Zacks Investment Research upgraded shares of General Electric Co. (NYSE:GE) from a sell rating to a hold rating in a research note issued to investors on Thursday.
According to Zacks, “General Electric recorded lower Industrial segment profit despite stringent cost-cutting and simplification initiatives owing to a highly volatile environment and sluggish growth across the globe. This forced the company to lower its organic revenue growth guidance for 2016. Significant order backlog and foreign currency volatility remain other headwinds. However, strategic acquisitions in 3D printing business will likely boost long-term revenues as it expects to grow the new additive business to $1 billion by 2020 at attractive returns. General Electric’s multi-billion deal with Baker Hughes to merge its Oil & Gas business with the latter will create the second largest player in the industry. General Electric will own 62.5% in the new entity and is likely to boost the Oil & Gas segment revenues through re-conglomeration. The company has a positive earnings history, having beaten estimates thrice in the trailing four quarters.”
GE has been the topic of several other reports. Citigroup Inc. set a $34.00 target price on shares of General Electric and gave the stock a buy rating in a research report on Tuesday, November 1st. JPMorgan Chase & Co. reiterated an underweight rating on shares of General Electric in a research report on Tuesday, November 15th. Goldman Sachs Group Inc. set a $28.00 price target on shares of General Electric and gave the company a neutral rating in a research report on Friday, September 30th. Stifel Nicolaus set a $31.00 price target on shares of General Electric and gave the company a buy rating in a research report on Wednesday, October 12th. Finally, William Blair set a $35.00 price target on shares of General Electric and gave the company a buy rating in a research report on Tuesday, November 22nd. Two analysts have rated the stock with a sell rating, ten have given a hold rating and eleven have given a buy rating to the company’s stock. The company has an average rating of Hold and an average price target of $32.56.
Shares of General Electric (NYSE:GE) opened at 31.25 on Thursday. General Electric has a 12 month low of $27.10 and a 12 month high of $33.00. The firm has a 50-day moving average price of $29.59 and a 200-day moving average price of $30.44. The stock has a market cap of $276.45 billion, a price-to-earnings ratio of 26.87 and a beta of 1.20.
General Electric (NYSE:GE) last issued its earnings results on Friday, October 21st. The company reported $0.32 earnings per share for the quarter, hitting the consensus estimate of $0.32. General Electric had a net margin of 8.93% and a return on equity of 16.08%. The company had revenue of $29.30 billion for the quarter, compared to analyst estimates of $29.64 billion. During the same period in the prior year, the business posted $0.29 earnings per share. The firm’s revenue for the quarter was up 3.8% compared to the same quarter last year. Equities analysts expect that General Electric will post $1.49 EPS for the current fiscal year.
In related news, Chairman Jeffrey R. Immelt acquired 50,000 shares of the firm’s stock in a transaction on Wednesday, November 9th. The stock was bought at an average cost of $29.24 per share, with a total value of $1,462,000.00. Following the acquisition, the chairman now directly owns 2,248,688 shares in the company, valued at $65,751,637.12. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.23% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of GE. Cable Hill Partners LLC raised its position in General Electric by 0.4% in the second quarter. Cable Hill Partners LLC now owns 4,447 shares of the company’s stock valued at $141,000 after buying an additional 19 shares during the period. Horizon Investments LLC raised its position in General Electric by 0.5% in the second quarter. Horizon Investments LLC now owns 7,832 shares of the company’s stock valued at $247,000 after buying an additional 36 shares during the period. Financial Management Professionals Inc. raised its position in General Electric by 0.5% in the second quarter. Financial Management Professionals Inc. now owns 8,721 shares of the company’s stock valued at $274,000 after buying an additional 46 shares during the period. Barry Investment Advisors LLC raised its position in General Electric by 0.7% in the third quarter. Barry Investment Advisors LLC now owns 6,919 shares of the company’s stock valued at $205,000 after buying an additional 48 shares during the period. Finally, Blue Bell Private Wealth Management LLC raised its position in General Electric by 0.4% in the third quarter. Blue Bell Private Wealth Management LLC now owns 13,809 shares of the company’s stock valued at $410,000 after buying an additional 58 shares during the period. 53.50% of the stock is owned by institutional investors and hedge funds.
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