.20). General Electric had a net margin of 6.08% and a return on equity of 13.73%. The firm had revenue of $33.47 billion during the quarter, compared to analysts’ expectations of $32.51 billion. During the same period in the previous year, the business earned $0.32 earnings per share. The business’s revenue for the quarter was up 11.5% on a year-over-year basis.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 25th. Investors of record on Monday, September 18th will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 4.39%. The ex-dividend date of this dividend is Friday, September 15th. General Electric’s payout ratio is currently 120.00%.

A number of equities research analysts have commented on GE shares. Stifel Nicolaus cut General Electric from a “buy” rating to a “hold” rating and lowered their target price for the company from $26.00 to $22.00 in a report on Tuesday. Deutsche Bank AG set a $21.00 target price on General Electric and gave the company a “sell” rating in a report on Monday. Cowen and Company reiterated a “hold” rating and set a $24.00 target price on shares of General Electric in a report on Friday, October 20th. Citigroup Inc. set a $28.00 target price on General Electric and gave the company a “buy” rating in a report on Monday. Finally, Oppenheimer Holdings, Inc. cut General Electric from a “market perform” rating to an “underperform” rating in a report on Tuesday. Five equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $26.28.

In related news, Director James S. Tisch bought 100,000 shares of the firm’s stock in a transaction on Tuesday, August 22nd. The stock was bought at an average cost of $24.56 per share, for a total transaction of $2,456,000.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Elizabeth J. Comstock sold 24,693 shares of General Electric stock in a transaction that occurred on Wednesday, August 9th. The shares were sold at an average price of $25.65, for a total value of $633,375.45. Following the completion of the transaction, the insider now owns 175,717 shares of the company’s stock, valued at $4,507,141.05. The disclosure for this sale can be found here. Insiders own 0.36% of the company’s stock.

A number of hedge funds have recently modified their holdings of GE. Franklin Resources Inc. boosted its stake in General Electric by 43.8% in the second quarter. Franklin Resources Inc. now owns 78,024,403 shares of the conglomerate’s stock valued at $2,107,438,000 after acquiring an additional 23,764,129 shares during the period. BlackRock Inc. boosted its stake in General Electric by 3.9% in the second quarter. BlackRock Inc. now owns 517,315,514 shares of the conglomerate’s stock valued at $13,972,691,000 after acquiring an additional 19,422,516 shares during the period. Capital Research Global Investors boosted its stake in General Electric by 18.6% in the second quarter. Capital Research Global Investors now owns 91,205,460 shares of the conglomerate’s stock valued at $2,463,459,000 after acquiring an additional 14,316,281 shares during the period. Boston Partners boosted its stake in General Electric by 7,892.3% in the second quarter. Boston Partners now owns 14,228,611 shares of the conglomerate’s stock valued at $384,315,000 after acquiring an additional 14,050,581 shares during the period. Finally, Arrowstreet Capital Limited Partnership boosted its stake in General Electric by 1,011.3% in the second quarter. Arrowstreet Capital Limited Partnership now owns 14,632,325 shares of the conglomerate’s stock valued at $395,219,000 after acquiring an additional 13,315,605 shares during the period. Institutional investors own 54.61% of the company’s stock.

The company has a market capitalization of $189.52 billion, a P/E ratio of 26.66 and a beta of 1.19. The company’s 50-day moving average price is $23.97 and its 200 day moving average price is $26.39.

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