General Electric Co. (GE) Price Target Cut to $31.00 by Analysts at Morgan Stanley
General Electric Co. (NYSE:GE) had its price objective decreased by Morgan Stanley from $32.00 to $31.00 in a research report report published on Thursday morning. Morgan Stanley currently has an equal weight rating on the stock.
Several other research firms have also commented on GE. Vetr raised General Electric from a sell rating to a hold rating and set a $31.67 price target on the stock in a research report on Thursday, July 21st. Standpoint Research assumed coverage on General Electric in a research report on Friday, July 22nd. They set a sell rating and a $26.00 price target on the stock. Zacks Investment Research raised General Electric from a sell rating to a hold rating in a research report on Wednesday, July 13th. Credit Suisse Group AG reaffirmed a buy rating on shares of General Electric in a research report on Saturday, July 9th. Finally, Citigroup Inc. reaffirmed a buy rating and issued a $36.00 target price on shares of General Electric in a research report on Monday, July 25th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and twelve have given a buy rating to the company’s stock. General Electric currently has an average rating of Hold and a consensus price target of $32.81.
Shares of General Electric (NYSE:GE) traded down 0.9221% during trading on Thursday, hitting $29.0001. 20,656,800 shares of the stock were exchanged. The stock has a market cap of $259.88 billion, a PE ratio of 24.5140 and a beta of 1.15. The stock’s 50 day moving average price is $30.38 and its 200 day moving average price is $30.78. General Electric has a one year low of $27.10 and a one year high of $33.00.
General Electric (NYSE:GE) last released its quarterly earnings results on Friday, July 22nd. The company reported $0.51 EPS for the quarter, topping the consensus estimate of $0.46 by $0.05. The firm had revenue of $33.49 million for 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 for the quarter was up 14.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.31 EPS. Equities research analysts predict that General Electric will post $1.50 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 25th. Investors of record on Monday, September 19th will be paid a dividend of $0.23 per share. The ex-dividend date is Thursday, September 15th. This represents a $0.92 annualized dividend and a yield of 3.14%. General Electric’s payout ratio is 77.97%.
In other General Electric news, Chairman Jeffrey R. Immelt bought 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 26th. The stock was purchased at an average price of $31.45 per share, for a total transaction of $1,572,500.00. Following the purchase, the chairman now directly owns 2,198,688 shares in the company, valued at $69,148,737.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.23% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. Chelsea Counsel Co. increased its stake in shares of General Electric by 1.7% in the first quarter. Chelsea Counsel Co. now owns 166,072 shares of the company’s stock valued at $5,280,000 after buying an additional 2,700 shares during the last quarter. Catamount Wealth Management increased its stake in shares of General Electric by 35.3% in the first quarter. Catamount Wealth Management now owns 3,451 shares of the company’s stock valued at $110,000 after buying an additional 901 shares during the last quarter. Nexus Investment Management Inc. increased its stake in shares of General Electric by 0.4% in the second quarter. Nexus Investment Management Inc. now owns 691,285 shares of the company’s stock valued at $21,762,000 after buying an additional 2,600 shares during the last quarter. Kistler Tiffany Companies LLC increased its stake in shares of General Electric by 0.6% in the second quarter. Kistler Tiffany Companies LLC now owns 111,883 shares of the company’s stock valued at $3,522,000 after buying an additional 672 shares during the last quarter. Finally, First PREMIER Bank increased its stake in shares of General Electric by 2.8% in the second quarter. First PREMIER Bank now owns 74,098 shares of the company’s stock valued at $2,332,000 after buying an additional 1,990 shares during the last quarter. Hedge funds and other institutional investors own 55.81% of the company’s stock.
About General Electric
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