General Electric (NYSE:GE) Releases Quarterly Earnings Results, Beats Estimates By $0.17 EPS

General Electric (NYSE:GE) released its quarterly earnings data on Tuesday. The conglomerate reported $0.82 EPS for the quarter, topping the consensus estimate of $0.65 by $0.17, RTT News reports. The firm had revenue of $16.10 billion for the quarter, compared to the consensus estimate of $15.25 billion. General Electric had a return on equity of 10.88% and a net margin of 13.95%. The company’s quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.27 earnings per share. General Electric updated its FY 2024 guidance to 3.800-4.050 EPS.

General Electric Stock Performance

General Electric stock opened at $162.62 on Wednesday. The stock’s 50 day simple moving average is $159.94 and its two-hundred day simple moving average is $135.39. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.85 and a current ratio of 1.18. The stock has a market cap of $177.79 billion, a price-to-earnings ratio of 19.43, a PEG ratio of 2.96 and a beta of 1.29. General Electric has a fifty-two week low of $76.87 and a fifty-two week high of $163.65.

General Electric Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 25th. Investors of record on Monday, April 15th will be paid a $0.28 dividend. The ex-dividend date is Friday, April 12th. This is a boost from General Electric’s previous quarterly dividend of $0.08. This represents a $1.12 annualized dividend and a dividend yield of 0.69%. General Electric’s dividend payout ratio (DPR) is presently 13.38%.

Analysts Set New Price Targets

GE has been the topic of several analyst reports. TD Cowen upgraded General Electric from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $175.00 to $180.00 in a report on Tuesday, April 9th. The Goldman Sachs Group initiated coverage on General Electric in a report on Tuesday, April 9th. They issued a “buy” rating and a $190.00 price objective on the stock. Barclays decreased their price objective on General Electric from $181.00 to $175.00 and set an “overweight” rating on the stock in a report on Wednesday, April 3rd. Deutsche Bank Aktiengesellschaft decreased their price objective on General Electric from $210.00 to $190.00 and set a “buy” rating on the stock in a report on Wednesday, April 3rd. Finally, JPMorgan Chase & Co. decreased their price objective on General Electric from $180.00 to $148.00 and set an “overweight” rating on the stock in a report on Tuesday, April 2nd. Two equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, General Electric has a consensus rating of “Moderate Buy” and a consensus price target of $160.07.

Insider Buying and Selling at General Electric

In other General Electric news, SVP Michael J. Holston sold 22,055 shares of General Electric stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $144.87, for a total transaction of $3,195,107.85. Following the sale, the senior vice president now directly owns 56,284 shares of the company’s stock, valued at approximately $8,153,863.08. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, SVP Michael J. Holston sold 13,601 shares of General Electric stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $135.55, for a total transaction of $1,843,615.55. Following the completion of the transaction, the senior vice president now directly owns 48,339 shares in the company, valued at $6,552,351.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Michael J. Holston sold 22,055 shares of General Electric stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $144.87, for a total transaction of $3,195,107.85. Following the transaction, the senior vice president now owns 56,284 shares of the company’s stock, valued at $8,153,863.08. The disclosure for this sale can be found here. Insiders own 0.66% of the company’s stock.

General Electric Company Profile

General Electric Company, doing business as GE Aerospace, designs and produces commercial and defense aircraft engines, integrated engine components, electric power, and mechanical aircraft systems. It also offers aftermarket services to support its products. The company operates in the United States, Europe, China, Asia, the Americas, the Middle East, and Africa.