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 equities 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 analysts recently weighed in on the company. Vetr upgraded General Electric from a “sell” rating to a “hold” rating and set a $31.67 price target on the stock in a report on Thursday, July 21st. Standpoint Research assumed coverage on General Electric in a report on Friday, July 22nd. They set a “sell” rating and a $26.00 price target on the stock. Zacks Investment Research upgraded General Electric from a “sell” rating to a “hold” rating in a report on Wednesday, July 13th. Credit Suisse Group AG restated a “buy” rating on shares of General Electric in a report on Saturday, July 9th. Finally, Citigroup Inc. restated a “buy” rating and set a $36.00 price target on shares of General Electric in a report on Monday, July 25th. Three investment 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. The company currently has an average rating of “Hold” and an average price target of $32.55.
The firm has a market capitalization of $279.95 billion and a price-to-earnings ratio of 26.39. The firm has a 50 day moving average of $31.55 and a 200 day moving average of $30.47.
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, beating the Thomson Reuters’ consensus estimate of $0.46 by $0.05. During the same quarter in the prior year, the firm posted $0.31 EPS. The firm earned $33.49 million during the quarter, compared to analysts’ expectations of $31.76 billion. General Electric’s quarterly revenue was up 14.6% compared to the same quarter last year. On average, analysts forecast that General Electric Co. will post $1.50 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, July 25th. Investors of record on Monday, June 20th were issued a $0.23 dividend. The ex-dividend date was Thursday, June 16th. This represents a $0.92 annualized dividend and a dividend yield of 2.94%.
In other news, CEO Jeffrey R. Immelt acquired 67,600 shares of the business’s stock in a transaction that occurred 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 acquisition, the chief executive officer now owns 2,158,688 shares of the company’s stock, valued at $63,875,577.92. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman Jeffrey R. Immelt acquired 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 26th. The stock was purchased at an average price of $31.45 per share, for a total transaction of $1,572,500.00. Following the acquisition, the chairman now directly owns 2,198,688 shares in the company, valued at approximately $69,148,737.60. The disclosure for this purchase can be found here.
A hedge fund recently raised its stake in General Electric stock. Buckingham Capital Management Inc. boosted 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 Securities and Exchange Commission. The fund owned 179,622 shares of the company’s stock after buying an additional 6,325 shares during the period. General Electric comprises approximately 0.6% of Buckingham Capital Management Inc.’s investment 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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