Traders Sell General Electric Co. (GE) on Strength (GE)
Traders sold shares of General Electric Co. (NYSE:GE) on strength during trading hours on Wednesday. $95.99 million flowed into the stock on the tick-up and $161.46 million flowed out of the stock on the tick-down, for a money net flow of $65.47 million out of the stock. Of all equities tracked, General Electric had the 0th highest net out-flow for the day. General Electric traded up $0.29 for the day and closed at $31.74
GE has been the topic of several analyst reports. Cowen and Company initiated coverage on General Electric in a research note on Tuesday, June 7th. They issued a “market perform” rating and a $29.00 target price on the stock. Vetr lowered General Electric from a “strong-buy” rating to a “buy” rating and set a $33.10 target price on the stock. in a research note on Wednesday, May 25th. Credit Suisse Group AG reissued an “outperform” rating and issued a $34.00 target price on shares of General Electric in a research note on Monday, June 27th. JPMorgan Chase & Co. reissued a “sell” rating on shares of General Electric in a research note on Wednesday, June 29th. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $34.00 target price on shares of General Electric in a research note on Friday, April 1st. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and ten have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $32.83.
The company has a 50-day moving average of $30.32 and a 200 day moving average of $30.05. The firm has a market capitalization of $291.87 billion and a P/E ratio of 43.01.
General Electric (NYSE:GE) last announced its quarterly earnings data on Friday, April 22nd. The company reported $0.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.19 by $0.02. The business earned $27.60 billion during the quarter, compared to analyst estimates of $27.67 billion. The firm’s revenue for the quarter was up 6.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.20 earnings per share. Analysts anticipate 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 will be paid on Monday, July 25th. Investors of record on Monday, June 20th will be paid a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date is Thursday, June 16th.
In other news, CEO Jeffrey R. Immelt purchased 67,600 shares of the company’s stock in a transaction that occurred on Friday, May 20th. The shares were acquired 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 acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.
A hedge fund recently bought a new stake in General Electric stock. Jennison Associates bought a new stake in shares of General Electric Co. (NYSE:GE) during the third quarter, Holdings Channel reports. The firm bought 1,399,574 shares of the company’s stock, valued at approximately $35,297,000.