Traders Buy General Electric Co. (GE) on Weakness on Analyst Downgrade
Investors purchased shares of General Electric Co. (NYSE:GE) on weakness during trading hours on Monday after Citigroup lowered their price target on the stock from $36.00 to $35.00. $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 companies tracked, General Electric had the 13th highest net in-flow for the day. General Electric traded down ($0.19) for the day and closed at $29.08
A number of other analysts have also commented on the stock. JPMorgan Chase & Co. set a $28.00 price target on shares of General Electric and gave the stock a “sell” rating in a research note on Friday, September 23rd. Goldman Sachs Group Inc. set a $29.00 target price on shares of General Electric and gave the company a “neutral” rating in a research report on Monday, June 27th. Vetr upgraded shares of General Electric from a “sell” rating to a “hold” rating and set a $30.93 target price for the company in a research report on Thursday, July 7th. Royal Bank Of Canada restated an “outperform” rating on shares of General Electric in a research report on Monday, June 20th. Finally, William Blair restated an “outperform” rating and set a $38.00 target price on shares of General Electric in a research report on Wednesday, June 29th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and twelve have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $32.76.
In other General Electric news, Chairman Jeffrey R. Immelt purchased 50,000 shares of General Electric stock in a transaction that occurred on Tuesday, July 26th. The shares were bought at an average price of $31.45 per share, for a total transaction of $1,572,500.00. Following the completion of the transaction, the chairman now owns 2,198,688 shares of the company’s stock, valued at approximately $69,148,737.60. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.23% of the stock is currently owned by insiders.
A number of large investors have recently made changes to their positions in the company. Chelsea Counsel Co. boosted 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 in the last quarter. Catamount Wealth Management boosted 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 in the last quarter. Nexus Investment Management Inc. boosted 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 in the last quarter. Kistler Tiffany Companies LLC boosted 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 in the last quarter. Finally, First PREMIER Bank boosted 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 in the last quarter. Institutional investors own 55.81% of the company’s stock.
The firm has a market cap of $258.62 billion, a P/E ratio of 24.40 and a beta of 1.15. The firm has a 50 day moving average of $30.31 and a 200 day moving average of $30.77.
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, topping the Thomson Reuters’ consensus estimate of $0.46 by $0.05. The firm earned $33.49 million during the quarter, compared to the consensus estimate of $31.76 billion. General Electric had a net margin of 9.14% and a return on equity of 15.04%. The business’s revenue for the quarter was up 14.6% compared to the same quarter last year. During the same period last year, the business posted $0.31 earnings per share. On average, equities analysts forecast that General Electric Co. will post $1.50 EPS for the current fiscal year.
The business also recently disclosed 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. The ex-dividend date of this dividend is Thursday, September 15th. This represents a $0.92 annualized dividend and a yield of 3.19%. General Electric’s dividend payout ratio (DPR) is presently 77.97%.
General Electric Company Profile
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