Oppenheimer Holdings Weighs in on General Electric Co.’s FY2016 Earnings (GE)
General Electric Co. (NYSE:GE) – Research analysts at Oppenheimer Holdings lowered their FY2016 EPS estimates for General Electric in a report released on Tuesday. Oppenheimer Holdings analyst C. Glynn now expects that the brokerage will post earnings of $1.50 per share for the year, down from their previous estimate of $1.53. Oppenheimer Holdings has a “Market Perform” rating on the stock.
Other equities analysts have also issued reports about the company. Vetr upgraded General Electric from a “hold” rating to a “buy” rating and set a $30.83 target price for the company in a research note on Monday, June 27th. Stifel Nicolaus restated a “buy” rating and set a $34.00 price target on shares of General Electric in a research note on Monday, June 27th. Credit Suisse Group AG restated a “buy” rating on shares of General Electric in a research note on Saturday, July 9th. Citigroup Inc. restated a “buy” rating and set a $36.00 price target on shares of General Electric in a research note on Monday, July 25th. Finally, TheStreet upgraded General Electric from a “hold” rating to a “buy” rating in a research note on Friday, July 22nd. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and twelve have issued a buy rating to the stock. General Electric has an average rating of “Hold” and an average target price of $32.81.
Shares of General Electric (NYSE:GE) opened at 29.08 on Friday. The stock has a market cap of $260.59 billion, a price-to-earnings ratio of 24.58 and a beta of 1.15. General Electric has a 52-week low of $27.10 and a 52-week high of $33.00. The firm has a 50-day moving average price of $30.31 and a 200 day moving average price of $30.77.
General Electric (NYSE:GE) last released its quarterly earnings data on Friday, July 22nd. The company reported $0.51 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.46 by $0.05. General Electric had a return on equity of 15.04% and a net margin of 9.14%. The business had revenue of $33.49 million for the quarter, compared to analyst estimates of $31.76 billion. During the same quarter in the prior year, the firm posted $0.31 EPS. The business’s quarterly revenue was up 14.6% compared to the same quarter last 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 given a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 3.16%. The ex-dividend date of this dividend is Thursday, September 15th. General Electric’s dividend payout ratio is currently 77.97%.
In other General Electric news, Chairman Jeffrey R. Immelt bought 50,000 shares of the stock in a transaction that occurred on Tuesday, July 26th. The shares were purchased at an average cost of $31.45 per share, for a total transaction of $1,572,500.00. Following the transaction, the chairman now directly owns 2,198,688 shares in the company, valued at $69,148,737.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.23% of the stock is owned by corporate insiders.
Institutional investors have recently modified their holdings of the stock. Emerald Acquisition Ltd. purchased a new position in shares of General Electric during the second quarter worth about $217,979,000. Waddell & Reed Financial Inc. raised its position in shares of General Electric by 107.2% in the second quarter. Waddell & Reed Financial Inc. now owns 7,130,127 shares of the company’s stock worth $224,456,000 after buying an additional 3,688,210 shares during the last quarter. Acadian Asset Management LLC raised its position in shares of General Electric by 291.0% in the second quarter. Acadian Asset Management LLC now owns 4,872,359 shares of the company’s stock worth $153,380,000 after buying an additional 3,626,125 shares during the last quarter. Vanguard Group Inc. raised its position in shares of General Electric by 0.6% in the second quarter. Vanguard Group Inc. now owns 575,093,558 shares of the company’s stock worth $18,103,945,000 after buying an additional 3,276,096 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D raised its position in shares of General Electric by 47.8% in the second quarter. State of New Jersey Common Pension Fund D now owns 9,610,000 shares of the company’s stock worth $302,523,000 after buying an additional 3,110,000 shares during the last quarter. 55.81% of the stock is owned by hedge funds and other institutional investors.
About General Electric
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