Zacks: Analysts Anticipate General Electric Company (GE) Will Post Quarterly Sales of $31.94 Billion
Brokerages forecast that General Electric Company (NYSE:GE) will post $31.94 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Five analysts have provided estimates for General Electric’s earnings, with the lowest sales estimate coming in at $28.87 billion and the highest estimate coming in at $34.36 billion. General Electric reported sales of $29.27 billion during the same quarter last year, which indicates a positive year over year growth rate of 9.1%. The firm is scheduled to report its next earnings results before the market opens on Friday, October 20th.
On average, analysts expect that General Electric will report full-year sales of $31.94 billion for the current year, with estimates ranging from $118.96 billion to $126.87 billion. For the next financial year, analysts expect that the firm will post sales of $131.31 billion per share, with estimates ranging from $123.98 billion to $137.28 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that follow General Electric.
General Electric (NYSE:GE) last posted its earnings results on Friday, July 21st. The conglomerate reported $0.28 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.03. The firm 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 was down 11.8% on a year-over-year basis. During the same quarter last year, the company earned $0.51 earnings per share.
Several brokerages have recently weighed in on GE. Cowen and Company reaffirmed a “hold” rating and set a $24.00 target price on shares of General Electric in a research note on Monday, August 7th. UBS AG reaffirmed a “buy” rating and set a $31.00 target price (down from $35.00) on shares of General Electric in a research note on Tuesday, July 25th. Stifel Nicolaus reduced their target price on General Electric from $33.00 to $28.00 and set a “buy” rating for the company in a research note on Tuesday, July 25th. Citigroup Inc. reaffirmed a “buy” rating and set a $31.00 target price (down from $34.00) on shares of General Electric in a research note on Monday, July 24th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $26.00 target price (down from $27.00) on shares of General Electric in a research note on Monday, July 24th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. General Electric presently has an average rating of “Hold” and an average target price of $30.08.
In other news, insider Alexander Dimitrief bought 1,845 shares of the firm’s stock in a transaction that occurred on Monday, July 24th. The shares were purchased at an average price of $25.54 per share, with a total value of $47,121.30. Following the purchase, the insider now owns 65,597 shares in the company, valued at $1,675,347.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director James E. Rohr bought 27,425 shares of the firm’s stock in a transaction that occurred on Monday, July 24th. The shares were purchased at an average cost of $25.50 per share, for a total transaction of $699,337.50. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 233,253 shares of company stock worth $5,860,264. Corporate insiders own 0.36% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. Ullmann Financial Group Inc. bought a new stake in General Electric during the first quarter worth about $106,000. Feltz Wealth PLAN Inc. bought a new stake in General Electric during the first quarter worth about $114,000. Ffcm LLC bought a new stake in General Electric during the second quarter worth about $114,000. PHH Investments Ltd. raised 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 worth $116,000 after buying an additional 2,000 shares in the last quarter. Finally, Corbenic Partners LLC raised its stake in General Electric by 15.7% in the second quarter. Corbenic Partners LLC now owns 5,340 shares of the conglomerate’s stock worth $144,000 after buying an additional 725 shares in the last quarter. 54.31% of the stock is currently owned by hedge funds and other institutional investors.
General Electric (GE) traded up 0.78% during trading on Friday, hitting $24.49. 22,867,795 shares of the stock traded hands. General Electric has a 52-week low of $24.30 and a 52-week high of $32.38. The firm has a 50-day moving average price of $25.62 and a 200 day moving average price of $28.15. The company has a market cap of $212.03 billion, a P/E ratio of 29.83 and a beta of 1.21.
General Electric Company Profile
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