General Electric Co. (GE) Shares Down 2.1%
General Electric Co. (NYSE:GE) fell 2.1% on Friday . The company traded as low as $31.69 and last traded at $31.92, with a volume of 34,317,807 shares changing hands. The stock had previously closed at $32.59.
A number of brokerages recently weighed in on GE. Vetr upgraded shares of General Electric from a “sell” rating to a “hold” rating and set a $31.67 price objective for the company in a report on Thursday. Standpoint Research began coverage on shares of General Electric in a report on Friday. They issued a “sell” rating and a $26.00 price target for the company. Zacks Investment Research upgraded shares of General Electric from a “sell” rating to a “hold” rating in a report on Wednesday, July 13th. Credit Suisse Group AG restated a “buy” rating on shares of General Electric in a report on Saturday, July 9th. Finally, Berenberg Bank lowered shares of General Electric from a “buy” rating to a “hold” rating and boosted their price target for the company from $33.00 to $34.00 in a report on Monday, April 4th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and ten have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $32.53.
The company has a market cap of $294.81 billion and a P/E ratio of 43.44. The firm has a 50 day moving average of $31.14 and a 200-day moving average of $30.20.
General Electric (NYSE:GE) last posted its quarterly earnings data on Friday, July 22nd. The company reported $0.51 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.46 by $0.05. The business earned $33.49 million during the quarter, compared to analysts’ expectations of $31.76 billion. During the same period in the previous year, the business posted $0.31 EPS. The company’s revenue for the quarter was up 14.6% compared to the same quarter last year. On average, analysts expect that General Electric Co. will post $1.50 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 25th. Stockholders of record on Monday, June 20th will be paid a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 2.87%. The ex-dividend date is Thursday, June 16th.
In other General Electric news, CEO Jeffrey R. Immelt acquired 67,600 shares of the stock in a transaction dated Friday, May 20th. The stock was acquired at an average price of $29.59 per share, with a total value of $2,000,284.00. Following the completion of the purchase, the chief executive officer now owns 2,158,688 shares in the company, valued at approximately $63,875,577.92. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink.
Several hedge funds and institutional investors have bought and sold shares of GE. Buckingham Capital Management Inc. raised its position in General Electric by 3.6% in the third quarter. Buckingham Capital Management Inc. now owns 179,622 shares of the company’s stock valued at $4,530,000 after buying an additional 6,325 shares during the last quarter. Toth Financial raised its position in General Electric by 1.7% in the fourth quarter. Toth Financial now owns 282,981 shares of the company’s stock valued at $8,815,000 after buying an additional 4,756 shares during the last quarter. Finally, Jennison Associates acquired a new position in General Electric during the third quarter valued at approximately $35,297,000.
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