General Electric Company (NYSE:GE)‘s stock had its “underweight” rating reissued by J P Morgan Chase & Co in a report issued on Thursday, Marketbeat Ratings reports. They presently have a $22.00 target price on the conglomerate’s stock, down from their prior target price of $27.00. J P Morgan Chase & Co’s price target suggests a potential downside of 15.87% from the company’s previous close.
The analysts wrote, “as open and undefined as it’s been in decades.”Jeffrey Immelt’s announcement in early June that he will be stepping down as CEO was “unexpectedly early” and Steve Bolze’s decision to step down as head of GE Power signals the unit’s “fundamentals are weaker than expected.” In the meantime, GE is expected to post a “relatively weak” second quarter on rolling free cash flow that won’t be enough to dispel related concerns and may result in operating cuts.So Now What?Moving forward, GE’s new management team led by its CEO John Flannery will need to control the narrative on four different fronts and set a new agenda regarding:Earnings per share and free cash flow outlook.Potential restructuring.Capital allocation.Portfolio priorities.These four categories will measure GE’s “true level of change”
Several other brokerages also recently commented on GE. Vetr downgraded shares of General Electric Company from a “strong-buy” rating to a “buy” rating and set a $30.48 target price for the company. in a report on Tuesday, July 4th. Standpoint Research upgraded shares of General Electric Company from a “sell” rating to a “hold” rating and set a $24.00 target price for the company in a report on Thursday, June 29th. BidaskClub downgraded shares of General Electric Company from a “sell” rating to a “strong sell” rating in a report on Wednesday, June 28th. Goldman Sachs Group, Inc. (The) set a $30.00 target price on shares of General Electric Company and gave the company a “neutral” rating in a report on Thursday, June 22nd. Finally, Zacks Investment Research downgraded shares of General Electric Company from a “hold” rating to a “sell” rating in a report on Wednesday, June 21st. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $30.91.
Shares of General Electric Company (GE) traded down 0.669% during midday trading on Thursday, reaching $25.975. 11,684,140 shares of the company’s stock traded hands. The firm has a market cap of $225.57 billion, a PE ratio of 26.451 and a beta of 1.22. The company has a 50 day moving average of $27.94 and a 200 day moving average of $29.66. General Electric Company has a 52-week low of $25.97 and a 52-week high of $33.00.
General Electric Company (NYSE:GE) last released its quarterly earnings data on Friday, April 21st. The conglomerate reported $0.21 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.04. General Electric Company had a net margin of 7.48% and a return on equity of 16.59%. The firm had revenue of $27.66 billion for the quarter, compared to analyst estimates of $26.37 billion. During the same period last year, the firm earned $0.21 earnings per share. The business’s quarterly revenue was down .7% compared to the same quarter last year. On average, equities analysts predict that General Electric Company will post $1.63 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 25th. Shareholders of record on Monday, June 19th will be given a dividend of $0.24 per share. The ex-dividend date is Thursday, June 15th. This represents a $0.96 annualized dividend and a yield of 3.67%. General Electric Company’s payout ratio is presently 97.96%.
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In other General Electric Company news, Director William G. Beattie purchased 16,000 shares of the firm’s stock in a transaction on Monday, May 15th. The shares were purchased at an average cost of $28.05 per share, with a total value of $448,800.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Marijn E. Dekkers purchased 20,000 shares of the firm’s stock in a transaction on Monday, April 24th. The shares were acquired at an average cost of $29.90 per share, for a total transaction of $598,000.00. Following the completion of the purchase, the director now directly owns 1,000 shares of the company’s stock, valued at approximately $29,900. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 140,000 shares of company stock valued at $3,964,600. 0.36% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of GE. Fusion Family Wealth LLC acquired a new position in General Electric Company during the fourth quarter valued at approximately $100,000. Ullmann Financial Group Inc. acquired a new position in General Electric Company during the first quarter valued at approximately $106,000. Feltz Wealth PLAN Inc. acquired a new position in General Electric Company during the first quarter valued at approximately $114,000. PHH Investments Ltd. increased its position in General Electric Company by 105.0% in the first quarter. PHH Investments Ltd. now owns 3,905 shares of the conglomerate’s stock valued at $116,000 after buying an additional 2,000 shares during the period. Finally, Empirical Finance LLC acquired a new position in General Electric Company during the fourth quarter valued at approximately $140,000. 54.25% of the stock is currently owned by hedge funds and other institutional investors.
General Electric Company Company Profile
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