General Electric Co. (GE) Upgraded at Zacks Investment Research
According to Zacks, “General Electric recorded lower Industrial segment profit despite stringent cost-cutting and simplification initiatives owing to a highly volatile environment and sluggish growth across the globe. This forced the company to lower its organic revenue growth guidance for 2016. Significant order backlog and foreign currency volatility remain other headwinds. However, strategic acquisitions in 3D printing business will likely boost long-term revenues as it expects to grow the new additive business to $1 billion by 2020 at attractive returns. General Electric’s multi-billion deal with Baker Hughes to merge its Oil & Gas business with the latter will create the second largest player in the industry. General Electric will own 62.5% in the new entity and is likely to boost the Oil & Gas segment revenues through re-conglomeration. The company has a positive earnings history, having beaten estimates thrice in the trailing four quarters.”
GE has been the subject of a number of other reports. RBC Capital Markets reiterated an outperform rating and set a $36.00 price objective on shares of General Electric in a research note on Tuesday, November 1st. Stifel Nicolaus set a $33.00 price objective on General Electric and gave the company a buy rating in a research note on Tuesday, November 1st. Sanford C. Bernstein reiterated a market perform rating and set a $33.00 price objective on shares of General Electric in a research note on Tuesday, November 1st. Vetr downgraded General Electric from a strong-buy rating to a buy rating and set a $31.96 price objective for the company. in a research note on Monday, November 7th. Finally, William Blair set a $38.00 price objective on General Electric and gave the company a buy rating in a research note on Thursday, September 8th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and eleven have given a buy rating to the company. The company currently has a consensus rating of Hold and an average price target of $32.56.
General Electric (NYSE:GE) opened at 31.05 on Thursday. General Electric has a 12 month low of $27.10 and a 12 month high of $33.00. The company has a market cap of $274.68 billion, a price-to-earnings ratio of 26.70 and a beta of 1.20. The firm’s 50-day moving average is $29.62 and its 200-day moving average is $30.45.
General Electric (NYSE:GE) last released its quarterly earnings results on Friday, October 21st. The company reported $0.32 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.32. General Electric had a net margin of 8.93% and a return on equity of 16.08%. The firm earned $29.30 billion during the quarter, compared to analyst estimates of $29.64 billion. During the same quarter in the prior year, the firm earned $0.29 EPS. The business’s revenue for the quarter was up 3.8% compared to the same quarter last year. On average, analysts anticipate that General Electric will post $1.49 EPS for the current fiscal year.
In other news, Chairman Jeffrey R. Immelt purchased 50,000 shares of the business’s stock in a transaction dated Wednesday, November 9th. The shares were purchased at an average price of $29.24 per share, for a total transaction of $1,462,000.00. Following the completion of the purchase, the chairman now owns 2,248,688 shares in the company, valued at approximately $65,751,637.12. The purchase was disclosed in a document filed with the SEC, which is available at this link. Insiders own 0.23% of the company’s stock.
Several institutional investors have recently made changes to their positions in GE. The Manufacturers Life Insurance Company purchased a new position in shares of General Electric during the third quarter valued at approximately $582,268,000. Emerald Acquisition Ltd. purchased a new position in shares of General Electric during the second quarter valued at approximately $217,979,000. Waddell & Reed Financial Inc. raised its position in shares of General Electric by 107.2% in the second quarter. Waddell & Reed Financial Inc. now owns 7,130,127 shares of the company’s stock valued at $224,456,000 after buying an additional 3,688,210 shares in the last quarter. Acadian Asset Management LLC raised its position in shares of General Electric by 291.0% in the second quarter. Acadian Asset Management LLC now owns 4,872,359 shares of the company’s stock valued at $153,380,000 after buying an additional 3,626,125 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in shares of General Electric by 0.6% in the second quarter. Vanguard Group Inc. now owns 575,093,558 shares of the company’s stock valued at $18,103,945,000 after buying an additional 3,276,096 shares in the last quarter. Hedge funds and other institutional investors own 53.50% of the company’s stock.
About General Electric
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