Investors Buy General Electric Company (GE) on Weakness
Traders bought shares of General Electric Company (NYSE:GE) on weakness during trading hours on Friday. $753.01 million flowed into the stock on the tick-up and $125.74 million flowed out of the stock on the tick-down, for a money net flow of $627.27 million into the stock. Of all companies tracked, General Electric had the 2nd highest net in-flow for the day. General Electric traded down ($0.09) for the day and closed at $23.93
Several research analysts have issued reports on GE shares. Morgan Stanley reiterated an “equal weight” rating and set a $27.00 price objective on shares of General Electric in a research note on Monday, July 17th. Stifel Nicolaus reiterated a “buy” rating on shares of General Electric in a research note on Wednesday, June 14th. Zacks Investment Research lowered General Electric from a “hold” rating to a “sell” rating in a research note on Wednesday, June 21st. Royal Bank Of Canada reiterated a “buy” rating and set a $31.00 price objective on shares of General Electric in a research note on Friday. Finally, Vetr upgraded General Electric from a “buy” rating to a “strong-buy” rating and set a $30.48 price objective for the company in a research note on Wednesday, June 28th. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and eleven have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $29.42.
The stock has a 50-day moving average price of $24.82 and a 200 day moving average price of $27.58. The company has a market cap of $207.18 billion, a PE ratio of 29.15 and a beta of 1.22.
General Electric (NYSE:GE) last issued its earnings results on Friday, July 21st. The conglomerate reported $0.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.25 by $0.03. General Electric had a return on equity of 14.59% and a net margin of 6.45%. The business had revenue of $29.56 billion during the quarter, compared to analysts’ expectations of $29.07 billion. During the same quarter in the prior year, the firm earned $0.51 EPS. The business’s revenue for the quarter was down 11.8% compared to the same quarter last year. On average, equities analysts expect that General Electric Company will post $1.56 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 25th. Shareholders of record on Monday, September 18th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Friday, September 15th. This represents a $0.96 dividend on an annualized basis and a yield of 4.01%. General Electric’s payout ratio is presently 118.52%.
In other General Electric news, Vice Chairman Elizabeth J. Comstock sold 24,693 shares of the company’s stock in a transaction dated Wednesday, August 9th. The stock was sold at an average price of $25.65, for a total value of $633,375.45. Following the completion of the transaction, the insider now owns 175,717 shares of the company’s stock, valued at approximately $4,507,141.05. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director James S. Tisch bought 100,000 shares of the stock in a transaction on Tuesday, August 22nd. The stock was purchased at an average cost of $24.56 per share, with a total value of $2,456,000.00. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 233,253 shares of company stock valued at $5,860,264. Insiders own 0.36% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Ullmann Financial Group Inc. bought a new stake in shares of General Electric in the 1st quarter valued at about $106,000. Feltz Wealth PLAN Inc. bought a new stake in shares of General Electric in the 1st quarter valued at about $114,000. PHH Investments Ltd. grew its position in shares of General Electric by 105.0% in the 1st quarter. PHH Investments Ltd. now owns 3,905 shares of the conglomerate’s stock valued at $116,000 after buying an additional 2,000 shares during the last quarter. Ffcm LLC bought a new stake in shares of General Electric in the 2nd quarter valued at about $114,000. Finally, Corbenic Partners LLC grew its position in shares of General Electric by 15.7% in the 2nd quarter. Corbenic Partners LLC now owns 5,340 shares of the conglomerate’s stock valued at $144,000 after buying an additional 725 shares during the last quarter. Hedge funds and other institutional investors own 54.78% of the company’s stock.
About General Electric
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