Trading Report: The Investors Buy Shares of General Electric Co. (GE) on Weakness Following Analyst Downgrade

The Investors Buy Shares of General Electric Co. (GE) on Weakness Following Analyst Downgrade

Investors bought shares of General Electric Co. (NYSE:GE) on weakness during trading on Friday after Morgan Stanley lowered their price target on the stock from $32.00 to $31.00. $170.22 million flowed into the stock on the tick-up and $123.20 million flowed out of the stock on the tick-down, for a money net flow of $47.02 million into the stock. Of all stocks tracked, General Electric had the 12th highest net in-flow for the day. General Electric traded down ($0.19) for the day and closed at $29.08

A number of other equities research analysts also recently issued reports on the stock. JPMorgan Chase & Co. set a $28.00 price target on shares of General Electric and gave the company a “sell” rating in a research note on Friday, September 23rd. Goldman Sachs Group Inc. set a $29.00 target price on shares of General Electric and gave the stock a “neutral” rating in a research note on Monday, June 27th. Vetr raised shares of General Electric from a “sell” rating to a “hold” rating and set a $30.93 target price on the stock in a research note on Thursday, July 7th. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of General Electric in a research note on Monday, June 20th. Finally, William Blair reaffirmed an “outperform” rating and set a $38.00 target price on shares of General Electric in a research note on Wednesday, June 29th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and twelve have issued a buy rating to the company. General Electric presently has an average rating of “Hold” and a consensus price target of $32.81.

In other news, Chairman Jeffrey R. Immelt bought 50,000 shares of General Electric 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 owns 2,198,688 shares of the company’s stock, valued at $69,148,737.60. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.23% of the stock is currently owned by insiders.

Several hedge funds have recently added to or reduced their stakes in GE. Advisory Services Network LLC increased its position in shares of General Electric by 16.4% in the third quarter. Advisory Services Network LLC now owns 118,597 shares of the company’s stock worth $3,513,000 after buying an additional 16,710 shares in the last quarter. Trust Co. of Oklahoma increased its position in shares of General Electric by 7.0% in the third quarter. Trust Co. of Oklahoma now owns 133,873 shares of the company’s stock worth $3,965,000 after buying an additional 8,795 shares in the last quarter. Nadler Financial Group Inc. increased its position in shares of General Electric by 3.4% in the third quarter. Nadler Financial Group Inc. now owns 35,413 shares of the company’s stock worth $1,049,000 after buying an additional 1,162 shares in the last quarter. Central Bank & Trust Co. increased its position in shares of General Electric by 4.6% in the third quarter. Central Bank & Trust Co. now owns 25,458 shares of the company’s stock worth $753,000 after buying an additional 1,128 shares in the last quarter. Finally, Stokes & Hubbell Capital Management LLC increased its position in shares of General Electric by 3.6% in the third quarter. Stokes & Hubbell Capital Management LLC now owns 106,462 shares of the company’s stock worth $3,153,000 after buying an additional 3,674 shares in the last quarter. Institutional investors own 55.81% of the company’s stock.

The company has a market capitalization of $260.59 billion, a price-to-earnings ratio of 24.58 and a beta of 1.15. The stock’s 50-day moving average price is $30.31 and its 200 day moving average price is $30.77.

General Electric (NYSE:GE) last posted its quarterly earnings data on Friday, July 22nd. The company reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.05. The business earned $33.49 million during the quarter, compared to the consensus estimate of $31.76 billion. General Electric had a net margin of 9.14% and a return on equity of 15.04%. The company’s quarterly revenue was up 14.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.31 earnings per share. Analysts forecast that General Electric Co. will post $1.50 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 25th. Shareholders of record on Monday, September 19th will be given a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 3.16%. The ex-dividend date is Thursday, September 15th. General Electric’s dividend payout ratio (DPR) is presently 77.97%.

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