Investors Buy Shares of General Electric Co. (GE) on Weakness Following Analyst Downgrade
Traders purchased shares of General Electric Co. (NYSE:GE) on weakness during trading on Tuesday after Citigroup lowered their price target on the stock from $36.00 to $35.00. $138.95 million flowed into the stock on the tick-up and $113.85 million flowed out of the stock on the tick-down, for a money net flow of $25.10 million into the stock. Of all equities tracked, General Electric had the 10th highest net in-flow for the day. General Electric traded down ($0.22) for the day and closed at $28.86
A number of other equities analysts have also weighed in on GE. JPMorgan Chase & Co. set a $28.00 target price 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 stock a “neutral” rating in a research note on Monday, June 27th. Vetr raised 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 note on Thursday, July 7th. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of General Electric in a research note on Monday, June 20th. Finally, William Blair reaffirmed an “outperform” rating and issued a $38.00 target price on shares of General Electric in a research note on Wednesday, June 29th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $32.93.
In other 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 acquired at an average price of $31.45 per share, for a total transaction of $1,572,500.00. Following the transaction, the chairman now owns 2,198,688 shares of the company’s stock, valued at approximately $69,148,737.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.23% of the company’s stock.
A number of hedge funds have recently modified their holdings of GE. Vanguard Group Inc. raised its stake 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 in the last quarter. BlackRock Fund Advisors raised its stake in shares of General Electric by 2.3% in the second quarter. BlackRock Fund Advisors now owns 108,746,040 shares of the company’s stock worth $3,423,325,000 after buying an additional 2,477,059 shares in the last quarter. BlackRock Group LTD raised its stake in shares of General Electric by 0.3% in the second quarter. BlackRock Group LTD now owns 75,537,924 shares of the company’s stock worth $2,377,934,000 after buying an additional 262,526 shares in the last quarter. Trian Fund Management L.P. raised its stake in shares of General Electric by 0.7% in the second quarter. Trian Fund Management L.P. now owns 74,766,576 shares of the company’s stock worth $2,353,652,000 after buying an additional 521,321 shares in the last quarter. Finally, Legal & General Group Plc raised its stake in shares of General Electric by 4.6% in the second quarter. Legal & General Group Plc now owns 43,928,772 shares of the company’s stock worth $1,381,942,000 after buying an additional 1,918,773 shares in the last quarter. Hedge funds and other institutional investors own 55.81% of the company’s stock.
The company has a market cap of $259.16 billion, a PE ratio of 24.45 and a beta of 1.15. The firm’s 50 day moving average price is $30.25 and its 200 day moving average price is $30.75.
General Electric (NYSE:GE) last posted its quarterly earnings results on Friday, July 22nd. The company reported $0.51 earnings per share (EPS) for the quarter, beating the 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 company had revenue of $33.49 million for the quarter, compared to analyst estimates of $31.76 billion. During the same quarter in the previous year, the firm posted $0.31 earnings per share. The company’s quarterly revenue was up 14.6% compared to the same quarter last year. Equities research analysts expect that General Electric Co. will post $1.50 EPS for the current fiscal 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 $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 3.18%. The ex-dividend date of this dividend is Thursday, September 15th. General Electric’s dividend payout ratio (DPR) is currently 77.97%.
General Electric Company Profile
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