General Electric Co. (GE) Upgraded to Strong-Buy by Vetr Inc.
General Electric Co. (NYSE:GE) was upgraded by Vetr from a “buy” rating to a “strong-buy” rating in a note issued to investors on Monday. The firm currently has a $32.35 price objective on the stock. Vetr‘s price objective would indicate a potential upside of 12.09% from the company’s previous close.
Other analysts have also recently issued reports about the stock. Stifel Nicolaus reaffirmed a “buy” rating and set a $34.00 target price on shares of General Electric in a report on Monday, June 27th. Credit Suisse Group AG reaffirmed a “buy” rating on shares of General Electric in a report on Saturday, July 9th. Citigroup Inc. reaffirmed a “buy” rating and set a $36.00 target price on shares of General Electric in a report on Monday, July 25th. TheStreet raised shares of General Electric from a “hold” rating to a “buy” rating in a report on Friday, July 22nd. Finally, Argus reaffirmed a “buy” rating and set a $36.00 target price on shares of General Electric in a report on Tuesday, July 26th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $32.78.
Shares of General Electric (NYSE:GE) traded down 0.76% on Monday, reaching $28.86. 33,981,885 shares of the company’s stock traded hands. General Electric has a 52-week low of $27.10 and a 52-week high of $33.00. The firm’s 50-day moving average is $30.25 and its 200-day moving average is $30.75. The stock has a market cap of $258.62 billion, a price-to-earnings ratio of 24.40 and a beta of 1.15.
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General Electric (NYSE:GE) last announced its earnings results on Friday, July 22nd. The company reported $0.51 EPS for the quarter, beating the Zacks’ consensus estimate of $0.46 by $0.05. General Electric had a net margin of 9.14% and a return on equity of 15.04%. The business earned $33.49 million during the quarter, compared to analysts’ expectations of $31.76 billion. During the same period in the prior year, the company earned $0.31 earnings per share. The firm’s revenue was up 14.6% on a year-over-year basis. Analysts anticipate that General Electric will post $1.50 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 25th. Shareholders 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 dividend on an annualized basis and a dividend yield of 3.19%. General Electric’s payout ratio is currently 77.97%.
In other news, Chairman Jeffrey R. Immelt purchased 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 26th. The stock was purchased at an average cost of $31.45 per share, with a total value of $1,572,500.00. Following the purchase, the chairman now owns 2,198,688 shares in the company, valued at $69,148,737.60. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.23% of the stock is currently owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the company. Rockefeller Financial Services Inc. boosted its position in General Electric by 7.0% in the second quarter. Rockefeller Financial Services Inc. now owns 318,258 shares of the company’s stock worth $10,019,000 after buying an additional 20,893 shares in the last quarter. Appleton Partners Inc. MA boosted its position in General Electric by 3.1% in the second quarter. Appleton Partners Inc. MA now owns 265,352 shares of the company’s stock worth $8,353,000 after buying an additional 7,908 shares in the last quarter. Charter Trust Co. boosted its position in General Electric by 1.5% in the second quarter. Charter Trust Co. now owns 1,235,479 shares of the company’s stock worth $38,893,000 after buying an additional 18,811 shares in the last quarter. GWM Advisors LLC boosted its position in General Electric by 506.3% in the second quarter. GWM Advisors LLC now owns 50,829 shares of the company’s stock worth $1,595,000 after buying an additional 42,445 shares in the last quarter. Finally, Abner Herrman & Brock LLC boosted its position in General Electric by 9.0% in the second quarter. Abner Herrman & Brock LLC now owns 354,721 shares of the company’s stock worth $11,426,000 after buying an additional 29,308 shares in the last quarter. 55.81% of the stock is owned by hedge funds and other institutional investors.
About General Electric
To view Vetr’s full report, visit Vetr’s official website.
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