General Electric Company (GE) Short Interest Up 13.7% in July
General Electric Company (NYSE:GE) was the recipient of a significant increase in short interest during the month of July. As of July 31st, there was short interest totalling 108,504,246 shares, an increase of 13.7% from the July 14th total of 95,396,350 shares. Based on an average trading volume of 42,456,401 shares, the days-to-cover ratio is presently 2.6 days. Currently, 1.3% of the company’s shares are sold short.
Shares of General Electric (NYSE:GE) opened at 25.20 on Monday. The company’s 50-day moving average is $26.28 and its 200 day moving average is $28.52. The stock has a market cap of $218.18 billion, a P/E ratio of 30.69 and a beta of 1.21. General Electric has a 1-year low of $25.19 and a 1-year high of $32.38.
General Electric (NYSE:GE) last posted its earnings results on Friday, July 21st. The conglomerate reported $0.28 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 the consensus estimate of $29.07 billion. General Electric had a net margin of 6.45% and a return on equity of 14.59%. The company’s revenue for the quarter 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. Equities research analysts anticipate that General Electric will post $1.57 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 25th. Shareholders of record on Monday, June 19th were given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 3.81%. The ex-dividend date of this dividend was Thursday, June 15th. General Electric’s dividend payout ratio is 118.52%.
In related news, Vice Chairman Elizabeth J. Comstock sold 24,693 shares of the firm’s stock in a transaction that occurred on Wednesday, August 9th. The shares were sold at an average price of $25.65, for a total transaction of $633,375.45. Following the sale, the insider now owns 175,717 shares in the company, valued at $4,507,141.05. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director William G. Beattie bought 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 17th. The shares were purchased at an average price of $27.70 per share, for a total transaction of $110,800.00. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 137,253 shares of company stock worth $3,515,064. 0.36% of the stock is owned by company insiders.
A number of hedge funds have recently bought and sold shares of the company. Ullmann Financial Group Inc. purchased a new stake in General Electric during the first quarter valued at about $106,000. Feltz Wealth PLAN Inc. purchased a new stake in General Electric during the first quarter valued at about $114,000. Ffcm LLC purchased a new stake in General Electric during the second quarter valued at about $114,000. PHH Investments Ltd. increased its stake in General Electric by 105.0% in the first quarter. PHH Investments Ltd. now owns 3,905 shares of the conglomerate’s stock valued at $116,000 after buying an additional 2,000 shares in the last quarter. Finally, Heritage Way Advisors LLC purchased a new stake in General Electric during the fourth quarter valued at about $205,000. 54.29% of the stock is owned by institutional investors.
A number of brokerages recently issued reports on GE. Cowen and Company restated a “hold” rating and set a $24.00 target price on shares of General Electric in a research report on Monday, August 7th. Stifel Nicolaus restated a “buy” rating on shares of General Electric in a research report on Wednesday, June 14th. Vetr upgraded shares of General Electric from a “hold” rating to a “buy” rating and set a $28.93 target price on the stock in a research report on Wednesday, June 7th. BidaskClub lowered shares of General Electric from a “sell” rating to a “strong sell” rating in a research report on Wednesday, June 28th. Finally, J P Morgan Chase & Co set a $22.00 target price on shares of General Electric and gave the stock a “sell” rating in a research report on Monday, July 24th. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $30.08.
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