General Electric (NYSE:GE – Get Free Report)’s stock price fell 2.3% during trading on Thursday . The stock traded as low as $170.51 and last traded at $170.58. 1,198,876 shares were traded during mid-day trading, a decline of 81% from the average session volume of 6,321,203 shares. The stock had previously closed at $174.64.
Wall Street Analyst Weigh In
Several brokerages have commented on GE. Deutsche Bank Aktiengesellschaft raised their price target on shares of General Electric from $212.00 to $235.00 and gave the company a “buy” rating in a report on Thursday, October 3rd. StockNews.com downgraded shares of General Electric from a “buy” rating to a “hold” rating in a report on Monday, July 29th. UBS Group raised their price target on shares of General Electric from $223.00 to $230.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Sanford C. Bernstein raised their price target on shares of General Electric from $201.00 to $225.00 and gave the company an “outperform” rating in a report on Monday, October 14th. Finally, Bank of America lifted their price objective on shares of General Electric from $180.00 to $200.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Two research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $200.93.
Check Out Our Latest Analysis on General Electric
General Electric Stock Performance
General Electric (NYSE:GE – Get Free Report) last released its quarterly earnings data on Tuesday, October 22nd. The conglomerate reported $1.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.02. General Electric had a net margin of 11.48% and a return on equity of 18.93%. The firm had revenue of $9.84 billion for the quarter, compared to analysts’ expectations of $9.02 billion. During the same quarter in the previous year, the company earned $0.82 earnings per share. The company’s revenue for the quarter was up 5.8% compared to the same quarter last year. On average, equities research analysts predict that General Electric will post 4.2 EPS for the current fiscal year.
General Electric Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Thursday, September 26th were given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 0.65%. The ex-dividend date of this dividend was Thursday, September 26th. General Electric’s dividend payout ratio is currently 19.68%.
Hedge Funds Weigh In On General Electric
Several hedge funds and other institutional investors have recently modified their holdings of GE. Norden Group LLC purchased a new position in shares of General Electric during the first quarter valued at about $3,044,000. Cornerstone Wealth Management LLC boosted its stake in General Electric by 12.0% during the first quarter. Cornerstone Wealth Management LLC now owns 8,959 shares of the conglomerate’s stock worth $1,573,000 after acquiring an additional 963 shares in the last quarter. First Trust Direct Indexing L.P. boosted its stake in General Electric by 18.5% during the first quarter. First Trust Direct Indexing L.P. now owns 12,960 shares of the conglomerate’s stock worth $2,275,000 after acquiring an additional 2,024 shares in the last quarter. Veracity Capital LLC bought a new position in shares of General Electric in the first quarter worth approximately $243,000. Finally, FORVIS Wealth Advisors LLC lifted its stake in shares of General Electric by 3.9% in the first quarter. FORVIS Wealth Advisors LLC now owns 9,289 shares of the conglomerate’s stock worth $1,630,000 after buying an additional 352 shares in the last quarter. Hedge funds and other institutional investors own 74.77% of the company’s stock.
About General Electric
General Electric Company, doing business as GE Aerospace, designs and produces commercial and defense aircraft engines, integrated engine components, electric power, and mechanical aircraft systems. It also offers aftermarket services to support its products. The company operates in the United States, Europe, China, Asia, the Americas, the Middle East, and Africa.
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