Bank of America Corporation reaffirmed their buy rating on shares of General Electric Company (NYSE:GE) in a research note issued to investors on Tuesday. The brokerage currently has a $23.00 price target on the conglomerate’s stock, down from their prior price target of $27.00.
A number of other research firms have also commented on GE. Stifel Nicolaus reissued a buy rating and issued a $26.00 price target on shares of General Electric in a research report on Thursday, October 12th. Morgan Stanley reissued an equal weight rating and issued a $26.00 price target (down from $27.00) on shares of General Electric in a research report on Monday, July 24th. J P Morgan Chase & Co lowered their price target on General Electric from $19.00 to $17.00 and set an underweight rating for the company in a research report on Wednesday, November 1st. Vetr raised General Electric from a strong sell rating to a sell rating and set a $21.74 price target for the company in a research report on Tuesday, October 10th. Finally, Citigroup Inc. set a $25.00 price target on General Electric and gave the company a buy rating in a research report on Tuesday. Six equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. General Electric currently has an average rating of Hold and an average target price of $24.84.
General Electric (NYSE:GE) opened at $18.21 on Tuesday. 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 has a 12-month low of $17.46 and a 12-month high of $32.38. The firm has a market capitalization of $158,270.00, a P/E ratio of 14.43, a PEG ratio of 1.95 and a beta of 1.11.
General Electric (NYSE:GE) last issued its earnings results on Friday, October 20th. The conglomerate reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.20). General Electric had a return on equity of 13.72% and a net margin of 6.08%. The firm had revenue of $33.47 billion for the quarter, compared to analyst estimates of $32.51 billion. During the same period in the previous year, the company earned $0.32 earnings per share. General Electric’s revenue for the quarter was up 11.5% compared to the same quarter last year. research analysts predict that General Electric will post 1.06 EPS for the current fiscal year.
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The company also recently declared a quarterly dividend, which was paid on Wednesday, October 25th. Stockholders of record on Monday, September 18th were paid a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, September 15th. This represents a $0.96 annualized dividend and a dividend yield of 5.27%. General Electric’s payout ratio is 111.63%.
In related news, Chairman John Leonard Flannery bought 60,000 shares of the business’s stock in a transaction on Wednesday, November 15th. The stock was acquired at an average price of $18.27 per share, for a total transaction of $1,096,200.00. Following the purchase, the chairman now directly owns 575,477 shares in the company, valued at $10,513,964.79. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Steven M. Mollenkopf bought 5,500 shares of the business’s stock in a transaction on 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 purchase, the director now owns 5,500 shares in the company, valued at $100,320. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 165,500 shares of company stock valued at $3,652,520. 0.36% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of GE. Country Trust Bank raised its holdings in shares of General Electric by 0.9% in the 1st quarter. Country Trust Bank now owns 1,313,695 shares of the conglomerate’s stock valued at $39,148,000 after acquiring an additional 11,408 shares in the last quarter. Boyd Watterson Asset Management LLC OH raised its holdings in shares of General Electric by 13.2% in the 1st quarter. Boyd Watterson Asset Management LLC OH now owns 65,017 shares of the conglomerate’s stock valued at $1,938,000 after acquiring an additional 7,573 shares in the last quarter. Guardian Investment Management raised its holdings in shares of General Electric by 11.4% in the 1st quarter. Guardian Investment Management now owns 137,715 shares of the conglomerate’s stock valued at $3,535,000 after acquiring an additional 14,111 shares in the last quarter. Van Cleef Asset Management Inc raised its holdings in shares of General Electric by 0.7% in the 1st quarter. Van Cleef Asset Management Inc now owns 118,981 shares of the conglomerate’s stock valued at $3,546,000 after acquiring an additional 834 shares in the last quarter. Finally, Mn Services Vermogensbeheer B.V. raised its holdings in shares of General Electric by 1.5% in the 1st quarter. Mn Services Vermogensbeheer B.V. now owns 236,437 shares of the conglomerate’s stock valued at $6,588,000 after acquiring an additional 3,467 shares in the last quarter. Institutional investors and hedge funds own 54.29% of the company’s stock.
About General Electric
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