General Electric Company (GE) Earns “Underweight” Rating from J P Morgan Chase & Co

J P Morgan Chase & Co restated their underweight rating on shares of General Electric Company (NYSE:GE) in a research report sent to investors on Thursday morning. The firm currently has a $22.00 price objective on the conglomerate’s stock.

GE has been the subject of a number of other research reports. UBS AG reaffirmed a buy rating and set a $31.00 price objective (down previously from $35.00) on shares of General Electric in a research report on Tuesday, July 25th. Deutsche Bank AG set a $24.00 price objective on shares of General Electric and gave the company a sell rating in a research report on Monday, May 29th. Citigroup Inc. reaffirmed a buy rating and set a $34.00 price objective (down previously from $36.00) on shares of General Electric in a research report on Monday, July 10th. Vetr downgraded shares of General Electric from a buy rating to a hold rating and set a $28.47 price objective for the company. in a research report on Thursday, May 11th. Finally, Goldman Sachs Group, Inc. (The) set a $29.00 price objective on shares of General Electric and gave the company a neutral rating in a research report on Friday, July 7th. Four analysts have rated the stock with a sell rating, eight have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. General Electric presently has a consensus rating of Hold and a consensus target price of $30.08.

Shares of General Electric (NYSE:GE) traded down 0.83% during midday trading on Thursday, hitting $23.82. 44,604,454 shares of the stock traded hands. General Electric has a one year low of $23.58 and a one year high of $32.38. The firm has a 50-day moving average price of $25.05 and a 200 day moving average price of $27.80. The stock has a market cap of $206.23 billion, a price-to-earnings ratio of 29.01 and a beta of 1.22.

General Electric (NYSE:GE) last announced its quarterly earnings data on Friday, July 21st. The conglomerate reported $0.28 earnings per share for the quarter, beating 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 in the prior year, the firm earned $0.51 EPS. The company’s revenue for the quarter was down 11.8% compared to the same quarter last year. Analysts anticipate that General Electric will post $1.56 earnings per share for the current year.

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The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 25th. Investors of record on Monday, September 18th will be issued a $0.24 dividend. 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 4.03%. General Electric’s payout ratio is currently 118.52%.

In related news, Vice Chairman Elizabeth J. Comstock sold 24,693 shares of the business’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 sale, the insider now directly owns 175,717 shares in the company, valued at approximately $4,507,141.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James S. Tisch bought 100,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 22nd. The stock was acquired at an average price of $24.56 per share, for a total transaction of $2,456,000.00. The disclosure for this purchase can be found here. Insiders purchased a total of 233,253 shares of company stock worth $5,860,264 over the last quarter. Insiders own 0.36% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Intl Fcstone Inc. raised its holdings in shares of General Electric by 163.2% in the 2nd quarter. Intl Fcstone Inc. now owns 38,320 shares of the conglomerate’s stock worth $1,035,000 after purchasing an additional 23,760 shares in the last quarter. M Holdings Securities Inc. raised its holdings in shares of General Electric by 21.6% during the second quarter. M Holdings Securities Inc. now owns 136,875 shares of the conglomerate’s stock valued at $3,697,000 after acquiring an additional 24,344 shares during the period. Griffin Asset Management Inc. acquired a new stake in shares of General Electric during the second quarter valued at approximately $7,973,000. Kimelman & Baird LLC raised its holdings in shares of General Electric by 0.3% during the second quarter. Kimelman & Baird LLC now owns 910,162 shares of the conglomerate’s stock valued at $24,583,000 after acquiring an additional 2,545 shares during the period. Finally, Sentry Investment Management LLC raised its holdings in shares of General Electric by 0.5% during the second quarter. Sentry Investment Management LLC now owns 698,585 shares of the conglomerate’s stock valued at $18,869,000 after acquiring an additional 3,225 shares during the period. Institutional investors and hedge funds own 54.78% of the company’s stock.

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