General Electric (NYSE:GE) Announces Quarterly Earnings Results, Beats Estimates By $0.02 EPS

General Electric (NYSE:GE) announced its quarterly earnings results on Tuesday. The conglomerate reported $1.15 earnings per share for the quarter, beating analysts’ consensus estimates of $1.13 by $0.02, Briefing.com reports. General Electric had a net margin of 7.66% and a return on equity of 16.07%. The firm had revenue of $9.84 billion for the quarter, compared to analysts’ expectations of $9.02 billion. During the same period in the previous year, the company posted $0.82 earnings per share. General Electric’s revenue was up 5.8% compared to the same quarter last year. General Electric updated its FY 2024 guidance to 4.200-4.350 EPS and its FY24 guidance to $4.20-4.35 EPS.

General Electric Stock Down 9.0 %

Shares of General Electric stock opened at $176.66 on Wednesday. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.14 and a quick ratio of 0.85. General Electric has a 1-year low of $84.58 and a 1-year high of $194.80. The business’s fifty day moving average price is $179.24 and its two-hundred day moving average price is $168.05. The company has a market capitalization of $193.37 billion, a P/E ratio of 57.90, a PEG ratio of 1.86 and a beta of 1.18.

General Electric Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Thursday, September 26th will be given a dividend of $0.28 per share. The ex-dividend date is Thursday, September 26th. This represents a $1.12 annualized dividend and a dividend yield of 0.63%. General Electric’s dividend payout ratio is presently 36.72%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on GE. Melius Research upped their price target on shares of General Electric from $194.00 to $202.00 in a research report on Tuesday. UBS Group raised their target price on General Electric from $201.00 to $209.00 and gave the company a “buy” rating in a report on Monday, July 1st. Jefferies Financial Group upped their price target on General Electric from $185.00 to $190.00 and gave the stock a “buy” rating in a report on Friday, June 28th. Citigroup boosted their target price on shares of General Electric from $198.00 to $216.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Finally, Barclays boosted their price objective on shares of General Electric from $175.00 to $200.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Two analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $198.53.

About General Electric

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.