JPMorgan Chase & Co. Reaffirms “Sell” Rating for General Electric (GE)
JPMorgan Chase & Co. reaffirmed their sell rating on shares of General Electric (NYSE:GE) in a research note issued to investors on Monday. The firm currently has a price target on the conglomerate’s stock.
A number of other equities research analysts also recently issued reports on GE. Vetr downgraded shares of General Electric from a strong-buy rating to a buy rating and set a $21.08 price objective for the company. in a research report on Wednesday, January 10th. Morgan Stanley downgraded shares of General Electric from an equal weight rating to an underweight rating and set a $22.00 price objective for the company. in a research report on Monday, October 23rd. Stifel Nicolaus downgraded shares of General Electric from a buy rating to a hold rating and reduced their price objective for the stock from $26.00 to $22.00 in a research report on Tuesday, October 24th. Argus reduced their price objective on shares of General Electric from $30.00 to $27.00 and set a buy rating for the company in a research report on Monday, September 18th. Finally, Goldman Sachs Group set a $23.00 price objective on shares of General Electric and gave the stock a hold rating in a research report on Tuesday, October 17th. Six analysts have rated the stock with a sell rating, nine have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus target price of $22.94.
Shares of General Electric (NYSE GE) opened at $16.77 on Monday. The company has a debt-to-equity ratio of 1.14, a current ratio of 1.86 and a quick ratio of 1.53. General Electric has a fifty-two week low of $16.76 and a fifty-two week high of $31.34. The firm has a market cap of $145,430.00, a PE ratio of 19.50, a P/E/G ratio of 2.05 and a beta of 1.07.
General Electric (NYSE:GE) last posted its earnings results on Friday, October 20th. The conglomerate reported $0.29 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.49 by ($0.20). General Electric had a return on equity of 13.72% and a net margin of 6.08%. The business had revenue of $33.47 billion during the quarter, compared to analyst estimates of $32.51 billion. During the same quarter in the prior year, the company earned $0.32 EPS. The company’s revenue was up 11.5% on a year-over-year basis. analysts expect that General Electric will post 1.07 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, January 25th. Stockholders of record on Wednesday, December 27th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.86%. The ex-dividend date is Tuesday, December 26th. General Electric’s dividend payout ratio is currently 55.81%.
In related news, Chairman John Leonard Flannery bought 60,000 shares of General Electric stock in a transaction dated Wednesday, November 15th. The stock was purchased at an average cost of $18.27 per share, with a total value of $1,096,200.00. Following the transaction, the chairman now directly owns 575,477 shares of the company’s stock, valued at $10,513,964.79. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Francisco Dsouza acquired 55,000 shares of the business’s stock in a transaction that occurred on Monday, November 20th. The stock was acquired at an average cost of $17.94 per share, with a total value of $986,700.00. The disclosure for this purchase can be found here. Insiders have bought a total of 120,500 shares of company stock valued at $2,183,220 over the last three months. Insiders own 0.36% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. MPS Loria Financial Planners LLC bought a new position in General Electric in the 2nd quarter worth approximately $113,000. Ffcm LLC bought a new position in General Electric in the 2nd quarter worth approximately $114,000. Corbenic Partners LLC boosted its holdings in 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 period. Bristlecone Advisors LLC purchased a new stake in General Electric in the 3rd quarter worth approximately $164,000. Finally, KCS Wealth Advisory purchased a new stake in General Electric in the 4th quarter worth approximately $183,000. 55.64% of the stock is owned by institutional investors.
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About General Electric
General Electric Company is a global digital industrial company. The Company’s products and services range from aircraft engines, power generation, and oil and gas production equipment to medical imaging, financing and industrial products. Its segments include Power, which includes products and services related to energy production; Renewable Energy, which offers renewable power sources; Oil & Gas, including liquefied natural gas and pipelines; Aviation, which includes commercial and military aircraft engines, and integrated digital components, among others; Healthcare, which provides healthcare technologies in medical imaging, digital solutions, patient monitoring and diagnostics, and drug discovery, among others; Transportation, which is a supplier to the railroad, mining, marine, stationary power and drilling industries; Energy Connections & Lighting, which includes Energy Connections and Lighting businesses, and Capital, which is a financial services division.
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