General Electric (NYSE:GE) Trading 0.9% Higher – Here’s What Happened

General Electric (NYSE:GE) shares were up 0.9% during trading on Thursday . The company traded as high as $180.94 and last traded at $179.62. Approximately 1,298,745 shares were traded during trading, a decline of 79% from the average daily volume of 6,179,957 shares. The stock had previously closed at $177.98.

Analyst Upgrades and Downgrades

Several research analysts recently commented on GE shares. Citigroup boosted their price target on General Electric from $198.00 to $216.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. StockNews.com cut General Electric from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Bank of America boosted their price objective on General Electric from $180.00 to $200.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Royal Bank of Canada lowered their price objective on General Electric from $210.00 to $200.00 and set an “outperform” rating for the company in a report on Wednesday, October 23rd. Finally, Melius Research boosted their price objective on General Electric from $194.00 to $202.00 in a report on Tuesday, October 22nd. Two investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $200.93.

General Electric Price Performance

The firm has a market capitalization of $194.69 billion, a P/E ratio of 31.57, a price-to-earnings-growth ratio of 1.75 and a beta of 1.19. The business has a fifty day moving average of $182.98 and a 200-day moving average of $170.96. 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 data on Tuesday, October 22nd. The conglomerate reported $1.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.02. General Electric had a return on equity of 18.93% and a net margin of 11.48%. The business had revenue of $9.84 billion during the quarter, compared to analyst estimates of $9.02 billion. During the same period in the prior year, the company posted $0.82 EPS. The business’s revenue for the quarter was up 5.8% compared to the same quarter last year. On average, sell-side analysts forecast that General Electric will post 4.24 EPS for the current fiscal year.

General Electric Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Thursday, September 26th were given a $0.28 dividend. The ex-dividend date of this dividend was Thursday, September 26th. This represents a $1.12 dividend on an annualized basis and a yield of 0.62%. General Electric’s dividend payout ratio (DPR) is 19.68%.

Insiders Place Their Bets

In other news, SVP Riccardo Procacci sold 7,000 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $181.13, for a total transaction of $1,267,910.00. Following the completion of the sale, the senior vice president now owns 13,289 shares in the company, valued at approximately $2,407,036.57. This represents a 34.50 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Russell Stokes sold 15,550 shares of the stock in a transaction on Monday, November 18th. The shares were sold at an average price of $178.29, for a total value of $2,772,409.50. Following the sale, the senior vice president now owns 148,857 shares of the company’s stock, valued at $26,539,714.53. This trade represents a 9.46 % decrease in their position. The disclosure for this sale can be found here. 0.66% of the stock is currently owned by insiders.

Institutional Investors Weigh In On General Electric

A number of institutional investors and hedge funds have recently modified their holdings of GE. CreativeOne Wealth LLC lifted its holdings in shares of General Electric by 80.5% in the first quarter. CreativeOne Wealth LLC now owns 7,176 shares of the conglomerate’s stock valued at $1,260,000 after purchasing an additional 3,201 shares in the last quarter. EP Wealth Advisors LLC lifted its holdings in shares of General Electric by 11.9% in the first quarter. EP Wealth Advisors LLC now owns 19,130 shares of the conglomerate’s stock valued at $3,358,000 after purchasing an additional 2,036 shares in the last quarter. Axxcess Wealth Management LLC increased its stake in shares of General Electric by 33.8% in the first quarter. Axxcess Wealth Management LLC now owns 10,194 shares of the conglomerate’s stock worth $1,789,000 after acquiring an additional 2,575 shares during the last quarter. Advisors Asset Management Inc. increased its stake in shares of General Electric by 94.4% in the first quarter. Advisors Asset Management Inc. now owns 10,405 shares of the conglomerate’s stock worth $1,826,000 after acquiring an additional 5,054 shares during the last quarter. Finally, Cadence Bank acquired a new position in shares of General Electric in the first quarter worth $266,000. Institutional investors and hedge funds own 74.77% of the company’s stock.

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.