General Electric (GE) Sets New 12-Month Low at $7.53
General Electric (NYSE:GE) shares reached a new 52-week low on Tuesday . The company traded as low as $7.53 and last traded at $7.66, with a volume of 2331942 shares trading hands. The stock had previously closed at $7.84.
A number of research firms have recently weighed in on GE. Royal Bank of Canada set a $13.00 price objective on General Electric and gave the company a “buy” rating in a research report on Tuesday. UBS Group cut General Electric to an “add” rating and set a $23.00 price objective on the stock. in a research report on Tuesday, October 2nd. Cowen reaffirmed a “hold” rating and set a $14.50 price objective on shares of General Electric in a research report on Monday, October 1st. JPMorgan Chase & Co. reaffirmed an “underweight” rating on shares of General Electric in a research report on Tuesday, July 24th. Finally, Deutsche Bank set a $15.00 price objective on General Electric and gave the company a “hold” rating in a research report on Monday, July 23rd. Five investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $14.22.
The company has a market cap of $69.63 billion, a PE ratio of 7.29, a P/E/G ratio of 2.27 and a beta of 0.95. The company has a debt-to-equity ratio of 2.03, a current ratio of 1.66 and a quick ratio of 1.36.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 25th. Shareholders of record on Monday, September 17th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 6.27%. The ex-dividend date was Friday, September 14th. General Electric’s payout ratio is 45.71%.
In other news, Chairman H Lawrence Culp, Jr. acquired 225,000 shares of General Electric stock in a transaction on Thursday, November 1st. The shares were acquired at an average price of $9.73 per share, with a total value of $2,189,250.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Francisco Dsouza acquired 60,000 shares of General Electric stock in a transaction on Wednesday, November 14th. The stock was purchased at an average cost of $8.32 per share, for a total transaction of $499,200.00. Following the purchase, the director now owns 151,500 shares in the company, valued at $1,260,480. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 295,000 shares of company stock worth $2,783,250. Corporate insiders own 1.12% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the business. Fusion Family Wealth LLC boosted its holdings in shares of General Electric by 153.3% in the 2nd quarter. Fusion Family Wealth LLC now owns 8,264 shares of the conglomerate’s stock worth $112,000 after purchasing an additional 5,002 shares during the period. Psagot Investment House Ltd. boosted its holdings in shares of General Electric by 2,862.2% in the 3rd quarter. Psagot Investment House Ltd. now owns 10,190 shares of the conglomerate’s stock worth $115,000 after purchasing an additional 9,846 shares during the period. Mount Yale Investment Advisors LLC purchased a new position in shares of General Electric in the 1st quarter worth approximately $116,000. Beech Hill Advisors Inc. purchased a new position in shares of General Electric in the 3rd quarter worth approximately $119,000. Finally, Archford Capital Strategies LLC purchased a new position in shares of General Electric in the 1st quarter worth approximately $121,000. 54.25% of the stock is currently owned by institutional investors and hedge funds.
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About General Electric (NYSE:GE)
General Electric Company operates as a digital industrial company worldwide. It operates through Power, Renewable Energy, Oil & Gas, Aviation, Healthcare, Transportation, Lighting, and Capital segments. The Power segment offers technologies, solutions, and services related to energy production, including gas and steam turbines, engines, generators, and high voltage equipment; and power generation services and digital solutions.
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