General Electric (GE) Price Target Lowered to $23.00 at Citigroup

General Electric (NYSE:GE) had its target price cut by Citigroup from $24.00 to $23.00 in a research note issued to investors on Thursday, MarketBeat Ratings reports. The firm currently has a “buy” rating on the conglomerate’s stock. Citigroup’s price target would indicate a potential upside of 42.59% from the stock’s current price.

A number of other brokerages also recently issued reports on GE. Stifel Nicolaus reaffirmed a “buy” rating and issued a $26.00 price target on shares of General Electric in a report on Thursday, October 12th. JPMorgan Chase & Co. lowered their price target on General Electric from $19.00 to $17.00 and set an “underweight” rating for the company in a report on Wednesday, November 1st. Vertical Research set a $18.00 price target on General Electric and gave the company a “hold” rating in a report on Tuesday, January 16th. UBS Group started coverage on General Electric in a report on Tuesday. They issued a “neutral” rating and a $17.00 price target for the company. Finally, Vetr raised General Electric from a “strong sell” rating to a “sell” rating and set a $21.74 price target for the company in a report on Tuesday, October 10th. Five investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $22.25.

General Electric (GE) traded down $0.05 during mid-day trading on Thursday, hitting $16.13. 87,681,152 shares of the company were exchanged, compared to its average volume of 94,880,000. The company has a debt-to-equity ratio of 2.09, a current ratio of 1.86 and a quick ratio of 1.53. General Electric has a 12-month low of $15.80 and a 12-month high of $30.59. The stock has a market capitalization of $139,880.00, a price-to-earnings ratio of 14.94, a price-to-earnings-growth ratio of 2.97 and a beta of 1.07.

General Electric (NYSE:GE) last released its earnings results on Wednesday, January 24th. The conglomerate reported $0.27 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.28 by ($0.01). General Electric had a positive return on equity of 12.26% and a negative net margin of 4.74%. The firm had revenue of $31.40 billion for the quarter, compared to analysts’ expectations of $33.93 billion. During the same quarter in the previous year, the company posted $0.46 earnings per share. The firm’s quarterly revenue was down 5.1% on a year-over-year basis. sell-side analysts forecast that General Electric will post 1.02 earnings per share for the current fiscal year.

In related news, Chairman John Leonard Flannery purchased 60,000 shares of the business’s stock in a transaction dated Wednesday, November 15th. The stock was acquired at an average price of $18.27 per share, for a total transaction of $1,096,200.00. Following the completion of the purchase, the chairman now directly owns 575,477 shares of the company’s stock, valued at $10,513,964.79. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Steven M. Mollenkopf purchased 5,500 shares of the business’s stock in a transaction dated Thursday, November 16th. The shares were bought at an average price of $18.24 per share, with a total value of $100,320.00. Following the purchase, the director now directly owns 5,500 shares of the company’s stock, valued at $100,320. The disclosure for this purchase can be found here. Insiders have bought 120,500 shares of company stock valued at $2,183,220 in the last 90 days. Company insiders own 0.36% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in GE. MPS Loria Financial Planners LLC purchased a new position in General Electric in the second quarter worth $113,000. Ffcm LLC purchased a new position in General Electric in the second quarter worth $114,000. Corbenic Partners LLC raised its position 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 acquiring an additional 725 shares in the last quarter. Bristlecone Advisors LLC purchased a new position in General Electric in the third quarter worth $164,000. Finally, KCS Wealth Advisory purchased a new position in General Electric in the fourth quarter worth $183,000. Hedge funds and other institutional investors own 55.62% of the company’s stock.

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General Electric Company Profile

General Electric Company is a global digital industrial company. The Company’s products and services range from aircraft engines, power generation, and oil and gas production equipment to medical imaging, financing and industrial products. Its segments include Power, which includes products and services related to energy production; Renewable Energy, which offers renewable power sources; Oil & Gas, including liquefied natural gas and pipelines; Aviation, which includes commercial and military aircraft engines, and integrated digital components, among others; Healthcare, which provides healthcare technologies in medical imaging, digital solutions, patient monitoring and diagnostics, and drug discovery, among others; Transportation, which is a supplier to the railroad, mining, marine, stationary power and drilling industries; Energy Connections & Lighting, which includes Energy Connections and Lighting businesses, and Capital, which is a financial services division.

Analyst Recommendations for General Electric (NYSE:GE)

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