General Electric’s (GE) Buy Rating Reiterated at Citigroup Inc.
General Electric Company (NYSE:GE)‘s stock had its “buy” rating restated by investment analysts at Citigroup Inc. in a research note issued to investors on Monday. They presently have a $31.00 price target on the conglomerate’s stock, down from their prior price target of $34.00. Citigroup Inc.’s price objective would indicate a potential upside of 21.90% from the company’s previous close.
Several other analysts also recently commented on the stock. Stifel Nicolaus increased their price objective on shares of General Electric from $32.00 to $33.00 and gave the company a “buy” rating in a research report on Tuesday, April 25th. Deutsche Bank AG set a $24.00 price objective on shares of General Electric and gave the stock a “sell” rating in a report on Monday, May 29th. Vetr downgraded shares of General Electric from a “buy” rating to a “hold” rating and set a $28.47 price objective on the stock. in a report on Thursday, May 11th. J P Morgan Chase & Co restated an “underweight” rating on shares of General Electric in a research note on Monday, April 3rd. Finally, Royal Bank Of Canada decreased their target price on shares of General Electric from $36.00 to $35.00 and set an “outperform” rating on the stock in a research note on Monday, April 24th. Four analysts have rated the stock with a sell rating, eight have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. General Electric has a consensus rating of “Hold” and a consensus target price of $30.75.
Shares of General Electric (GE) traded down 1.85% on Monday, hitting $25.43. 56,869,713 shares of the stock were exchanged. The company has a market cap of $220.50 billion, a PE ratio of 30.97 and a beta of 1.22. The company has a 50-day moving average price of $27.48 and a 200 day moving average price of $29.14. General Electric has a 12 month low of $25.35 and a 12 month high of $32.38.
General Electric (NYSE:GE) last issued its quarterly earnings results on Friday, July 21st. The conglomerate reported $0.28 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $0.03. The company had revenue of $29.56 billion during the quarter, compared to analyst estimates of $29.07 billion. General Electric had a net margin of 6.45% and a return on equity of 14.60%. General Electric’s quarterly revenue was down 11.8% compared to the same quarter last year. During the same period last year, the business earned $0.51 EPS. Equities analysts forecast that General Electric will post $1.60 EPS for the current fiscal year.
In other news, Director William G. Beattie bought 4,000 shares of the stock in a transaction that occurred on Wednesday, May 17th. The stock was bought at an average cost of $27.70 per share, for a total transaction of $110,800.00. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman Jeffrey R. Immelt bought 100,000 shares of the stock in a transaction that occurred on Monday, May 15th. The shares were purchased at an average price of $28.07 per share, with a total value of $2,807,000.00. Following the completion of the acquisition, the chairman now directly owns 2,561,926 shares in the company, valued at $71,913,262.82. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 120,000 shares of company stock valued at $3,366,600. Company insiders own 0.36% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in shares of General Electric by 0.6% in the second quarter. Vanguard Group Inc. now owns 575,093,558 shares of the conglomerate’s stock valued at $18,103,945,000 after buying an additional 3,276,096 shares during the period. State Street Corp raised its stake in shares of General Electric by 3.0% in the fourth quarter. State Street Corp now owns 357,567,340 shares of the conglomerate’s stock valued at $11,299,139,000 after buying an additional 10,321,746 shares during the period. FMR LLC raised its stake in shares of General Electric by 0.7% in the fourth quarter. FMR LLC now owns 130,741,961 shares of the conglomerate’s stock valued at $4,131,446,000 after buying an additional 900,672 shares during the period. Norges Bank acquired a new stake in shares of General Electric during the fourth quarter valued at $2,383,193,000. Finally, Harris Associates L P raised its stake in shares of General Electric by 26.4% in the first quarter. Harris Associates L P now owns 46,376,143 shares of the conglomerate’s stock valued at $1,382,009,000 after buying an additional 9,681,420 shares during the period. Institutional investors own 54.25% of the company’s stock.
About General Electric
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