General Electric (GE) Sees Large Increase in Short Interest

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General Electric (NYSE:GE) was the target of a significant increase in short interest in the month of March. As of March 29th, there was short interest totalling 136,016,208 shares, an increase of 16.6% from the March 15th total of 116,621,628 shares. Approximately 1.6% of the shares of the company are short sold. Based on an average daily trading volume, of 57,300,024 shares, the short-interest ratio is currently 2.4 days.

In related news, insider Russell Stokes sold 49,904 shares of the stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $9.93, for a total value of $495,546.72. Following the completion of the sale, the insider now owns 265,986 shares in the company, valued at $2,641,240.98. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 1.13% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of GE. FMR LLC increased its holdings in shares of General Electric by 61.4% during the fourth quarter. FMR LLC now owns 301,446,675 shares of the conglomerate’s stock worth $2,281,952,000 after buying an additional 114,680,188 shares in the last quarter. Norges Bank acquired a new stake in shares of General Electric during the fourth quarter worth approximately $555,184,000. Harris Associates L P increased its holdings in shares of General Electric by 35.1% during the fourth quarter. Harris Associates L P now owns 121,783,710 shares of the conglomerate’s stock worth $921,903,000 after buying an additional 31,634,318 shares in the last quarter. Pzena Investment Management LLC increased its holdings in shares of General Electric by 90.0% during the fourth quarter. Pzena Investment Management LLC now owns 63,363,498 shares of the conglomerate’s stock worth $479,662,000 after buying an additional 30,017,912 shares in the last quarter. Finally, Canyon Capital Advisors LLC acquired a new stake in shares of General Electric during the third quarter worth approximately $200,510,000. 57.72% of the stock is owned by institutional investors.

NYSE GE opened at $8.98 on Tuesday. The company has a market cap of $79.19 billion, a PE ratio of 13.82, a PEG ratio of 4.04 and a beta of 0.99. The company has a debt-to-equity ratio of 1.85, a current ratio of 1.81 and a quick ratio of 1.52. General Electric has a 1-year low of $6.66 and a 1-year high of $15.59.

General Electric (NYSE:GE) last posted its quarterly earnings data on Thursday, January 31st. The conglomerate reported $0.17 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.18 by ($0.01). The firm had revenue of $33.28 billion for the quarter, compared to analyst estimates of $32.01 billion. General Electric had a positive return on equity of 9.85% and a negative net margin of 18.38%. Equities analysts predict that General Electric will post 0.53 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 25th. Stockholders of record on Monday, March 11th will be issued a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 0.45%. The ex-dividend date of this dividend is Friday, March 8th. General Electric’s payout ratio is 6.15%.

A number of research analysts have commented on the stock. Zacks Investment Research upgraded shares of General Electric from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. Vertical Research upgraded shares of General Electric from a “hold” rating to a “buy” rating in a research note on Wednesday, December 19th. JPMorgan Chase & Co. restated a “neutral” rating and set a $6.00 price target on shares of General Electric in a research note on Wednesday, March 6th. William Blair restated a “buy” rating on shares of General Electric in a research note on Monday, January 14th. Finally, ValuEngine upgraded shares of General Electric from a “sell” rating to a “hold” rating in a research note on Wednesday, March 20th. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and ten have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $12.39.

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General Electric Company Profile

General Electric Company operates as a high-tech industrial company worldwide. It operates through Power, Renewable Energy, Aviation, Oil & Gas, Healthcare, Transportation, Lighting, and Capital segments. The Power segment offers technologies, solutions, and services related to energy production, including gas and steam turbines, generators, and high voltage equipment; and power generation services.

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