J P Morgan Chase & Co Reiterates Underweight Rating for General Electric Company (GE)
J P Morgan Chase & Co reissued their underweight rating on shares of General Electric Company (NYSE:GE) in a research note published on Monday, MarketBeat Ratings reports. J P Morgan Chase & Co currently has a $20.00 price target on the conglomerate’s stock, down from their previous price target of $22.00.
A number of other research analysts also recently weighed in on the company. Credit Suisse Group reissued an outperform rating and issued a $30.00 price objective (down from $33.00) on shares of General Electric in a research note on Thursday, October 5th. Morgan Stanley cut their price objective on General Electric from $26.00 to $25.00 and set an equal weight rating on the stock in a research note on Monday, October 2nd. Vetr raised General Electric from a strong sell rating to a sell rating and set a $21.63 price objective on the stock in a research note on Monday, October 2nd. Argus cut their price objective on General Electric from $30.00 to $27.00 and set a buy rating on the stock in a research note on Monday, September 18th. Finally, Royal Bank Of Canada reissued a buy rating and issued a $31.00 price objective on shares of General Electric in a research note on Friday, September 15th. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating and ten have given a buy rating to the company. The stock has a consensus rating of Hold and a consensus target price of $28.16.
Shares of General Electric (GE) opened at 23.07 on Monday. The firm has a 50-day moving average of $24.29 and a 200 day moving average of $26.82. The firm has a market cap of $199.74 billion, a P/E ratio of 28.10 and a beta of 1.19. General Electric has a 12 month low of $22.83 and a 12 month high of $32.38.
General Electric (NYSE:GE) last issued its quarterly earnings data on Friday, July 21st. The conglomerate reported $0.28 earnings per share for the quarter, beating the Zacks’ consensus estimate 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 for the quarter, compared to the consensus estimate of $29.07 billion. During the same period last year, the business earned $0.51 EPS. The firm’s revenue was down 11.8% compared to the same quarter last year. On average, equities research analysts anticipate that General Electric will post $1.53 EPS for the current fiscal year.
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The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 25th. Investors of record on Monday, September 18th will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 4.16%. The ex-dividend date of this dividend is Friday, September 15th. General Electric’s dividend payout ratio is 118.52%.
In related news, Director James S. Tisch purchased 100,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 22nd. The shares were acquired at an average price of $24.56 per share, with a total value of $2,456,000.00. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Alexander Dimitrief purchased 1,845 shares of the firm’s stock in a transaction that occurred on Monday, July 24th. The stock was bought at an average cost of $25.54 per share, for a total transaction of $47,121.30. Following the purchase, the insider now owns 65,597 shares in the company, valued at $1,675,347.38. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 233,253 shares of company stock worth $5,860,264. 0.36% of the stock is owned by insiders.
A number of hedge funds have recently made changes to their positions in GE. Ullmann Financial Group Inc. acquired a new stake in General Electric in the 1st quarter valued at $106,000. MPS Loria Financial Planners LLC acquired a new stake in General Electric in the 2nd quarter valued at $113,000. Feltz Wealth PLAN Inc. acquired a new stake in General Electric in the 1st quarter valued at $114,000. Ffcm LLC acquired a new stake in General Electric in the 2nd quarter valued at $114,000. Finally, PHH Investments Ltd. boosted its stake in 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 in the last quarter. 54.69% of the stock is currently owned by institutional investors and hedge funds.
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