Investors Buy Shares of General Electric Co. (GE) on Weakness
Traders purchased shares of General Electric Co. (NYSE:GE) on weakness during trading on Monday. $275.66 million flowed into the stock on the tick-up and $213.04 million flowed out of the stock on the tick-down, for a money net flow of $62.62 million into the stock. Of all companies tracked, General Electric had the 7th highest net in-flow for the day. General Electric traded down ($0.42) for the day and closed at $31.64
A number of research firms have weighed in on GE. Deutsche Bank AG reissued a “hold” rating on shares of General Electric in a report on Sunday, April 17th. Oppenheimer Holdings Inc. reissued a “market perform” rating on shares of General Electric in a report on Thursday, April 28th. Credit Suisse Group AG reissued a “buy” rating on shares of General Electric in a report on Saturday, July 9th. Citigroup Inc. reissued a “buy” rating and issued a $36.00 target price on shares of General Electric in a report on Monday. Finally, Goldman Sachs Group Inc. increased their target price on General Electric from $29.00 to $30.00 and gave the company a “neutral” rating in a report on Monday. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and eleven have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $32.55.
The firm has a market capitalization of $287.26 billion and a PE ratio of 27.00. The stock has a 50 day moving average price of $31.25 and a 200 day moving average price of $30.23.
General Electric (NYSE:GE) last issued its quarterly earnings data on Friday, July 22nd. The company reported $0.51 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.46 by $0.05. During the same quarter in the prior year, the firm earned $0.31 earnings per share. The company had revenue of $33.49 million for the quarter, compared to analyst estimates of $31.76 billion. The company’s revenue for the quarter was up 14.6% on a year-over-year basis. On average, equities research analysts anticipate 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 was paid on Monday, July 25th. Investors of record on Monday, June 20th were given a dividend of $0.23 per share. The ex-dividend date of this dividend was Thursday, June 16th. This represents a $0.92 annualized dividend and a dividend yield of 2.91%.
In related news, CEO Jeffrey R. Immelt acquired 67,600 shares of the business’s stock in a transaction that occurred on Friday, May 20th. The stock was purchased at an average cost of $29.59 per share, for a total transaction of $2,000,284.00. Following the transaction, the chief executive officer now directly owns 2,158,688 shares of the company’s stock, valued at approximately $63,875,577.92. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.
Several hedge funds and institutional investors recently modified their holdings of the company. 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 valued at $4,530,000 after buying an additional 6,325 shares in the last quarter. 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 valued at $8,815,000 after buying an additional 4,756 shares during the period. Finally, Jennison Associates acquired a new position in shares of General Electric during the third quarter valued at $35,297,000.
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