General Electric (NYSE:GE) Stock Price Up 1.6% – Here’s What Happened

by · The Markets Daily

General Electric (NYSE:GE – Get Free Report)’s stock price was up 1.6% on Wednesday . The company traded as high as $185.73 and last traded at $185.51. Approximately 675,414 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 6,238,397 shares. The stock had previously closed at $182.64.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. Citigroup lifted their price target on shares of General Electric from $198.00 to $216.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Melius Research increased their target price on General Electric from $194.00 to $202.00 in a research report on Tuesday, October 22nd. Royal Bank of Canada lowered their target price on General Electric from $210.00 to $200.00 and set an “outperform” rating for the company in a research report on Wednesday, October 23rd. Barclays raised their price target on General Electric from $175.00 to $200.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. Finally, Bank of America raised their price target on General Electric from $180.00 to $200.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Two equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, General Electric presently has an average rating of “Moderate Buy” and an average price target of $200.93.

View Our Latest Stock Report on General Electric

General Electric Stock Performance

The company has a debt-to-equity ratio of 0.95, a current ratio of 1.13 and a quick ratio of 0.85. The firm has a market cap of $199.49 billion, a price-to-earnings ratio of 32.55, a P/E/G ratio of 1.80 and a beta of 1.19. The firm has a fifty day simple moving average of $181.35 and a two-hundred day simple moving average of $170.33.

General Electric (NYSE:GE – Get Free Report) last released its earnings results on Tuesday, October 22nd. The conglomerate reported $1.15 EPS for the quarter, topping analysts’ consensus estimates of $1.13 by $0.02. General Electric had a return on equity of 18.93% and a net margin of 11.48%. The firm had revenue of $9.84 billion during the quarter, compared to the consensus estimate of $9.02 billion. During the same quarter in the previous year, the company posted $0.82 earnings per share. The company’s revenue was up 5.8% compared to the same quarter last year. On average, analysts expect that General Electric will post 4.22 EPS for the current year.

General Electric Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 25th. Investors of record on Thursday, September 26th were issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.61%. The ex-dividend date of this dividend was Thursday, September 26th. General Electric’s dividend payout ratio (DPR) is 19.68%.

Insider Activity at General Electric

In other news, SVP Riccardo Procacci sold 7,000 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $181.13, for a total value of $1,267,910.00. Following the transaction, the senior vice president now owns 13,289 shares of the company’s stock, valued at $2,407,036.57. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.66% of the stock is owned by company insiders.

Institutional Investors Weigh In On General Electric

A number of hedge funds have recently bought and sold shares of GE. Settian Capital LP acquired a new stake in shares of General Electric during the 3rd quarter worth about $377,000. Avestar Capital LLC raised its position in shares of General Electric by 11.1% during the 3rd quarter. Avestar Capital LLC now owns 5,273 shares of the conglomerate’s stock worth $996,000 after acquiring an additional 527 shares in the last quarter. Brooklyn Investment Group increased its position in General Electric by 15.0% during the third quarter. Brooklyn Investment Group now owns 6,394 shares of the conglomerate’s stock worth $1,206,000 after buying an additional 835 shares during the period. D.A. Davidson & CO. increased its position in General Electric by 2.6% during the third quarter. D.A. Davidson & CO. now owns 35,280 shares of the conglomerate’s stock worth $6,653,000 after buying an additional 893 shares during the period. Finally, Associated Banc Corp increased its position in General Electric by 86.0% during the third quarter. Associated Banc Corp now owns 10,712 shares of the conglomerate’s stock worth $2,020,000 after buying an additional 4,954 shares during the period. Institutional investors and hedge funds own 74.77% of the company’s stock.

About General Electric

(Get Free Report)

General Electric Company, doing business as GE Aerospace, designs and produces commercial and defense aircraft engines, integrated engine components, electric power, and mechanical aircraft systems. It also offers aftermarket services to support its products. The company operates in the United States, Europe, China, Asia, the Americas, the Middle East, and Africa.

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