General Electric (NYSE:GE) Sees Significant Growth in Short Interest

General Electric (NYSE:GE) was the recipient of a large growth in short interest during the month of July. As of July 31st, there was short interest totalling 103,449,700 shares, a growth of 10.2% from the June 30th total of 93,878,700 shares. Currently, 1.2% of the company’s shares are short sold. Based on an average daily volume of 51,760,000 shares, the days-to-cover ratio is presently 2.0 days.

GE has been the subject of several recent research reports. JPMorgan Chase & Co. reissued a “sell” rating on shares of General Electric in a report on Wednesday, July 31st. Cowen reissued a “hold” rating and set a $8.00 price objective on shares of General Electric in a report on Wednesday, May 1st. Deutsche Bank set a $10.00 price objective on General Electric and gave the stock a “hold” rating in a report on Thursday, May 2nd. William Blair reissued a “buy” rating on shares of General Electric in a report on Thursday, June 13th. Finally, Citigroup set a $14.00 price objective on General Electric and gave the stock a “buy” rating in a report on Wednesday, June 19th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $11.68.

Shares of GE stock traded down $0.28 on Wednesday, reaching $9.07. The company had a trading volume of 56,590,375 shares, compared to its average volume of 75,450,734. The company has a current ratio of 1.73, a quick ratio of 1.44 and a debt-to-equity ratio of 1.65. The firm has a market capitalization of $79.85 billion, a PE ratio of 13.95, a PEG ratio of 1.98 and a beta of 1.03. The stock’s 50-day simple moving average is $10.13. General Electric has a 12 month low of $6.66 and a 12 month high of $13.78.

General Electric (NYSE:GE) last announced its quarterly earnings results on Wednesday, July 31st. The conglomerate reported $0.17 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.05. The company had revenue of $28.83 billion during the quarter, compared to analysts’ expectations of $28.83 billion. General Electric had a positive return on equity of 10.64% and a negative net margin of 15.38%. General Electric’s revenue was down 1.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.19 EPS. Analysts anticipate that General Electric will post 0.64 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 25th. Investors of record on Monday, July 1st were paid a dividend of $0.01 per share. The ex-dividend date of this dividend was Friday, June 28th. This represents a $0.04 dividend on an annualized basis and a yield of 0.44%. General Electric’s payout ratio is 6.15%.

In other news, Director Thomas W. Horton acquired 55,248 shares of the company’s stock in a transaction on Monday, August 12th. The stock was purchased at an average cost of $9.02 per share, with a total value of $498,336.96. Following the acquisition, the director now owns 55,248 shares of the company’s stock, valued at approximately $498,336.96. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Chairman H Lawrence Culp, Jr. acquired 331,684 shares of the company’s stock in a transaction on Monday, August 12th. The shares were purchased at an average cost of $9.04 per share, with a total value of $2,998,423.36. The disclosure for this purchase can be found here. Insiders have acquired a total of 492,532 shares of company stock valued at $4,491,512 over the last three months. Company insiders own 1.13% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Resource Management LLC increased its stake in General Electric by 22.4% during the 2nd quarter. Resource Management LLC now owns 76,386 shares of the conglomerate’s stock worth $802,000 after purchasing an additional 13,977 shares in the last quarter. Bellecapital International Ltd. boosted its position in General Electric by 166.4% during the 2nd quarter. Bellecapital International Ltd. now owns 48,990 shares of the conglomerate’s stock worth $514,000 after acquiring an additional 30,600 shares during the last quarter. Cornell Pochily Investment Advisors Inc. boosted its position in General Electric by 114.2% during the 4th quarter. Cornell Pochily Investment Advisors Inc. now owns 32,487 shares of the conglomerate’s stock worth $246,000 after acquiring an additional 17,317 shares during the last quarter. Mn Services Vermogensbeheer B.V. boosted its position in General Electric by 6.3% during the 4th quarter. Mn Services Vermogensbeheer B.V. now owns 1,474,509 shares of the conglomerate’s stock worth $9,764,000 after acquiring an additional 88,000 shares during the last quarter. Finally, Carroll Financial Associates Inc. boosted its position in General Electric by 13.5% during the 2nd quarter. Carroll Financial Associates Inc. now owns 117,920 shares of the conglomerate’s stock worth $1,238,000 after acquiring an additional 14,033 shares during the last quarter. 57.49% of the stock is owned by institutional investors and hedge funds.

About General Electric

General Electric Company operates as a high-tech industrial company worldwide. It operates through Power, Renewable Energy, Aviation, Oil & Gas, Healthcare, Transportation, Lighting, and Capital segments. The Power segment offers technologies, solutions, and services related to energy production, including gas and steam turbines, generators, and high voltage equipment; and power generation services.

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