Investors Buy Shares of General Electric Co. (GE) on Weakness
Traders bought shares of General Electric Co. (NYSE:GE) on weakness during trading hours on Monday. $128.70 million flowed into the stock on the tick-up and $74.38 million flowed out of the stock on the tick-down, for a money net flow of $54.32 million into the stock. Of all stocks tracked, General Electric had the 3rd highest net in-flow for the day. General Electric traded down ($0.01) for the day and closed at $31.27
Several equities research analysts recently weighed in on GE shares. Citigroup Inc. reiterated a “buy” rating on shares of General Electric in a research note on Sunday, May 22nd. Oppenheimer Holdings Inc. reiterated a “market perform” rating on shares of General Electric in a research note on Tuesday, June 28th. Vetr upgraded shares of General Electric from a “sell” rating to a “hold” rating and set a $31.67 target price for the company in a research note on Thursday, July 21st. TheStreet upgraded shares of General Electric from a “hold” rating to a “buy” rating in a research note on Friday, July 22nd. Finally, Credit Suisse Group AG restated a “buy” rating on shares of General Electric in a research note on Saturday, July 9th. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and eleven have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $32.55.
The stock’s 50-day moving average is $31.51 and its 200 day moving average is $30.41. The stock has a market capitalization of $280.22 billion and a P/E ratio of 26.41.
General Electric (NYSE:GE) last issued its quarterly earnings results on Friday, July 22nd. The company reported $0.51 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.46 by $0.05. During the same period last year, the company posted $0.31 EPS. The firm had revenue of $33.49 million for the quarter, compared to the consensus estimate of $31.76 billion. The business’s revenue was up 14.6% on a year-over-year basis. On average, equities research analysts expect that General Electric Co. will post $1.50 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, July 25th. Stockholders of record on Monday, June 20th were issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.94%. The ex-dividend date of this dividend was Thursday, June 16th.
In related news, Chairman Jeffrey R. Immelt acquired 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 26th. The stock was acquired at an average price of $31.45 per share, with a total value of $1,572,500.00. Following the purchase, the chairman now directly owns 2,198,688 shares in the company, valued at $69,148,737.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jeffrey R. Immelt acquired 67,600 shares of the company’s stock in a transaction that occurred on Friday, May 20th. The stock was bought at an average cost of $29.59 per share, with a total value 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 disclosure for this purchase can be found here.
A hedge fund recently raised its stake in General Electric stock. Buckingham Capital Management Inc. increased its stake in shares of General Electric Co. (NYSE:GE) by 3.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 179,622 shares of the company’s stock after buying an additional 6,325 shares during the period. General Electric makes up about 0.6% of Buckingham Capital Management Inc.’s portfolio, making the stock its 11th largest position. Buckingham Capital Management Inc.’s holdings in General Electric were worth $4,530,000 at the end of the most recent reporting period.
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