General Electric’s (GE) Buy Rating Reiterated at Royal Bank Of Canada
General Electric Company (NYSE:GE)‘s stock had its “buy” rating reaffirmed by Royal Bank Of Canada in a research report issued on Friday. They currently have a $31.00 price target on the conglomerate’s stock. Royal Bank Of Canada’s target price indicates a potential upside of 29.54% from the company’s current price.
Other analysts have also issued reports about the company. UBS AG reissued a “buy” rating and set a $31.00 price target (down from $35.00) on shares of General Electric in a research note on Tuesday, July 25th. Deutsche Bank AG set a $24.00 price objective on General Electric and gave the stock a “sell” rating in a research note on Monday, May 29th. Citigroup Inc. reaffirmed a “buy” rating and issued a $34.00 price objective (down from $36.00) on shares of General Electric in a research note on Monday, July 10th. Goldman Sachs Group, Inc. (The) set a $29.00 price objective on General Electric and gave the stock a “neutral” rating in a research note on Friday, July 7th. Finally, Vetr raised General Electric from a “hold” rating to a “buy” rating and set a $28.93 price objective on the stock in a research note on Wednesday, June 7th. Four analysts have rated the stock with a sell rating, eight have issued a hold rating and eleven have given a buy rating to the company’s stock. General Electric presently has a consensus rating of “Hold” and a consensus price target of $29.42.
General Electric (NYSE GE) traded down 0.37% during mid-day trading on Friday, hitting $23.93. 66,559,977 shares of the stock traded hands. General Electric has a 12-month low of $23.58 and a 12-month high of $32.38. The stock has a 50 day moving average price of $24.82 and a 200 day moving average price of $27.58. The firm has a market cap of $207.18 billion, a PE ratio of 29.15 and a beta of 1.22.
General Electric (NYSE:GE) last released its earnings results on Friday, July 21st. The conglomerate reported $0.28 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.25 by $0.03. General Electric had a return on equity of 14.59% and a net margin of 6.45%. The firm had revenue of $29.56 billion for the quarter, compared to analysts’ expectations of $29.07 billion. During the same quarter in the previous year, the business posted $0.51 earnings per share. The business’s revenue for the quarter was down 11.8% on a year-over-year basis. On average, analysts expect that General Electric will post $1.56 earnings per share for the current fiscal year.
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In other news, CEO John Leonard Flannery purchased 103,983 shares of the company’s stock in a transaction dated Tuesday, August 8th. The shares were purchased at an average price of $25.56 per share, with a total value of $2,657,805.48. Following the transaction, the chief executive officer now directly owns 509,430 shares of the company’s stock, valued at $13,021,030.80. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director James S. Tisch purchased 100,000 shares of the company’s stock in a transaction dated Tuesday, August 22nd. The shares were purchased at an average cost of $24.56 per share, for a total transaction of $2,456,000.00. The disclosure for this purchase can be found here. Insiders acquired a total of 233,253 shares of company stock valued at $5,860,264 in the last 90 days. Corporate insiders own 0.36% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Frontier Investment Mgmt Co. increased its stake in General Electric by 0.5% in the 2nd quarter. Frontier Investment Mgmt Co. now owns 556,128 shares of the conglomerate’s stock worth $15,021,000 after acquiring an additional 2,783 shares during the last quarter. W. E. Donoghue & Co. LLC bought a new position in General Electric in the 2nd quarter worth about $15,392,000. Intl Fcstone Inc. increased its stake in General Electric by 163.2% in the 2nd quarter. Intl Fcstone Inc. now owns 38,320 shares of the conglomerate’s stock worth $1,035,000 after acquiring an additional 23,760 shares during the last quarter. M Holdings Securities Inc. increased its stake in General Electric by 21.6% in the 2nd quarter. M Holdings Securities Inc. now owns 136,875 shares of the conglomerate’s stock worth $3,697,000 after acquiring an additional 24,344 shares during the last quarter. Finally, Griffin Asset Management Inc. bought a new position in General Electric in the 2nd quarter worth about $7,973,000. 54.78% of the stock is currently owned by institutional investors and hedge funds.
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