Investors Buy General Electric Company (GE) on Weakness
Traders bought shares of General Electric Company (NYSE:GE) on weakness during trading hours on Thursday. $429.97 million flowed into the stock on the tick-up and $294.11 million flowed out of the stock on the tick-down, for a money net flow of $135.86 million into the stock. Of all equities tracked, General Electric had the highest net in-flow for the day. General Electric traded down ($0.90) for the day and closed at $24.02
Several research analysts have weighed in on GE shares. Deutsche Bank AG downgraded General Electric from a “hold” rating to a “sell” rating and cut their price target for the company from $28.00 to $24.00 in a report on Friday, May 12th. TheStreet downgraded General Electric from a “b-” rating to a “c” rating in a report on Friday, May 19th. Credit Suisse Group lowered their price target on General Electric from $33.00 to $27.00 and set an “outperform” rating for the company in a report on Thursday, June 1st. They noted that the move was a valuation call. Vetr upgraded General Electric from a “hold” rating to a “buy” rating and set a $28.93 price target for the company in a report on Wednesday, June 7th. Finally, Cowen and Company reiterated a “market perform” rating and issued a $30.00 price target on shares of General Electric in a report on Tuesday, June 13th. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $30.08.
The company has a market capitalization of $206.23 billion, a P/E ratio of 29.01 and a beta of 1.22. The firm has a 50-day moving average price of $25.05 and a 200 day moving average price of $27.80.
General Electric (NYSE:GE) last posted its earnings results on Friday, July 21st. The conglomerate reported $0.28 EPS for the quarter, topping the consensus estimate of $0.25 by $0.03. General Electric had a net margin of 6.45% and a return on equity of 14.59%. The business had revenue of $29.56 billion for the quarter, compared to the consensus estimate of $29.07 billion. During the same period last year, the company earned $0.51 EPS. The firm’s revenue was down 11.8% compared to the same quarter last year. On average, analysts anticipate that General Electric Company will post $1.56 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 25th. Shareholders of record on Monday, September 18th will be issued a dividend of $0.24 per share. The ex-dividend date is Friday, September 15th. This represents a $0.96 annualized dividend and a yield of 4.03%. General Electric’s payout ratio is 118.52%.
In other General Electric news, insider Alexander Dimitrief purchased 1,845 shares of the firm’s stock in a transaction on Monday, July 24th. The stock was acquired at an average price of $25.54 per share, for a total transaction of $47,121.30. Following the purchase, the insider now owns 65,597 shares of the company’s stock, valued at approximately $1,675,347.38. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO John Leonard Flannery purchased 103,983 shares of the firm’s stock in a transaction on Tuesday, August 8th. The shares were acquired at an average price of $25.56 per share, with a total value of $2,657,805.48. Following the purchase, the chief executive officer now directly owns 509,430 shares in the company, valued at approximately $13,021,030.80. The disclosure for this purchase can be found here. Insiders bought a total of 233,253 shares of company stock valued at $5,860,264 in the last quarter. 0.36% of the stock is currently owned by company insiders.
A number of hedge funds have recently made changes to their positions in the business. Ullmann Financial Group Inc. purchased a new position in General Electric during the 1st quarter worth $106,000. Feltz Wealth PLAN Inc. purchased a new position in shares of General Electric in the 1st quarter worth about $114,000. Ffcm LLC purchased a new position in shares of General Electric in the 2nd quarter worth about $114,000. PHH Investments Ltd. boosted its holdings in shares of General Electric by 105.0% in the 1st quarter. PHH Investments Ltd. now owns 3,905 shares of the conglomerate’s stock worth $116,000 after buying an additional 2,000 shares during the last quarter. Finally, Corbenic Partners LLC boosted its holdings in shares of General Electric by 15.7% in the 2nd quarter. Corbenic Partners LLC now owns 5,340 shares of the conglomerate’s stock worth $144,000 after buying an additional 725 shares during the last quarter. Institutional investors and hedge funds own 54.78% of the company’s stock.
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About General Electric
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