General Electric Co. (GE) Price Target Lowered to $35.00 at Citigroup Inc.
General Electric Co. (NYSE:GE) had its price target decreased by equities researchers at Citigroup Inc. from $36.00 to $35.00 in a note issued to investors on Monday. The brokerage presently has a “buy” rating on the stock. Citigroup Inc.’s price objective would suggest a potential upside of 20.36% from the company’s current price.
A number of other brokerages have also commented on GE. Vetr raised shares of General Electric from a “sell” rating to a “hold” rating and set a $31.67 price target on the stock in a report on Thursday, July 21st. Standpoint Research assumed coverage on shares of General Electric in a report on Friday, July 22nd. They issued a “sell” rating and a $26.00 price target on the stock. Zacks Investment Research raised shares of General Electric from a “sell” rating to a “hold” rating in a report on Wednesday, July 13th. Credit Suisse Group AG reissued a “buy” rating on shares of General Electric in a report on Saturday, July 9th. Finally, Goldman Sachs Group Inc. increased their price target on shares of General Electric from $29.00 to $30.00 and gave the stock a “neutral” rating in a report on Monday, July 25th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and twelve have given a buy rating to the stock. General Electric currently has a consensus rating of “Hold” and a consensus price target of $32.76.
Shares of General Electric (NYSE:GE) traded down 0.69% during mid-day trading on Monday, reaching $28.88. 20,867,192 shares of the company’s stock were exchanged. The firm has a market cap of $258.80 billion, a P/E ratio of 24.41 and a beta of 1.15. General Electric has a 52-week low of $27.10 and a 52-week high of $33.00. The company has a 50 day moving average price of $30.31 and a 200 day moving average price of $30.77.
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General Electric (NYSE:GE) last posted its earnings results on Friday, July 22nd. The company reported $0.51 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.46 by $0.05. The business had revenue of $33.49 million for the quarter, compared to analyst estimates of $31.76 billion. General Electric had a net margin of 9.14% and a return on equity of 15.04%. General Electric’s revenue was up 14.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.31 EPS. Analysts forecast that General Electric will post $1.50 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 25th. Investors of record on Monday, September 19th will be paid a $0.23 dividend. The ex-dividend date of this dividend is Thursday, September 15th. This represents a $0.92 annualized dividend and a dividend yield of 3.16%. General Electric’s payout ratio is 77.97%.
In other General Electric news, Chairman Jeffrey R. Immelt purchased 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 26th. The stock was bought at an average cost of $31.45 per share, for a total transaction of $1,572,500.00. Following the purchase, the chairman now directly owns 2,198,688 shares in the company, valued at $69,148,737.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.23% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. Cable Hill Partners LLC raised its position in shares of General Electric by 0.4% in the second quarter. Cable Hill Partners LLC now owns 4,447 shares of the company’s stock valued at $141,000 after buying an additional 19 shares during the last quarter. Horizon Investments LLC raised its stake in General Electric by 0.5% in the second quarter. Horizon Investments LLC now owns 7,832 shares of the company’s stock worth $247,000 after buying an additional 36 shares in the last quarter. Financial Management Professionals Inc. raised its stake in General Electric by 0.5% in the second quarter. Financial Management Professionals Inc. now owns 8,721 shares of the company’s stock worth $274,000 after buying an additional 46 shares in the last quarter. Barry Investment Advisors LLC raised its stake in General Electric by 0.7% in the second quarter. Barry Investment Advisors LLC now owns 6,871 shares of the company’s stock worth $216,000 after buying an additional 50 shares in the last quarter. Finally, Allegis Investment Advisors LLC raised its stake in General Electric by 0.5% in the second quarter. Allegis Investment Advisors LLC now owns 11,430 shares of the company’s stock worth $349,000 after buying an additional 59 shares in the last quarter. Institutional investors own 55.81% of the company’s stock.
About General Electric
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