Traders Buy Shares of General Electric Company (GE) on Weakness After Earnings Miss
Traders purchased shares of General Electric Company (NYSE:GE) on weakness during trading hours on Monday after the company announced weaker than expected quarterly earnings. $915.12 million flowed into the stock on the tick-up and $861.97 million flowed out of the stock on the tick-down, for a money net flow of $53.15 million into the stock. Of all equities tracked, General Electric had the 8th highest net in-flow for the day. General Electric traded down ($1.51) for the day and closed at $22.32The conglomerate reported $0.29 EPS for the quarter, missing the consensus estimate of $0.49 by ($0.20). General Electric had a return on equity of 10.18% and a net margin of 5.38%. The company had revenue of $33.47 billion during the quarter, compared to the consensus estimate of $32.51 billion. During the same quarter in the prior year, the business earned $0.32 EPS. The firm’s revenue for the quarter was up 11.5% compared to the same quarter last year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 25th. Shareholders of record on Monday, September 18th will be paid a $0.24 dividend. The ex-dividend date of this dividend is Friday, September 15th. This represents a $0.96 annualized dividend and a yield of 4.30%. General Electric’s dividend payout ratio is currently 120.00%.
Several research analysts have commented on the company. Morgan Stanley restated an “equal weight” rating and issued a $27.00 target price on shares of General Electric in a research note on Monday, July 17th. J P Morgan Chase & Co set a $22.00 target price on General Electric and gave the stock a “sell” rating in a research note on Tuesday, September 19th. Citigroup Inc. set a $28.00 target price on General Electric and gave the stock a “buy” rating in a research note on Monday. UBS AG downgraded General Electric from a “buy” rating to a “neutral” rating and cut their target price for the stock from $31.00 to $24.00 in a research note on Monday. 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. Five equities research analysts have rated the stock with a sell rating, seven have given a hold rating and ten have issued a buy rating to the company. General Electric has a consensus rating of “Hold” and an average price target of $26.51.
In other General Electric news, Vice Chairman Elizabeth J. Comstock sold 24,693 shares of General Electric stock in a transaction that occurred on Wednesday, August 9th. The stock was 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 of the company’s stock, valued at approximately $4,507,141.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO John Leonard Flannery purchased 103,983 shares of the firm’s stock in a transaction on Tuesday, August 8th. The stock was bought at an average cost of $25.56 per share, for a total transaction of $2,657,805.48. Following the completion of the purchase, the chief executive officer now directly owns 509,430 shares in the company, valued at $13,021,030.80. The disclosure for this purchase can be found here. 0.36% of the stock is owned by insiders.
A number of institutional investors have recently made changes to their positions in the business. Peak Financial Management Inc. increased its stake in General Electric by 0.3% in the 2nd quarter. Peak Financial Management Inc. now owns 9,284 shares of the conglomerate’s stock worth $251,000 after purchasing an additional 25 shares during the period. BerganKDV Wealth Management LLC increased its stake in General Electric by 0.3% in the 2nd quarter. BerganKDV Wealth Management LLC now owns 11,804 shares of the conglomerate’s stock worth $319,000 after purchasing an additional 36 shares during the period. Puplava Financial Services Inc. increased its stake in General Electric by 0.4% in the 2nd quarter. Puplava Financial Services Inc. now owns 11,209 shares of the conglomerate’s stock worth $303,000 after purchasing an additional 41 shares during the period. Cutter & CO Brokerage Inc. increased its stake in General Electric by 0.3% in the 2nd quarter. Cutter & CO Brokerage Inc. now owns 20,620 shares of the conglomerate’s stock worth $557,000 after purchasing an additional 67 shares during the period. Finally, Northwest Wealth Management LLC increased its stake in General Electric by 0.8% in the 2nd quarter. Northwest Wealth Management LLC now owns 9,392 shares of the conglomerate’s stock worth $254,000 after purchasing an additional 75 shares during the period. 54.67% of the stock is currently owned by institutional investors and hedge funds.
The company has a market cap of $193.25 billion, a price-to-earnings ratio of 27.19 and a beta of 1.19. The company has a 50-day moving average price of $24.11 and a 200 day moving average price of $26.55.
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