General Electric (NYSE:GE) Stock Price Down 2.3% – What’s Next?

General Electric (NYSE:GE)’s stock price dropped 2.3% on Thursday . The company traded as low as $170.51 and last traded at $170.58. Approximately 1,198,876 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 6,321,203 shares. The stock had previously closed at $174.64.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on GE shares. StockNews.com cut shares of General Electric from a “buy” rating to a “hold” rating in a research report on Monday, July 29th. Wells Fargo & Company raised their price target on shares of General Electric from $205.00 to $210.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. UBS Group upped their price objective on General Electric from $223.00 to $230.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Sanford C. Bernstein lifted their target price on General Electric from $201.00 to $225.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. Finally, Royal Bank of Canada cut their price target on General Electric from $210.00 to $200.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 23rd. Two investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $200.93.

General Electric Stock Down 0.0 %

The firm has a market capitalization of $185.83 billion, a P/E ratio of 30.18, a PEG ratio of 1.72 and a beta of 1.18. The firm’s 50-day moving average is $180.20 and its 200 day moving average is $169.01. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.85 and a current ratio of 1.13.

General Electric (NYSE:GE) last issued its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.15 EPS for the quarter, beating the consensus estimate of $1.13 by $0.02. General Electric had a return on equity of 18.93% and a net margin of 11.48%. The firm had revenue of $9.84 billion during the quarter, compared to analysts’ expectations of $9.02 billion. During the same period in the prior year, the firm posted $0.82 earnings per share. The business’s quarterly revenue was up 5.8% compared to the same quarter last year. As a group, equities research analysts predict that General Electric will post 4.22 EPS for the current fiscal year.

General Electric Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 25th. Stockholders of record on Thursday, September 26th were paid a dividend of $0.28 per share. The ex-dividend date was Thursday, September 26th. This represents a $1.12 annualized dividend and a dividend yield of 0.65%. General Electric’s dividend payout ratio is presently 19.68%.

Institutional Trading of General Electric

Hedge funds have recently made changes to their positions in the business. Norden Group LLC acquired a new stake in shares of General Electric during the 1st quarter worth about $3,044,000. Ashton Thomas Private Wealth LLC lifted its holdings in General Electric by 3.1% during the 1st quarter. Ashton Thomas Private Wealth LLC now owns 3,975 shares of the conglomerate’s stock worth $698,000 after purchasing an additional 118 shares during the last quarter. Diversify Advisory Services LLC bought a new stake in General Electric in the 1st quarter valued at $288,000. Prosperity Consulting Group LLC acquired a new position in shares of General Electric in the first quarter valued at about $300,000. Finally, Janney Montgomery Scott LLC grew its position in shares of General Electric by 11.4% during the 1st quarter. Janney Montgomery Scott LLC now owns 136,942 shares of the conglomerate’s stock worth $24,038,000 after purchasing an additional 14,018 shares in the last quarter. 74.77% of the stock is owned by institutional investors and hedge funds.

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.