Traders Buy General Electric Company (GE) on Weakness
Traders bought shares of General Electric Company (NYSE:GE) on weakness during trading on Tuesday. $225.31 million flowed into the stock on the tick-up and $197.30 million flowed out of the stock on the tick-down, for a money net flow of $28.01 million into the stock. Of all companies tracked, General Electric had the 26th highest net in-flow for the day. General Electric traded down ($0.17) for the day and closed at $23.19
A number of equities analysts have weighed in on GE shares. Citigroup Inc. restated a “buy” rating and issued a $34.00 target price (down from $36.00) on shares of General Electric in a research note on Monday, July 10th. Vetr lowered General Electric from a “strong-buy” rating to a “buy” rating and set a $30.48 target price on the stock. in a research note on Tuesday, July 4th. Stifel Nicolaus decreased their target price on General Electric from $33.00 to $28.00 and set a “buy” rating on the stock in a research note on Tuesday, July 25th. UBS AG restated a “buy” rating and issued a $31.00 target price (down from $35.00) on shares of General Electric in a research note on Tuesday, July 25th. Finally, Royal Bank Of Canada restated a “buy” rating and issued a $31.00 target price on shares of General Electric in a research note on Friday, September 15th. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and ten have given a buy rating to the stock. General Electric has a consensus rating of “Hold” and a consensus target price of $27.93.
The firm has a market capitalization of $200.78 billion, a price-to-earnings ratio of 28.25 and a beta of 1.19. The firm has a 50 day moving average of $24.25 and a 200-day moving average of $26.74.
General Electric (NYSE:GE) last released its earnings results on Friday, July 21st. The conglomerate reported $0.28 EPS for the quarter, beating analysts’ consensus estimates of $0.25 by $0.03. The firm had revenue of $29.56 billion for the quarter, compared to analysts’ expectations of $29.07 billion. General Electric had a return on equity of 14.59% and a net margin of 6.45%. The company’s quarterly revenue was down 11.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.51 earnings per share. On average, equities analysts forecast that General Electric Company will post $1.53 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 25th. Stockholders of record on Monday, September 18th will be paid a dividend of $0.24 per share. 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 4.14%. General Electric’s dividend payout ratio is 118.52%.
In other General Electric news, Director James S. Tisch bought 100,000 shares of the business’s stock in a transaction dated Tuesday, August 22nd. The shares were purchased at an average price of $24.56 per share, with a total value of $2,456,000.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Vice Chairman Elizabeth J. Comstock sold 24,693 shares of the company’s stock in a transaction that occurred on Wednesday, August 9th. The shares were sold at an average price of $25.65, for a total value of $633,375.45. Following the transaction, the insider now directly owns 175,717 shares in the company, valued at approximately $4,507,141.05. The disclosure for this sale can be found here. In the last ninety days, insiders have bought 233,253 shares of company stock worth $5,860,264. Insiders own 0.36% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in shares of General Electric by 0.6% in the second quarter. Vanguard Group Inc. now owns 600,238,644 shares of the conglomerate’s stock valued at $16,212,445,000 after purchasing an additional 3,297,890 shares during the period. BlackRock Inc. boosted its holdings in shares of General Electric by 3.9% in the second quarter. BlackRock Inc. now owns 517,315,514 shares of the conglomerate’s stock valued at $13,972,691,000 after purchasing an additional 19,422,516 shares during the period. Capital World Investors boosted its holdings in shares of General Electric by 8.6% in the second quarter. Capital World Investors now owns 141,322,676 shares of the conglomerate’s stock valued at $3,817,125,000 after purchasing an additional 11,194,678 shares during the period. Capital Research Global Investors boosted its holdings in shares of General Electric by 18.6% in the second quarter. Capital Research Global Investors now owns 91,205,460 shares of the conglomerate’s stock valued at $2,463,459,000 after purchasing an additional 14,316,281 shares during the period. Finally, Franklin Resources Inc. boosted its holdings in shares of General Electric by 43.8% in the second quarter. Franklin Resources Inc. now owns 78,024,403 shares of the conglomerate’s stock valued at $2,107,438,000 after purchasing an additional 23,764,129 shares during the period. Hedge funds and other institutional investors own 54.67% of the company’s stock.
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About General Electric
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