General Electric (NYSE:GE) Releases FY 2023 Earnings Guidance

General Electric (NYSE:GEGet Rating) updated its FY 2023 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $1.60-$2.00 for the period, compared to the consensus estimate of $2.37. The company issued revenue guidance of -.

General Electric Stock Up 2.7 %

GE opened at $79.77 on Tuesday. The business’s fifty day moving average is $81.87 and its two-hundred day moving average is $75.50. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.78 and a current ratio of 1.10. The company has a market cap of $87.16 billion, a price-to-earnings ratio of -14.42, a PEG ratio of 2.89 and a beta of 1.21. General Electric has a one year low of $46.55 and a one year high of $81.18.

General Electric (NYSE:GEGet Rating) last posted its earnings results on Tuesday, October 25th. The conglomerate reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.12). The firm had revenue of $19.08 billion for the quarter, compared to analysts’ expectations of $18.77 billion. General Electric had a positive return on equity of 7.20% and a negative net margin of 7.78%. The firm’s revenue for the quarter was up 2.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.57 earnings per share. Analysts anticipate that General Electric will post 2.51 EPS for the current fiscal year.

General Electric Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 25th. Shareholders of record on Thursday, December 15th will be given a dividend of $0.08 per share. The ex-dividend date is Wednesday, December 14th. This represents a $0.32 dividend on an annualized basis and a yield of 0.40%. General Electric’s payout ratio is -5.79%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on GE. Royal Bank of Canada boosted their price target on General Electric from $93.00 to $98.00 and gave the stock an outperform rating in a report on Friday, December 9th. UBS Group cut their price target on General Electric from $98.00 to $87.00 and set a buy rating for the company in a report on Thursday, January 12th. Morgan Stanley cut their price target on General Electric from $88.00 to $85.00 and set an overweight rating for the company in a report on Monday. Bank of America cut their price target on General Electric from $105.00 to $85.00 in a report on Monday, January 9th. Finally, Oppenheimer raised General Electric from a market perform rating to an outperform rating and set a $104.00 price target for the company in a report on Tuesday, December 6th. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $90.17.

Institutional Investors Weigh In On General Electric

Several institutional investors and hedge funds have recently modified their holdings of GE. Global Wealth Management Investment Advisory Inc. boosted its position in shares of General Electric by 808.1% in the first quarter. Global Wealth Management Investment Advisory Inc. now owns 336 shares of the conglomerate’s stock worth $31,000 after buying an additional 299 shares during the period. Worth Asset Management LLC purchased a new position in General Electric in the first quarter valued at about $37,000. Advisors Capital Management LLC purchased a new position in General Electric in the third quarter valued at about $208,000. Auxier Asset Management purchased a new position in General Electric in the first quarter valued at about $220,000. Finally, CreativeOne Wealth LLC boosted its holdings in General Electric by 7.7% in the third quarter. CreativeOne Wealth LLC now owns 3,629 shares of the conglomerate’s stock valued at $225,000 after purchasing an additional 260 shares during the last quarter. Hedge funds and other institutional investors own 70.12% of the company’s stock.

About General Electric

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General Electric Co is a high-tech industrial company. the firm operates through the following segments: Aviation, Healthcare, Renewable Energy, and Power. The Aviation segment designs and produces commercial and military aircraft engines, integrated engine components, electric power and mechanical aircraft systems.

See Also

Earnings History and Estimates for General Electric (NYSE:GE)

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