Investors Sell Shares of General Electric Co. (GE) on Strength (GE)
Investors sold shares of General Electric Co. (NYSE:GE) on strength during trading on Thursday. $117.61 million flowed into the stock on the tick-up and $152.02 million flowed out of the stock on the tick-down, for a money net flow of $34.41 million out of the stock. Of all stocks tracked, General Electric had the 0th highest net out-flow for the day. General Electric traded up $0.27 for the day and closed at $32.63
GE has been the topic of a number of recent analyst reports. Credit Suisse Group AG reaffirmed an “outperform” rating and set a $34.00 price target on shares of General Electric in a research note on Thursday, March 17th. Vetr downgraded shares of General Electric from a “buy” rating to a “hold” rating and set a $32.91 price target on the stock. in a research note on Thursday, March 31st. Stifel Nicolaus reaffirmed a “buy” rating and set a $34.00 price target on shares of General Electric in a research note on Friday, April 1st. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $33.00 price target on shares of General Electric in a research note on Friday, April 1st. Finally, Berenberg Bank downgraded shares of General Electric from a “buy” rating to a “hold” rating and increased their price target for the stock from $33.00 to $34.00 in a research note on Monday, April 4th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and ten have assigned a buy rating to the company. General Electric presently has a consensus rating of “Hold” and an average price target of $32.88.
The stock has a 50-day moving average price of $30.78 and a 200-day moving average price of $30.13. The firm has a market cap of $300.05 billion and a P/E ratio of 44.21.
General Electric (NYSE:GE) last issued its quarterly earnings results on Friday, April 22nd. The company reported $0.21 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.19 by $0.02. The company had revenue of $27.60 billion for the quarter, compared to analyst estimates of $27.67 billion. During the same quarter last year, the company earned $0.20 EPS. The firm’s quarterly revenue was up 6.4% on a year-over-year basis. Analysts anticipate that General Electric Co. will post $1.50 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, July 25th. Shareholders of record on Monday, June 20th will be given a dividend of $0.23 per share. The ex-dividend date of this dividend is Thursday, June 16th. This represents a $0.92 dividend on an annualized basis and a yield of 2.82%.
In other General Electric news, CEO Jeffrey R. Immelt bought 67,600 shares of the business’s stock in a transaction on Friday, May 20th. The shares were bought 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 transaction was disclosed in a legal filing with the SEC, which is available through this link.
Other hedge funds and institutional investors have added to or reduced their stakes in the company. Buckingham Capital Management Inc. increased its position in General Electric by 3.6% in the third quarter. Buckingham Capital Management Inc. now owns 179,622 shares of the company’s stock worth $4,530,000 after buying an additional 6,325 shares during the last quarter. Toth Financial increased its position in General Electric by 1.7% in the fourth quarter. Toth Financial now owns 282,981 shares of the company’s stock worth $8,815,000 after buying an additional 4,756 shares during the last quarter. Finally, Jennison Associates acquired a new position in General Electric during the third quarter worth about $35,297,000.
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