Citigroup Inc. restated their buy rating on shares of General Electric Company (NYSE:GE) in a research report report published on Monday, July 10th. They currently have a $34.00 target price on the conglomerate’s stock, down from their prior target price of $36.00.
Several other brokerages have also recently issued reports on GE. J P Morgan Chase & Co set a $29.00 price objective on General Electric and gave the stock a sell rating in a research note on Tuesday, March 14th. Barclays PLC restated an overweight rating and set a $36.00 price objective on shares of General Electric in a research note on Monday, March 20th. Zacks Investment Research upgraded General Electric from a sell rating to a hold rating in a research note on Monday, March 20th. Royal Bank Of Canada reiterated a positive rating on shares of General Electric in a research note on Wednesday, March 22nd. Finally, BMO Capital Markets reiterated a hold rating on shares of General Electric in a research note on Thursday, March 23rd. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of Hold and a consensus price target of $30.08.
General Electric (NYSE GE) traded down 0.27% during mid-day trading on Monday, hitting $25.56. 27,002,915 shares of the stock were exchanged. The stock has a market cap of $221.30 billion, a PE ratio of 31.13 and a beta of 1.21. General Electric has a 52-week low of $25.26 and a 52-week high of $32.38. The stock’s 50 day moving average is $26.94 and its 200 day moving average is $28.78.
General Electric (NYSE:GE) last released its quarterly earnings results on Friday, July 21st. The conglomerate reported $0.28 earnings per share for the quarter, topping analysts’ consensus estimates of $0.25 by $0.03. General Electric had a net margin of 6.45% and a return on equity of 14.59%. The business had revenue of $29.56 billion during the quarter, compared to the consensus estimate of $29.07 billion. During the same quarter last year, the company earned $0.51 earnings per share. The business’s quarterly revenue was down 11.8% compared to the same quarter last year. Analysts forecast that General Electric will post $1.57 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 25th. Stockholders of record on Monday, June 19th were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.76%. The ex-dividend date of this dividend was Thursday, June 15th. General Electric’s dividend payout ratio is presently 118.52%.
In related news, Chairman Jeffrey R. Immelt purchased 100,000 shares of the firm’s stock in a transaction that occurred on Monday, May 15th. The shares were acquired at an average price of $28.07 per share, with a total value of $2,807,000.00. Following the purchase, the chairman now directly owns 2,561,926 shares in the company, valued at $71,913,262.82. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William G. Beattie purchased 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 17th. The stock was bought at an average cost of $27.70 per share, for a total transaction of $110,800.00. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 149,270 shares of company stock worth $4,113,059. 0.36% of the stock is currently owned by company insiders.
Several large investors have recently made changes to their positions in GE. Norges Bank acquired a new stake in shares of General Electric during the fourth quarter valued at about $2,383,193,000. Trustees of General Electric Pension Trust purchased a new position in General Electric during the fourth quarter worth about $1,038,590,000. Boston Partners increased its position in General Electric by 7,892.3% in the second quarter. Boston Partners now owns 14,228,611 shares of the conglomerate’s stock worth $384,315,000 after buying an additional 14,050,581 shares during the last quarter. Asset Management One Co. Ltd. boosted its position in shares of General Electric by 848.2% in the fourth quarter. Asset Management One Co. Ltd. now owns 15,458,705 shares of the conglomerate’s stock valued at $488,626,000 after buying an additional 13,828,422 shares during the period. Finally, State Street Corp boosted its position in shares of General Electric by 3.0% in the fourth quarter. State Street Corp now owns 357,567,340 shares of the conglomerate’s stock valued at $11,299,139,000 after buying an additional 10,321,746 shares during the period. Institutional investors own 54.29% of the company’s stock.
About General Electric
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