Traders Buy General Electric Co. (GE) on Weakness
Traders bought shares of General Electric Co. (NYSE:GE) on weakness during trading hours on Friday. $148.76 million flowed into the stock on the tick-up and $64.68 million flowed out of the stock on the tick-down, for a money net flow of $84.08 million into the stock. Of all companies tracked, General Electric had the 2nd highest net in-flow for the day. General Electric traded down ($0.05) for the day and closed at $31.24
Several research firms have recently issued reports on GE. Deutsche Bank AG restated a “hold” rating on shares of General Electric in a research report on Sunday, April 17th. Credit Suisse Group AG restated a “buy” rating on shares of General Electric in a research report on Saturday, July 9th. Independent Research GmbH set a $37.00 price target on General Electric and gave the stock a “buy” rating in a research report on Tuesday, April 26th. Oppenheimer Holdings Inc. reiterated a “market perform” rating on shares of General Electric in a report on Tuesday, June 28th. Finally, Citigroup Inc. reiterated a “buy” rating on shares of General Electric in a report on Sunday, May 22nd. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and eleven have issued a buy rating to the stock. General Electric presently has an average rating of “Hold” and an average target price of $32.55.
The stock has a 50 day moving average price of $31.55 and a 200 day moving average price of $30.47. The stock has a market capitalization of $279.95 billion and a P/E ratio of 26.39.
General Electric (NYSE:GE) last released 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 company had revenue of $33.49 million for the quarter, compared to the consensus estimate of $31.76 billion. General Electric’s revenue for the quarter was up 14.6% compared to the same quarter last year. During the same period last year, the company earned $0.31 EPS. On average, equities analysts expect that General Electric Co. will post $1.50 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, July 25th. Stockholders of record on Monday, June 20th were given a dividend of $0.23 per share. The ex-dividend date was Thursday, June 16th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.94%.
In other General Electric news, Chairman Jeffrey R. Immelt purchased 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 26th. The shares were acquired at an average price of $31.45 per share, with a total value of $1,572,500.00. Following the transaction, the chairman now owns 2,198,688 shares in the company, valued at $69,148,737.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Jeffrey R. Immelt purchased 67,600 shares of the company’s stock in a transaction that occurred on Friday, May 20th. The stock was acquired 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 owns 2,158,688 shares in the company, valued at approximately $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. raised its stake in shares of General Electric Co. (NYSE:GE) by 3.6% during the third quarter, according to its most recent filing with the SEC. The firm owned 179,622 shares of the company’s stock after buying an additional 6,325 shares during the period. General Electric accounts for 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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