Traders Buy Shares of General Electric Company (GE) on Weakness
Investors purchased shares of General Electric Company (NYSE:GE) on weakness during trading on Friday. $205.95 million flowed into the stock on the tick-up and $132.58 million flowed out of the stock on the tick-down, for a money net flow of $73.37 million into the stock. Of all equities tracked, General Electric had the 13th highest net in-flow for the day. General Electric traded down ($0.06) for the day and closed at $24.18
Several equities analysts recently commented on GE shares. Vetr raised shares of General Electric from a “hold” rating to a “buy” rating and set a $28.93 price target for the company in a research report on Wednesday, June 7th. Deutsche Bank AG reaffirmed a “sell” rating and set a $24.00 price target on shares of General Electric in a research report on Thursday, June 8th. Cowen and Company reaffirmed a “market perform” rating and set a $30.00 price target on shares of General Electric in a research report on Tuesday, June 13th. Bank of America Corporation reaffirmed a “neutral” rating and set a $31.00 price target on shares of General Electric in a research report on Tuesday, June 13th. Finally, Stifel Nicolaus reaffirmed a “buy” rating on shares of General Electric in a research report on Wednesday, June 14th. Five analysts have rated the stock with a sell rating, eight have given a hold rating and ten have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $28.63.
The company has a market cap of $209.35 billion, a PE ratio of 29.45 and a beta of 1.22. The company’s 50-day moving average price is $24.74 and its 200-day moving average price is $27.46.
General Electric (NYSE:GE) last released its quarterly earnings results on Friday, July 21st. The conglomerate reported $0.28 EPS for the quarter, beating the Zacks’ consensus estimate of $0.25 by $0.03. General Electric had a net margin of 6.45% and a return on equity of 14.59%. The company had revenue of $29.56 billion for the quarter, compared to analyst estimates of $29.07 billion. During the same quarter last year, the firm posted $0.51 earnings per share. The company’s quarterly revenue was down 11.8% compared to the same quarter last year. Analysts predict that General Electric Company will post $1.56 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 25th. Stockholders of record on Monday, September 18th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.97%. The ex-dividend date is Friday, September 15th. General Electric’s dividend payout ratio is 118.52%.
In related news, Vice Chairman Elizabeth J. Comstock sold 24,693 shares of the business’s stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $25.65, for a total transaction of $633,375.45. Following the transaction, the insider now owns 175,717 shares of the company’s stock, valued at $4,507,141.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director James S. Tisch bought 100,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 22nd. The shares were bought at an average cost of $24.56 per share, for a total transaction of $2,456,000.00. The disclosure for this purchase can be found here. In the last three months, insiders bought 233,253 shares of company stock worth $5,860,264. Insiders own 0.36% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in General Electric by 0.6% during the second quarter. Vanguard Group Inc. now owns 600,238,644 shares of the conglomerate’s stock worth $16,212,445,000 after acquiring an additional 3,297,890 shares during the period. BlackRock Inc. increased its position in General Electric by 3.9% during the second quarter. BlackRock Inc. now owns 517,315,514 shares of the conglomerate’s stock worth $13,972,691,000 after acquiring an additional 19,422,516 shares during the period. Capital World Investors increased its position in General Electric by 8.6% during the second quarter. Capital World Investors now owns 141,322,676 shares of the conglomerate’s stock worth $3,817,125,000 after acquiring an additional 11,194,678 shares during the period. Capital Research Global Investors increased its position in General Electric by 18.6% during the second quarter. Capital Research Global Investors now owns 91,205,460 shares of the conglomerate’s stock worth $2,463,459,000 after acquiring an additional 14,316,281 shares during the period. Finally, Franklin Resources Inc. increased its position in General Electric by 43.8% during the second quarter. Franklin Resources Inc. now owns 78,024,403 shares of the conglomerate’s stock worth $2,107,438,000 after acquiring an additional 23,764,129 shares during the period. 54.71% of the stock is currently owned by institutional investors and hedge funds.
General Electric Company Profile
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