General Electric Co. (GE) Price Target Lowered to $35.00 at Citigroup Inc.
General Electric Co. (NYSE:GE) had its price target reduced by stock analysts at Citigroup Inc. from $36.00 to $35.00 in a research note issued on Monday. The firm presently has a “buy” rating on the stock. Citigroup Inc.’s target price would suggest a potential upside of 20.36% from the stock’s current price.
A number of other brokerages have also weighed in on GE. Vetr upgraded General Electric from a “sell” rating to a “hold” rating and set a $30.93 target price for the company in a research note on Thursday, July 7th. Credit Suisse Group AG restated an “outperform” rating and issued a $34.00 target price on shares of General Electric in a research note on Monday, June 27th. JPMorgan Chase & Co. restated an “underweight” rating and issued a $26.00 target price on shares of General Electric in a research note on Thursday, August 11th. Bank of America Corp. restated a “buy” rating and issued a $37.00 target price on shares of General Electric in a research note on Thursday. Finally, Zacks Investment Research upgraded General Electric from a “sell” rating to a “hold” rating in a research note on Wednesday, July 13th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and twelve have issued a buy rating to the company. General Electric currently has a consensus rating of “Hold” and a consensus target price of $32.76.
General Electric (NYSE:GE) traded down 0.602% during mid-day trading on Monday, reaching $28.905. 19,538,392 shares of the company’s stock were exchanged. The stock has a 50-day moving average price of $30.31 and a 200-day moving average price of $30.77. General Electric has a 52 week low of $27.10 and a 52 week high of $33.00. The stock has a market cap of $259.02 billion, a P/E ratio of 24.434 and a beta of 1.15.
General Electric (NYSE:GE) last issued its quarterly earnings data on Friday, July 22nd. The company reported $0.51 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.46 by $0.05. The company earned $33.49 million during the quarter, compared to analysts’ expectations of $31.76 billion. General Electric had a return on equity of 15.04% and a net margin of 9.14%. The business’s revenue was up 14.6% on a year-over-year basis. During the same period last year, the business earned $0.31 earnings per share. On average, analysts forecast that General Electric will post $1.50 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 25th. Shareholders of record on Monday, September 19th will be given a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 3.16%. The ex-dividend date is Thursday, September 15th. General Electric’s dividend payout ratio (DPR) is 77.97%.
In related news, Chairman Jeffrey R. Immelt purchased 50,000 shares of the stock in a transaction on Tuesday, July 26th. The shares were purchased at an average price of $31.45 per share, with a total value of $1,572,500.00. Following the transaction, the chairman now directly owns 2,198,688 shares of the company’s stock, valued at $69,148,737.60. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 0.23% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of GE. Catamount Wealth Management raised its position 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 during the period. Cable Hill Partners LLC raised its position in General Electric by 0.4% in the second quarter. Cable Hill Partners LLC now owns 4,447 shares of the company’s stock worth $141,000 after buying an additional 19 shares during the last quarter. Global X Management Co. LLC raised its position 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 worth $159,000 after buying an additional 1,868 shares during the last quarter. James Investment Research Inc. raised its position in General Electric by 2.6% in the second quarter. James Investment Research Inc. now owns 5,850 shares of the company’s stock worth $184,000 after buying an additional 150 shares during the last quarter. Finally, Balentine LLC raised its position in General Electric by 62.2% in the second quarter. Balentine LLC now owns 5,936 shares of the company’s stock worth $187,000 after buying an additional 2,277 shares during the last quarter. 55.81% of the stock is currently owned by hedge funds and other institutional investors.
General Electric Company Profile
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