General Electric Co. (NYSE:GE)‘s stock had its “market perform” rating reaffirmed by investment analysts at Sanford C. Bernstein in a research note issued on Wednesday. They presently have a $34.00 price target on the stock. Sanford C. Bernstein’s target price indicates a potential upside of 17.65% from the stock’s previous close.
Other equities analysts have also issued reports about the stock. Vetr lowered shares of General Electric from a “buy” rating to a “hold” rating and set a $30.93 price objective on the stock. in a research report on Tuesday, June 14th. Royal Bank Of Canada reissued an “outperform” rating on shares of General Electric in a research report on Monday, June 20th. Zacks Investment Research lowered shares of General Electric from a “hold” rating to a “sell” rating in a research report on Wednesday, June 22nd. Goldman Sachs Group Inc. set a $29.00 price objective on shares of General Electric and gave the company a “neutral” rating in a research report on Monday, June 27th. Finally, Credit Suisse Group AG reissued an “outperform” rating and issued a $34.00 price objective on shares of General Electric in a research report on Monday, June 27th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. General Electric presently has a consensus rating of “Buy” and an average price target of $32.79.
Shares of General Electric (NYSE:GE) traded down 0.07% during trading on Wednesday, reaching $28.90. 22,754,703 shares of the company traded hands. General Electric has a 12 month low of $27.10 and a 12 month high of $33.00. The company has a 50-day moving average of $30.15 and a 200-day moving average of $30.73. The stock has a market capitalization of $258.98 billion, a PE ratio of 24.43 and a beta of 1.15.
General Electric (NYSE:GE) last posted its quarterly earnings results on Friday, July 22nd. The company reported $0.51 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.46 by $0.05. General Electric had a net margin of 9.14% and a return on equity of 15.04%. The firm had revenue of $33.49 million for the quarter, compared to analyst estimates of $31.76 billion. During the same period in the prior year, the firm posted $0.31 earnings per share. The company’s quarterly revenue was up 14.6% compared to the same quarter last year. Analysts forecast that General Electric will post $1.50 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 25th. Stockholders of record on Monday, September 19th will be paid a $0.23 dividend. The ex-dividend date is Thursday, September 15th. This represents a $0.92 annualized dividend and a dividend yield of 3.18%. General Electric’s dividend payout ratio is currently 77.97%.
In related news, Chairman Jeffrey R. Immelt acquired 50,000 shares of the stock in a transaction dated Tuesday, July 26th. The stock was bought at an average price of $31.45 per share, for a total transaction of $1,572,500.00. Following the purchase, the chairman now directly owns 2,198,688 shares of the company’s stock, valued at approximately $69,148,737.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.23% of the stock is currently owned by insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in General Electric by 0.6% in the second quarter. Vanguard Group Inc. now owns 575,093,558 shares of the company’s stock valued at $18,103,945,000 after buying an additional 3,276,096 shares in the last quarter. BlackRock Fund Advisors raised its stake in General Electric by 2.3% in the second quarter. BlackRock Fund Advisors now owns 108,746,040 shares of the company’s stock valued at $3,423,325,000 after buying an additional 2,477,059 shares in the last quarter. BlackRock Group LTD raised its stake in General Electric by 0.3% in the second quarter. BlackRock Group LTD now owns 75,537,924 shares of the company’s stock valued at $2,377,934,000 after buying an additional 262,526 shares in the last quarter. Trian Fund Management L.P. raised its stake in General Electric by 0.7% in the second quarter. Trian Fund Management L.P. now owns 74,766,576 shares of the company’s stock valued at $2,353,652,000 after buying an additional 521,321 shares in the last quarter. Finally, Legal & General Group Plc raised its stake in General Electric by 4.6% in the second quarter. Legal & General Group Plc now owns 43,928,772 shares of the company’s stock valued at $1,381,942,000 after buying an additional 1,918,773 shares in the last quarter. Institutional investors own 55.81% of the company’s stock.
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