Investors Buy General Electric Co. (GE) on Weakness
Investors bought shares of General Electric Co. (NYSE:GE) on weakness during trading hours on Friday. $370.97 million flowed into the stock on the tick-up and $221.52 million flowed out of the stock on the tick-down, for a money net flow of $149.45 million into the stock. Of all equities tracked, General Electric had the highest net in-flow for the day. General Electric traded down ($0.53) for the day and closed at $32.06
GE has been the subject of several research analyst reports. Vetr upgraded shares of General Electric from a “hold” rating to a “buy” rating and set a $33.46 price target for the company in a report on Monday, April 4th. Stifel Nicolaus restated a “buy” rating and set a $34.00 target price on shares of General Electric in a report on Friday, April 1st. Independent Research GmbH set a $37.00 target price on shares of General Electric and gave the stock a “buy” rating in a report on Tuesday, April 26th. Citigroup Inc. restated a “buy” rating on shares of General Electric in a report on Sunday, May 22nd. Finally, Bank of America Corp. restated a “buy” rating on shares of General Electric in a report on Monday, June 6th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and ten have issued a buy rating to the stock. General Electric currently has a consensus rating of “Hold” and a consensus price target of $32.53.
The company’s 50-day moving average is $31.20 and its 200-day moving average is $30.21. The stock has a market cap of $294.81 billion and a PE ratio of 43.44.
General Electric (NYSE:GE) last posted its quarterly earnings data on Friday, July 22nd. The company reported $0.51 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.46 by $0.05. The firm had revenue of $33.49 million for the quarter, compared to analysts’ expectations of $31.76 billion. During the same period in the prior year, the firm earned $0.31 earnings per share. General Electric’s revenue was up 14.6% compared to the same quarter last year. On average, equities research analysts predict that General Electric Co. will post $1.50 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 25th. Shareholders of record on Monday, June 20th will be issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 2.87%. The ex-dividend date is Thursday, June 16th.
In other news, CEO Jeffrey R. Immelt acquired 67,600 shares of the business’s stock in a transaction on Friday, May 20th. The shares were purchased at an average cost of $29.59 per share, with a total value of $2,000,284.00. Following the acquisition, the chief executive officer now directly owns 2,158,688 shares of the company’s stock, valued at $63,875,577.92. The transaction was disclosed in a document filed with the SEC, which is available through this link.
Several institutional investors recently modified their holdings of GE. Buckingham Capital Management Inc. increased its position in shares of General Electric by 3.6% in the third quarter. Buckingham Capital Management Inc. now owns 179,622 shares of the company’s stock worth $4,530,000 after buying an additional 6,325 shares during the period. Toth Financial increased its position in shares of General Electric by 1.7% in the fourth quarter. Toth Financial now owns 282,981 shares of the company’s stock worth $8,815,000 after buying an additional 4,756 shares during the period. Finally, Jennison Associates bought a new position in shares of General Electric during the third quarter worth $35,297,000.
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