Investors Buy Shares of General Electric Co. (GE) on Weakness
Investors purchased 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 a number of recent research reports. Vetr raised shares of General Electric from a “hold” rating to a “buy” rating and set a $33.46 price objective for the company in a research note on Monday, April 4th. Stifel Nicolaus reissued a “buy” rating and set a $34.00 price objective on shares of General Electric in a research note on Friday, April 1st. Independent Research GmbH set a $37.00 price objective on shares of General Electric and gave the stock a “buy” rating in a research note on Tuesday, April 26th. Citigroup Inc. reissued a “buy” rating on shares of General Electric in a research note on Sunday, May 22nd. Finally, Bank of America Corp. reaffirmed a “buy” rating on shares of General Electric in a research note on Monday, June 6th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and ten have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $32.53.
The firm has a 50 day moving average of $31.20 and a 200-day moving average of $30.21. The company has a market capitalization of $291.07 billion and a P/E ratio of 27.35.
General Electric (NYSE:GE) last released its quarterly earnings data on Friday, July 22nd. The company reported $0.51 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.46 by $0.05. The company earned $33.49 million during the quarter, compared to analyst estimates of $31.76 billion. During the same quarter in the prior year, the company posted $0.31 EPS. The firm’s quarterly revenue was up 14.6% compared to the same quarter last year. On average, analysts forecast that General Electric Co. will post $1.51 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 25th. Shareholders of record on Monday, June 20th will be paid a $0.23 dividend. The ex-dividend date of this dividend is Thursday, June 16th. This represents a $0.92 annualized dividend and a yield of 2.87%.
In related news, CEO Jeffrey R. Immelt acquired 67,600 shares of the company’s stock in a transaction on Friday, May 20th. The shares were purchased at an average price of $29.59 per share, for a total transaction of $2,000,284.00. Following the purchase, the chief executive officer now owns 2,158,688 shares in the company, valued at $63,875,577.92. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.
Other hedge funds and institutional investors have made changes to their positions in the company. Toth Financial raised 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 valued at $8,815,000 after buying an additional 4,756 shares during the period. Buckingham Capital Management Inc. raised 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 valued at $4,530,000 after buying an additional 6,325 shares during the period. Finally, Jennison Associates acquired a new position in shares of General Electric during the third quarter valued at approximately $35,297,000.
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