General Electric Company (NYSE:GE) Posts Quarterly Earnings Results, Beats Expectations By $0.03 EPS
General Electric Company (NYSE:GE) issued its earnings results on Friday. The conglomerate reported $0.28 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $0.03, Bloomberg Earnings reports. The firm had revenue of $29.56 billion for the quarter, compared to analysts’ expectations of $29.07 billion. General Electric had a return on equity of 16.59% and a net margin of 7.48%. The business’s revenue was down 11.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.51 earnings per share. General Electric updated its FY17 guidance to $1.60-1.70 EPS.
General Electric (GE) traded down 3.18% on Friday, hitting $25.84. 52,525,273 shares of the company traded hands. The stock’s 50-day moving average is $27.48 and its 200 day moving average is $29.14. The stock has a market cap of $224.39 billion, a PE ratio of 26.31 and a beta of 1.22. General Electric has a 12 month low of $25.26 and a 12 month high of $32.38. General Electric also was the recipient of unusually large options trading activity on Thursday. Stock traders bought 35,785 put options on the company. This is an increase of approximately 143% compared to the average volume of 14,713 put options.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 25th. Investors of record on Monday, June 19th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Thursday, June 15th. This represents a $0.96 annualized dividend and a dividend yield of 3.60%. General Electric’s dividend payout ratio (DPR) is presently 97.96%.
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Several research firms recently commented on GE. Cowen and Company reiterated a “hold” rating and issued a $27.00 price target on shares of General Electric in a research report on Monday. Morgan Stanley restated an “equal weight” rating and set a $27.00 target price on shares of General Electric in a research report on Monday. Citigroup Inc. restated a “buy” rating and set a $34.00 target price (down previously from $36.00) on shares of General Electric in a research report on Monday, July 10th. Vetr upgraded General Electric from a “buy” rating to a “strong-buy” rating and set a $30.48 target price for the company in a research report on Monday, July 10th. Finally, Goldman Sachs Group, Inc. (The) set a $29.00 target price on General Electric and gave the company a “neutral” rating in a research report on Friday, July 7th. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $30.75.
In other General Electric news, Director Marijn E. Dekkers purchased 20,000 shares of General Electric stock in a transaction on Monday, April 24th. The shares were bought at an average price of $29.90 per share, with a total value of $598,000.00. Following the completion of the acquisition, the director now directly owns 1,000 shares of the company’s stock, valued at $29,900. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Chairman Jeffrey R. Immelt purchased 100,000 shares of General Electric stock in a transaction on Monday, May 15th. The stock was acquired at an average cost of $28.07 per share, for a total transaction of $2,807,000.00. Following the acquisition, the chairman now directly owns 2,561,926 shares of the company’s stock, valued at $71,913,262.82. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 140,000 shares of company stock worth $3,964,600. 0.36% of the stock is owned by insiders.
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