General Electric (NYSE:GE) Trading 10.7% Higher

General Electric (NYSE:GE) traded up 10.7% during mid-day trading on Wednesday . The stock traded as high as $6.81 and last traded at $6.75. 254,914,484 shares traded hands during trading, an increase of 168% from the average session volume of 95,253,109 shares. The stock had previously closed at $6.10.

Several research firms have recently weighed in on GE. Bank of America reissued a “buy” rating and issued a $11.00 price target on shares of General Electric in a research note on Monday, June 15th. JPMorgan Chase & Co. reissued a “fair value” rating on shares of General Electric in a research note on Monday, August 31st. ValuEngine raised shares of General Electric from a “hold” rating to a “buy” rating in a research note on Monday, August 3rd. UBS Group reissued a “buy” rating and issued a $7.50 price target on shares of General Electric in a research note on Friday, May 29th. Finally, Zacks Investment Research lowered shares of General Electric from a “hold” rating to a “sell” rating and set a $7.50 target price on the stock. in a report on Friday, June 12th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $9.02.

The stock has a market capitalization of $59.08 billion, a P/E ratio of -11.48 and a beta of 0.91. The firm has a 50-day moving average of $6.39 and a 200 day moving average of $6.97. The company has a quick ratio of 1.95, a current ratio of 2.21 and a debt-to-equity ratio of 2.05.

General Electric (NYSE:GE) last issued its quarterly earnings data on Wednesday, July 29th. The conglomerate reported ($0.15) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.09) by ($0.06). General Electric had a negative net margin of 5.10% and a positive return on equity of 7.94%. The company had revenue of $17.75 billion for the quarter, compared to the consensus estimate of $17.27 billion. During the same period in the previous year, the business posted $0.17 earnings per share. The firm’s revenue was down 38.4% compared to the same quarter last year. Analysts predict that General Electric will post -0.08 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Monday, October 26th. Stockholders of record on Monday, September 28th will be given a dividend of $0.01 per share. The ex-dividend date of this dividend is Friday, September 25th. This represents a $0.04 annualized dividend and a dividend yield of 0.59%. General Electric’s payout ratio is currently 6.15%.

In related news, Director Edward P. Garden sold 3,264,481 shares of the business’s stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $6.09, for a total transaction of $19,880,689.29. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Trian Fund Management, L.P. sold 15,569,158 shares of the business’s stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $6.14, for a total value of $95,594,630.12. The disclosure for this sale can be found here. Insiders own 0.90% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of GE. Tudor Investment Corp Et Al bought a new stake in shares of General Electric during the 1st quarter valued at $502,000. Wellington Management Group LLP lifted its stake in General Electric by 81.9% during the first quarter. Wellington Management Group LLP now owns 7,603,839 shares of the conglomerate’s stock worth $60,374,000 after purchasing an additional 3,423,924 shares during the last quarter. Larson Financial Group LLC lifted its stake in General Electric by 541.5% during the second quarter. Larson Financial Group LLC now owns 8,211 shares of the conglomerate’s stock worth $56,000 after purchasing an additional 6,931 shares during the last quarter. Eagle Asset Management Inc. lifted its stake in General Electric by 178.6% during the first quarter. Eagle Asset Management Inc. now owns 88,145 shares of the conglomerate’s stock worth $699,000 after purchasing an additional 56,510 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. lifted its stake in shares of General Electric by 2.1% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 103,554 shares of the conglomerate’s stock valued at $822,000 after acquiring an additional 2,136 shares during the last quarter. 59.95% of the stock is currently owned by hedge funds and other institutional investors.

General Electric Company Profile (NYSE:GE)

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

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