Traders Buy General Electric Co. (GE) on Weakness
Traders purchased shares of General Electric Co. (NYSE:GE) on weakness during trading on Monday. $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 have recently weighed in on the company. JPMorgan Chase & Co. reissued an “underweight” rating and set a $26.00 price objective on shares of General Electric in a report on Thursday, August 11th. Argus reissued a “buy” rating and set a $36.00 price objective on shares of General Electric in a report on Tuesday, July 26th. Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $34.00 price target on shares of General Electric in a research note on Tuesday, July 26th. TheStreet raised General Electric from a “hold” rating to a “buy” rating in a research note on Friday, July 22nd. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $32.00 price target on shares of General Electric in a research note on Monday, July 25th. Three research 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 presently has an average rating of “Hold” and a consensus target price of $32.55.
The firm’s 50 day moving average is $31.59 and its 200-day moving average is $30.52. The stock has a market cap of $278.99 billion and a P/E ratio of 26.2943.
General Electric (NYSE:GE) last posted its quarterly earnings data on Friday, July 22nd. The company reported $0.51 EPS for the quarter, beating the consensus estimate of $0.46 by $0.05. The firm earned $33.49 million during the quarter, compared to analysts’ expectations of $31.76 billion. General Electric’s revenue for the quarter was up 14.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.31 EPS. On average, analysts forecast that General Electric Co. will post $1.50 earnings per share 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 paid a $0.23 dividend. The ex-dividend date of this dividend was Thursday, June 16th. This represents a $0.92 annualized dividend and a yield of 2.94%.
In other General Electric news, Chairman Jeffrey R. Immelt bought 50,000 shares of the stock in a transaction 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 acquisition, the chairman now directly owns 2,198,688 shares of the company’s stock, valued at approximately $69,148,737.60. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Jeffrey R. Immelt bought 67,600 shares of the stock in a transaction on Friday, May 20th. The shares were acquired at an average cost of $29.59 per share, for a total transaction of $2,000,284.00. Following the acquisition, the chief executive officer now directly 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. boosted its stake in General Electric Co. (NYSE:GE) by 3.6% during the third quarter, according to its most recent filing with the SEC. The institutional investor 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 quarter.
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