Investors Buy Shares of General Electric Company (GE) on Weakness
Traders bought shares of General Electric Company (NYSE:GE) on weakness during trading hours on Wednesday. $180.00 million flowed into the stock on the tick-up and $147.11 million flowed out of the stock on the tick-down, for a money net flow of $32.89 million into the stock. Of all equities tracked, General Electric had the 12th highest net in-flow for the day. General Electric traded down ($0.07) for the day and closed at $23.12
Several analysts have weighed in on GE shares. UBS AG reaffirmed a “buy” rating and issued a $31.00 price target (down previously from $35.00) on shares of General Electric in a report on Tuesday, July 25th. Citigroup Inc. reiterated a “buy” rating and set a $34.00 price objective (down from $36.00) on shares of General Electric in a research report on Monday, July 10th. Credit Suisse Group reiterated an “outperform” rating and set a $30.00 price objective (down from $33.00) on shares of General Electric in a research report on Thursday, October 5th. Royal Bank Of Canada reiterated a “buy” rating and set a $31.00 price objective on shares of General Electric in a research report on Friday, September 15th. Finally, Goldman Sachs Group, Inc. (The) set a $29.00 price objective on General Electric and gave the company a “neutral” rating in a research report on Friday, July 7th. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and ten have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $27.93.
The firm has a market cap of $200.17 billion, a PE ratio of 28.16 and a beta of 1.19. The firm has a 50 day moving average price of $24.25 and a 200 day moving average price of $26.74.
General Electric (NYSE:GE) last released its earnings results on Friday, July 21st. The conglomerate reported $0.28 EPS for the quarter, beating analysts’ consensus estimates of $0.25 by $0.03. The firm had revenue of $29.56 billion for the quarter, compared to analysts’ expectations of $29.07 billion. General Electric had a return on equity of 14.59% and a net margin of 6.45%. The company’s quarterly revenue was down 11.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.51 earnings per share. Equities research analysts anticipate that General Electric Company will post $1.53 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 25th. Stockholders of record on Monday, September 18th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, September 15th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 4.15%. General Electric’s dividend payout ratio is 118.52%.
In other General Electric news, Director James S. Tisch bought 100,000 shares of the business’s stock in a transaction dated Tuesday, August 22nd. The shares were purchased at an average price of $24.56 per share, with a total value of $2,456,000.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Vice Chairman Elizabeth J. Comstock sold 24,693 shares of the company’s stock in a transaction that occurred on Wednesday, August 9th. The shares were sold at an average price of $25.65, for a total value of $633,375.45. Following the transaction, the insider now directly owns 175,717 shares in the company, valued at approximately $4,507,141.05. The disclosure for this sale can be found here. In the last ninety days, insiders have bought 233,253 shares of company stock worth $5,860,264. Insiders own 0.36% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in General Electric by 0.6% in the second quarter. Vanguard Group Inc. now owns 600,238,644 shares of the conglomerate’s stock worth $16,212,445,000 after purchasing an additional 3,297,890 shares in the last quarter. BlackRock Inc. grew its stake in General Electric by 3.9% in the second quarter. BlackRock Inc. now owns 517,315,514 shares of the conglomerate’s stock worth $13,972,691,000 after purchasing an additional 19,422,516 shares in the last quarter. Capital World Investors grew its stake in General Electric by 8.6% in the second quarter. Capital World Investors now owns 141,322,676 shares of the conglomerate’s stock worth $3,817,125,000 after purchasing an additional 11,194,678 shares in the last quarter. Capital Research Global Investors grew its stake in General Electric by 18.6% in the second quarter. Capital Research Global Investors now owns 91,205,460 shares of the conglomerate’s stock worth $2,463,459,000 after purchasing an additional 14,316,281 shares in the last quarter. Finally, Franklin Resources Inc. grew its stake in General Electric by 43.8% in the second quarter. Franklin Resources Inc. now owns 78,024,403 shares of the conglomerate’s stock worth $2,107,438,000 after purchasing an additional 23,764,129 shares in the last quarter. 54.67% of the stock is currently owned by hedge funds and other institutional investors.
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