Investors Buy Shares of General Electric Co. (GE) on Weakness Following Analyst Downgrade
Investors purchased shares of General Electric Co. (NYSE:GE) on weakness during trading on Friday after Morgan Stanley lowered their price target on the stock from $32.00 to $31.00. $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 12th highest net in-flow for the day. General Electric traded down ($0.19) for the day and closed at $29.08
Several other analysts have also recently weighed in on the company. Zacks Investment Research lowered General Electric from a “buy” rating to a “hold” rating in a research report on Monday. Goldman Sachs Group Inc. set a $28.00 price objective on General Electric and gave the company a “neutral” rating in a research report on Friday, September 30th. Vetr upgraded General Electric from a “hold” rating to a “buy” rating and set a $32.04 price objective for the company in a research report on Monday, September 26th. JPMorgan Chase & Co. set a $28.00 price objective on General Electric and gave the company a “sell” rating in a research report on Friday, September 23rd. Finally, William Blair set a $38.00 price objective on General Electric and gave the company a “buy” rating in a research report on Thursday, September 8th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and twelve have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $32.81.
In other General Electric news, Chairman Jeffrey R. Immelt acquired 50,000 shares of General Electric stock in a transaction that occurred on Tuesday, July 26th. The shares were acquired at an average cost of $31.45 per share, with a total value of $1,572,500.00. Following the completion of the purchase, the chairman now directly owns 2,198,688 shares of the company’s stock, valued at approximately $69,148,737.60. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.23% of the stock is owned by corporate insiders.
Several institutional investors have recently modified their holdings of GE. Catamount Wealth Management boosted its stake in 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 in the last quarter. Cable Hill Partners LLC boosted its stake in General Electric by 0.4% in the second quarter. Cable Hill Partners LLC now owns 4,447 shares of the company’s stock valued at $141,000 after buying an additional 19 shares in the last quarter. Global X Management Co. LLC boosted its stake in General Electric by 58.6% in the second quarter. Global X Management Co. LLC now owns 5,058 shares of the company’s stock valued at $159,000 after buying an additional 1,868 shares in the last quarter. James Investment Research Inc. boosted its stake in General Electric by 2.6% in the second quarter. James Investment Research Inc. now owns 5,850 shares of the company’s stock valued at $184,000 after buying an additional 150 shares in the last quarter. Finally, Balentine LLC boosted its stake in General Electric by 62.2% in the second quarter. Balentine LLC now owns 5,936 shares of the company’s stock valued at $187,000 after buying an additional 2,277 shares in the last quarter. Institutional investors own 55.81% of the company’s stock.
The stock’s 50-day moving average is $30.31 and its 200 day moving average is $30.77. The company has a market cap of $260.59 billion, a P/E ratio of 24.58 and a beta of 1.15.
General Electric (NYSE:GE) last posted its quarterly earnings results on Friday, July 22nd. The company reported $0.51 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.46 by $0.05. General Electric had a net margin of 9.14% and a return on equity of 15.04%. The firm earned $33.49 million during the quarter, compared to the consensus estimate of $31.76 billion. During the same quarter in the previous year, the firm posted $0.31 earnings per share. The company’s revenue was up 14.6% on a year-over-year basis. Equities analysts forecast that General Electric Co. will post $1.50 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 25th. Stockholders of record on Monday, September 19th will be given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.16%. The ex-dividend date is Thursday, September 15th. General Electric’s payout ratio is presently 77.97%.
About General Electric
Receive News & Stock Ratings for General Electric Co. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for General Electric Co. and related stocks with our FREE daily email newsletter.