Short Interest in General Electric Company (GE) Declines By 4.9%
General Electric Company (NYSE:GE) was the target of a large decrease in short interest during the month of October. As of October 13th, there was short interest totalling 119,550,953 shares, a decrease of 4.9% from the September 29th total of 125,747,148 shares. Based on an average daily trading volume, of 50,586,312 shares, the days-to-cover ratio is currently 2.4 days. Approximately 1.4% of the shares of the stock are short sold.
GE has been the subject of several research reports. Stifel Nicolaus reiterated a “buy” rating and issued a $26.00 target price on shares of General Electric in a research report on Thursday, October 12th. Vetr downgraded General Electric from a “strong-buy” rating to a “buy” rating and set a $30.48 target price for the company. in a research report on Tuesday, July 4th. Morgan Stanley reiterated an “equal weight” rating and issued a $26.00 target price (down from $27.00) on shares of General Electric in a research report on Monday, July 24th. Bank of America Corporation upgraded General Electric from a “neutral” rating to a “buy” rating and set a $27.00 target price for the company in a research report on Monday, October 23rd. Finally, J P Morgan Chase & Co set a $22.00 target price on General Electric and gave the company a “sell” rating in a research report on Monday, July 24th. Five analysts have rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company’s stock. General Electric currently has an average rating of “Hold” and an average price target of $26.28.
Shares of General Electric (GE) opened at 20.79 on Monday. General Electric has a 52 week low of $20.64 and a 52 week high of $32.38. The firm has a market cap of $180.00 billion, a PE ratio of 25.32 and a beta of 1.19. The firm has a 50-day moving average price of $23.69 and a 200-day moving average price of $26.25.
General Electric (NYSE:GE) last issued its quarterly earnings data on Friday, October 20th. The conglomerate reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.20). The firm had revenue of $33.47 billion during the quarter, compared to analyst estimates of $32.51 billion. General Electric had a return on equity of 13.73% and a net margin of 6.08%. The company’s revenue was up 11.5% on a year-over-year basis. During the same quarter last year, the company posted $0.32 EPS. On average, equities research analysts predict that General Electric will post $1.15 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 25th. Shareholders of record on Monday, September 18th were given a $0.24 dividend. The ex-dividend date of this dividend was Friday, September 15th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 4.62%. General Electric’s dividend payout ratio (DPR) is currently 120.00%.
In other General Electric news, Vice Chairman Elizabeth J. Comstock sold 24,693 shares of the stock in a transaction dated Wednesday, August 9th. The stock was sold at an average price of $25.65, for a total value of $633,375.45. Following the completion of the transaction, the insider now directly owns 175,717 shares in the company, valued at $4,507,141.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director James S. Tisch bought 100,000 shares of the company’s stock in a transaction on Tuesday, August 22nd. The stock was purchased at an average price of $24.56 per share, with a total value of $2,456,000.00. The disclosure for this purchase can be found here. 0.36% of the stock is owned by corporate insiders.
Several institutional investors have recently modified their holdings of the business. Ullmann Financial Group Inc. acquired a new position in shares of General Electric during the 1st quarter worth about $106,000. MPS Loria Financial Planners LLC acquired a new position in shares of General Electric during the 2nd quarter worth about $113,000. Feltz Wealth PLAN Inc. acquired a new position in shares of General Electric during the 1st quarter worth about $114,000. Ffcm LLC acquired a new position in shares of General Electric during the 2nd quarter worth about $114,000. Finally, PHH Investments Ltd. raised its position in shares of General Electric by 105.0% during the 1st quarter. PHH Investments Ltd. now owns 3,905 shares of the conglomerate’s stock worth $116,000 after purchasing an additional 2,000 shares during the last quarter. Institutional investors and hedge funds own 54.61% of the company’s stock.
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