General Electric Co. (GE) Raised to Hold at Zacks Investment Research
General Electric Co. (NYSE:GE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Thursday.
According to Zacks, “General Electric recorded lower Industrial segment profit despite stringent cost-cutting and simplification initiatives owing to a highly volatile environment and sluggish growth across the globe. This forced the company to lower its organic revenue growth guidance for 2016. Significant order backlog and foreign currency volatility remain other headwinds. However, strategic acquisitions in 3D printing business will likely boost long-term revenues as it expects to grow the new additive business to $1 billion by 2020 at attractive returns. General Electric’s multi-billion deal with Baker Hughes to merge its Oil & Gas business with the latter will create the second largest player in the industry. General Electric will own 62.5% in the new entity and is likely to boost the Oil & Gas segment revenues through re-conglomeration. The company has a positive earnings history, having beaten estimates thrice in the trailing four quarters.”
Other research analysts also recently issued research reports about the company. Vetr upgraded General Electric from a “hold” rating to a “buy” rating and set a $32.04 price objective on the stock in a report on Monday, September 26th. William Blair set a $38.00 price objective on General Electric and gave the stock a “buy” rating in a report on Thursday, September 8th. Stifel Nicolaus set a $34.00 price objective on General Electric and gave the stock a “buy” rating in a report on Thursday, September 8th. Bank of America Corp. reiterated a “buy” rating and issued a $37.00 price objective on shares of General Electric in a report on Thursday, October 6th. Finally, Citigroup Inc. decreased their price objective on General Electric from $36.00 to $35.00 and set a “buy” rating on the stock in a report on Monday, October 10th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and eleven have assigned a buy rating to the company’s stock. General Electric currently has a consensus rating of “Hold” and a consensus price target of $32.56.
Shares of General Electric (NYSE:GE) traded up 0.51% during midday trading on Thursday, hitting $31.34. The company had a trading volume of 24,624,934 shares. The company has a market capitalization of $277.25 billion, a P/E ratio of 26.95 and a beta of 1.20. General Electric has a 52 week low of $27.10 and a 52 week high of $33.00. The firm’s 50 day moving average is $29.47 and its 200 day moving average is $30.42.
General Electric (NYSE:GE) last issued its quarterly earnings results on Friday, October 21st. The company reported $0.32 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.32. General Electric had a return on equity of 16.08% and a net margin of 8.93%. The firm earned $29.30 billion during the quarter, compared to analyst estimates of $29.64 billion. During the same quarter in the previous year, the company posted $0.29 earnings per share. The company’s revenue was up 3.8% compared to the same quarter last year. Equities research analysts anticipate that General Electric will post $1.49 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, October 25th. Stockholders of record on Monday, September 19th were issued a dividend of $0.23 per share. The ex-dividend date was Thursday, September 15th. This represents a $0.92 annualized dividend and a dividend yield of 2.94%. General Electric’s payout ratio is 80.00%.
In other news, Chairman Jeffrey R. Immelt purchased 50,000 shares of the stock in a transaction dated Wednesday, November 9th. The shares were purchased at an average cost of $29.24 per share, with a total value of $1,462,000.00. Following the acquisition, the chairman now directly owns 2,248,688 shares of the company’s stock, valued at $65,751,637.12. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.23% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in 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. Elefante Mark B bought a new stake in General Electric during the third quarter valued at approximately $116,000. 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. Finally, Timber Creek Capital Management LLC raised its stake in General Electric by 175.3% in the third quarter. Timber Creek Capital Management LLC now owns 5,505 shares of the company’s stock valued at $163,000 after buying an additional 3,505 shares during the period. 55.46% of the stock is currently owned by hedge funds and other institutional investors.
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About General Electric
About General Electric
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