Bank of America Reaffirms “Buy” Rating for General Electric (NYSE:GE)

General Electric (NYSE:GE)‘s stock had its “buy” rating reaffirmed by Bank of America in a report released on Tuesday, November 14th. They currently have a $23.00 target price on the conglomerate’s stock, down from their prior target price of $27.00. Bank of America’s price objective would suggest a potential upside of 28.64% from the stock’s current price.

GE has been the topic of several other research reports. Morgan Stanley reaffirmed an “equal weight” rating and issued a $27.00 target price on shares of General Electric in a research note on Monday, July 17th. Cowen reaffirmed a “hold” rating and issued a $27.00 target price on shares of General Electric in a research note on Monday, July 17th. Credit Suisse Group reaffirmed an “outperform” rating and issued a $33.00 target price on shares of General Electric in a research note on Saturday, July 22nd. Goldman Sachs Group set a $27.00 price target on shares of General Electric and gave the company a “neutral” rating in a research report on Monday, July 24th. Finally, J P Morgan Chase & Co set a $22.00 price target on shares of General Electric and gave the company a “sell” rating in a research report on Monday, July 24th. Six research analysts have rated the stock with a sell rating, seven have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. General Electric has a consensus rating of “Hold” and a consensus price target of $24.31.

General Electric (NYSE GE) traded down $0.41 during trading hours on Tuesday, reaching $17.88. 82,017,768 shares of the company traded hands, compared to its average volume of 85,478,192. The firm has a market cap of $155,056.88, a PE ratio of 14.42, a P/E/G ratio of 1.94 and a beta of 1.07. General Electric has a 1 year low of $17.46 and a 1 year high of $32.38. The company has a current ratio of 1.86, a quick ratio of 1.53 and a debt-to-equity ratio of 1.14.

General Electric (NYSE:GE) last announced its earnings results on Friday, October 20th. The conglomerate reported $0.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.20). The firm had revenue of $33.47 billion for the quarter, compared to analyst estimates of $32.51 billion. General Electric had a return on equity of 13.72% and a net margin of 6.08%. The company’s revenue for the quarter was up 11.5% compared to the same quarter last year. During the same quarter last year, the business earned $0.32 EPS. research analysts forecast that General Electric will post 1.07 EPS for the current fiscal year.

In other General Electric news, Director Steven M. Mollenkopf bought 5,500 shares of General Electric stock in a transaction dated Thursday, November 16th. The stock was bought at an average price of $18.24 per share, with a total value of $100,320.00. Following the completion of the transaction, the director now owns 5,500 shares in the company, valued at approximately $100,320. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman John Leonard Flannery bought 60,000 shares of General Electric stock in a transaction dated Wednesday, November 15th. The stock was acquired at an average cost of $18.27 per share, with a total value of $1,096,200.00. Following the transaction, the chairman now owns 575,477 shares of the company’s stock, valued at approximately $10,513,964.79. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 120,500 shares of company stock valued at $2,183,220. Company insiders own 0.36% of the company’s stock.

Several institutional investors have recently made changes to their positions in the company. Ullmann Financial Group Inc. acquired a new position in General Electric during the first quarter worth about $106,000. MPS Loria Financial Planners LLC acquired a new position in General Electric during the second quarter worth about $113,000. Ffcm LLC acquired a new position in General Electric during the second quarter worth about $114,000. PHH Investments Ltd. raised its stake in General Electric by 105.0% during the first quarter. PHH Investments Ltd. now owns 3,905 shares of the conglomerate’s stock worth $116,000 after acquiring an additional 2,000 shares in the last quarter. Finally, Corbenic Partners LLC raised its stake in General Electric by 15.7% during the second quarter. Corbenic Partners LLC now owns 5,340 shares of the conglomerate’s stock worth $144,000 after acquiring an additional 725 shares in the last quarter. 55.76% of the stock is owned by institutional investors.

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