Investors Sell Shares of General Electric Co. (GE) on Strength Following Analyst Downgrade
Investors sold shares of General Electric Co. (NYSE:GE) on strength during trading on Tuesday after Citigroup lowered their price target on the stock from $36.00 to $35.00. $87.83 million flowed into the stock on the tick-up and $166.90 million flowed out of the stock on the tick-down, for a money net flow of $79.07 million out of the stock. Of all equities tracked, General Electric had the 2nd highest net out-flow for the day. General Electric traded up $0.06 for the day and closed at $28.92
A number of other research firms also recently commented on GE. Vetr upgraded shares of General Electric from a “sell” rating to a “hold” rating and set a $31.67 price objective for the company in a research note on Thursday, July 21st. Standpoint Research assumed coverage on shares of General Electric in a research note on Friday, July 22nd. They set a “sell” rating and a $26.00 price objective for the company. Zacks Investment Research upgraded shares of General Electric from a “sell” rating to a “hold” rating in a research note on Wednesday, July 13th. Credit Suisse Group AG restated a “buy” rating on shares of General Electric in a research note on Saturday, July 9th. Finally, Goldman Sachs Group Inc. increased their price objective on shares of General Electric from $29.00 to $30.00 and gave the stock a “neutral” rating in a research note on Monday, July 25th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $32.93.
In related news, Chairman Jeffrey R. Immelt bought 50,000 shares of the business’s stock in a transaction on Tuesday, July 26th. The shares were purchased at an average price of $31.45 per share, for a total transaction of $1,572,500.00. Following the completion of the transaction, the chairman now directly owns 2,198,688 shares of the company’s stock, valued at approximately $69,148,737.60. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.23% of the stock is currently owned by company insiders.
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Hedge funds have recently modified their holdings of the stock. Catamount Wealth Management raised its position in shares of General Electric by 35.3% in the first quarter. Catamount Wealth Management now owns 3,451 shares of the company’s stock worth $110,000 after buying an additional 901 shares during the period. 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 worth $141,000 after buying an additional 19 shares during the period. Global X Management Co. LLC raised its position in shares of General Electric by 58.6% in the second quarter. Global X Management Co. LLC now owns 5,058 shares of the company’s stock worth $159,000 after buying an additional 1,868 shares during the period. James Investment Research Inc. raised its position in shares of General Electric by 2.6% in the second quarter. James Investment Research Inc. now owns 5,850 shares of the company’s stock worth $184,000 after buying an additional 150 shares during the period. Finally, Balentine LLC raised its position in shares of General Electric by 62.2% in the second quarter. Balentine LLC now owns 5,936 shares of the company’s stock worth $187,000 after buying an additional 2,277 shares during the period. Hedge funds and other institutional investors own 55.81% of the company’s stock.
The firm has a market cap of $259.16 billion, a P/E ratio of 24.45 and a beta of 1.15. The company has a 50-day moving average price of $30.25 and a 200 day moving average price of $30.75.
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. Equities research analysts forecast that General Electric Co. will post $1.50 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 25th. Investors of record on Monday, September 19th will be issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 3.18%. The ex-dividend date of this dividend is Thursday, September 15th. General Electric’s dividend payout ratio (DPR) is presently 77.97%.
General Electric Company Profile
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