General Electric (GE) Shares Down 0.1%

Shares of General Electric (NYSE:GE) dropped 0.1% during trading on Thursday . The company traded as low as $7.28 and last traded at $7.27. Approximately 60,293,608 shares traded hands during mid-day trading, a decline of 58% from the average daily volume of 143,633,440 shares. The stock had previously closed at $7.28.

GE has been the topic of a number of research reports. UBS Group downgraded shares of General Electric to an “add” rating and set a $23.00 target price on the stock. in a report on Tuesday, October 2nd. Citigroup set a $21.00 target price on shares of General Electric and gave the stock a “buy” rating in a report on Monday, October 1st. Gabelli reissued a “buy” rating and issued a $21.00 target price on shares of General Electric in a research report on Monday, September 24th. Morningstar set a $15.70 target price on shares of General Electric and gave the stock a “buy” rating in a research report on Monday, August 13th. Finally, Royal Bank of Canada reissued a “buy” rating and issued a $15.00 target price on shares of General Electric in a research report on Tuesday, October 30th. Five research analysts have rated the stock with a sell rating, twelve have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $13.86.

The stock has a market capitalization of $63.82 billion, a price-to-earnings ratio of 6.68, a P/E/G ratio of 2.09 and a beta of 0.88. The company has a debt-to-equity ratio of 2.03, a quick ratio of 1.36 and a current ratio of 1.66.

General Electric (NYSE:GE) last announced its quarterly earnings data on Tuesday, October 30th. The conglomerate reported $0.14 EPS for the quarter, missing the Zacks’ consensus estimate of $0.20 by ($0.06). General Electric had a negative net margin of 27.36% and a positive return on equity of 10.29%. The company had revenue of $29.57 billion for the quarter, compared to analysts’ expectations of $30.08 billion. During the same period in the previous year, the firm posted $0.29 earnings per share. The business’s revenue for the quarter was down 3.6% on a year-over-year basis. Sell-side analysts anticipate that General Electric will post 0.67 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 25th. Investors of record on Thursday, December 20th will be given a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 0.57%. General Electric’s payout ratio is presently 45.71%.

In related news, SVP Alexander Dimitrief acquired 10,000 shares of the stock in a transaction that occurred on Tuesday, November 6th. The shares were purchased at an average cost of $9.48 per share, with a total value of $94,800.00. Following the completion of the transaction, the senior vice president now owns 103,075 shares of the company’s stock, valued at approximately $977,151. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman H Lawrence Culp, Jr. acquired 225,000 shares of the stock in a transaction that occurred on Thursday, November 1st. The shares were bought at an average cost of $9.73 per share, for a total transaction of $2,189,250.00. The disclosure for this purchase can be found here. Insiders have purchased 295,000 shares of company stock worth $2,783,250 over the last ninety days. 1.12% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Pinnacle Wealth Management Advisory Group LLC grew its position in General Electric by 28.1% during the first quarter. Pinnacle Wealth Management Advisory Group LLC now owns 16,411 shares of the conglomerate’s stock valued at $221,000 after purchasing an additional 3,600 shares in the last quarter. Legacy Advisors LLC grew its position in General Electric by 16.3% during the second quarter. Legacy Advisors LLC now owns 26,145 shares of the conglomerate’s stock valued at $356,000 after purchasing an additional 3,669 shares in the last quarter. Home Federal Bank of Tennessee grew its position in General Electric by 7.4% during the second quarter. Home Federal Bank of Tennessee now owns 53,210 shares of the conglomerate’s stock valued at $725,000 after purchasing an additional 3,675 shares in the last quarter. Clarius Group LLC grew its position in General Electric by 16.1% during the second quarter. Clarius Group LLC now owns 27,865 shares of the conglomerate’s stock valued at $379,000 after purchasing an additional 3,864 shares in the last quarter. Finally, Harvest Capital Management Inc grew its position in General Electric by 12.3% during the second quarter. Harvest Capital Management Inc now owns 35,354 shares of the conglomerate’s stock valued at $481,000 after purchasing an additional 3,866 shares in the last quarter. 54.48% of the stock is currently owned by hedge funds and other institutional investors.

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About General Electric (NYSE:GE)

General Electric Company operates as a digital industrial company worldwide. It operates through Power, Renewable Energy, Oil & Gas, Aviation, Healthcare, Transportation, Lighting, and Capital segments. The Power segment offers technologies, solutions, and services related to energy production, including gas and steam turbines, engines, generators, and high voltage equipment; and power generation services and digital solutions.

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