Investors Sell General Electric Co. (GE) on Strength After Analyst Downgrade
Investors sold shares of General Electric Co. (NYSE:GE) on strength during trading on Tuesday after Citigroup lowered their price target on the stock from $36.00 to $35.00. $87.83 million flowed into the stock on the tick-up and $166.90 million flowed out of the stock on the tick-down, for a money net flow of $79.07 million out of the stock. Of all stocks tracked, General Electric had the 0th highest net out-flow for the day. General Electric traded up $0.06 for the day and closed at $28.92
Other equities analysts also recently issued research reports about the stock. Goldman Sachs Group Inc. set a $28.00 price target on shares of General Electric and gave the company a “neutral” rating in a research note on Friday, September 30th. JPMorgan Chase & Co. set a $28.00 price target on shares of General Electric and gave the company a “sell” rating in a research note on Friday, September 23rd. Morgan Stanley set a $32.00 price target on shares of General Electric and gave the company a “hold” rating in a research note on Wednesday, August 31st. Zacks Investment Research downgraded shares of General Electric from a “buy” rating to a “hold” rating in a research note on Wednesday, September 21st. Finally, Stifel Nicolaus set a $34.00 price target on shares of General Electric and gave the company a “buy” rating in a research note on Thursday, September 8th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $32.93.
In other General Electric news, Chairman Jeffrey R. Immelt purchased 50,000 shares of the stock in a transaction dated Tuesday, July 26th. The shares were bought at an average price of $31.45 per share, with a total value of $1,572,500.00. Following the completion of the transaction, the chairman now directly owns 2,198,688 shares in the company, valued at approximately $69,148,737.60. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.23% of the stock is currently owned by insiders.
Hedge funds have recently bought and sold shares of the stock. Catamount Wealth Management raised 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 during the period. Cable Hill Partners LLC raised 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 during the period. Global X Management Co. LLC raised 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 during the period. James Investment Research Inc. raised 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 during the period. Finally, Balentine LLC raised 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 during the period. 55.81% of the stock is currently owned by institutional investors.
The firm has a market cap of $259.16 billion, a P/E ratio of 24.45 and a beta of 1.15. The stock’s 50 day moving average is $30.18 and its 200-day moving average is $30.73.
General Electric (NYSE:GE) last announced its quarterly earnings results on Friday, July 22nd. The company reported $0.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.05. The firm had revenue of $33.49 million for 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 quarterly revenue was up 14.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.31 EPS. On average, equities research analysts expect that General Electric Co. will post $1.50 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 25th. Stockholders of record on Monday, September 19th will be issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.18%. The ex-dividend date is Thursday, September 15th. General Electric’s payout ratio is presently 77.97%.
About General Electric
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