Traders Buy General Electric Company (GE) on Weakness
Traders bought shares of General Electric Company (NYSE:GE) on weakness during trading hours on Tuesday. $395.07 million flowed into the stock on the tick-up and $266.54 million flowed out of the stock on the tick-down, for a money net flow of $128.53 million into the stock. Of all stocks tracked, General Electric had the highest net in-flow for the day. General Electric traded down ($0.07) for the day and closed at $23.36
Several research firms have recently weighed in on GE. Stifel Nicolaus reaffirmed a “buy” rating and set a $26.00 price target on shares of General Electric in a research note on Thursday. Vetr raised shares of General Electric from a “strong sell” rating to a “sell” rating and set a $21.74 price target for the company in a research note on Tuesday. J P Morgan Chase & Co reaffirmed an “underweight” rating and set a $20.00 price target (down previously from $22.00) on shares of General Electric in a research note on Monday. Credit Suisse Group reaffirmed an “outperform” rating and set a $30.00 price target (down previously from $33.00) on shares of General Electric in a research note on Thursday, October 5th. Finally, Morgan Stanley decreased their price target on shares of General Electric from $26.00 to $25.00 and set an “equal weight” rating for the company in a research note on Monday, October 2nd. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating and ten have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $28.16.
The stock has a 50-day moving average of $24.33 and a 200-day moving average of $26.85. The stock has a market cap of $199.74 billion, a price-to-earnings ratio of 28.10 and a beta of 1.19.
General Electric (NYSE:GE) last announced its quarterly earnings data on Friday, July 21st. The conglomerate reported $0.28 earnings per share for the quarter, beating the Zacks’ 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 analyst estimates of $29.07 billion. During the same period last year, the business earned $0.51 EPS. The company’s revenue was down 11.8% on a year-over-year basis. On average, equities research analysts anticipate that General Electric Company will post $1.54 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 25th. Stockholders of record on Monday, September 18th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Friday, September 15th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 4.16%. General Electric’s payout ratio is 118.52%.
In other news, CEO John Leonard Flannery acquired 103,983 shares of General Electric stock in a transaction dated Tuesday, August 8th. The shares were acquired at an average cost of $25.56 per share, for a total transaction of $2,657,805.48. Following the acquisition, the chief executive officer now owns 509,430 shares of the company’s stock, valued at $13,021,030.80. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Alexander Dimitrief acquired 1,845 shares of General Electric stock in a transaction dated Monday, July 24th. The stock was purchased at an average price of $25.54 per share, for a total transaction of $47,121.30. Following the completion of the acquisition, the insider now directly owns 65,597 shares in the company, valued at approximately $1,675,347.38. The disclosure for this purchase can be found here. Insiders bought a total of 233,253 shares of company stock worth $5,860,264 over the last 90 days. Company insiders own 0.36% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the company. Ullmann Financial Group Inc. acquired a new stake in shares of General Electric in the 1st quarter valued at $106,000. Feltz Wealth PLAN Inc. acquired a new stake in shares of General Electric in the 1st quarter valued at $114,000. PHH Investments Ltd. raised 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 valued at $116,000 after purchasing an additional 2,000 shares in the last quarter. Ffcm LLC acquired a new stake in shares of General Electric in the 2nd quarter valued at $114,000. Finally, MPS Loria Financial Planners LLC acquired a new stake in shares of General Electric in the 2nd quarter valued at $113,000. Institutional investors and hedge funds own 54.69% of the company’s stock.
General Electric Company Profile
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