General Electric (NYSE:GE) Stock Price Up 0.3% – Here’s What Happened

Shares of General Electric (NYSE:GE) rose 0.3% during mid-day trading on Thursday . The stock traded as high as $173.58 and last traded at $172.85. Approximately 4,527,662 shares traded hands during trading, a decline of 6% from the average daily volume of 4,825,919 shares. The stock had previously closed at $172.31.

Wall Street Analyst Weigh In

GE has been the topic of several research reports. Bank of America lifted their price objective on shares of General Electric from $180.00 to $200.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Northcoast Research began coverage on shares of General Electric in a report on Tuesday. They set a “neutral” rating on the stock. Royal Bank of Canada decreased their target price on shares of General Electric from $210.00 to $200.00 and set an “outperform” rating for the company in a research report on Wednesday, October 23rd. Melius Research upped their price objective on shares of General Electric from $194.00 to $202.00 in a research report on Tuesday, October 22nd. Finally, Citigroup upped their price objective on shares of General Electric from $198.00 to $216.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Three analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $201.47.

General Electric Stock Up 0.3 %

The company has a quick ratio of 0.85, a current ratio of 1.13 and a debt-to-equity ratio of 0.95. The stock has a market capitalization of $187.07 billion, a PE ratio of 30.38, a PEG ratio of 1.63 and a beta of 1.19. The firm’s fifty day moving average is $174.32 and its 200-day moving average is $173.28.

General Electric (NYSE:GE) last announced its earnings results on Tuesday, October 22nd. The conglomerate reported $1.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.02. The firm had revenue of $9.84 billion for the quarter, compared to analyst estimates of $9.02 billion. General Electric had a net margin of 11.48% and a return on equity of 18.93%. General Electric’s revenue was up 5.8% compared to the same quarter last year. During the same quarter last year, the business earned $0.82 earnings per share. On average, equities research analysts predict that General Electric will post 4.24 earnings per share for the current year.

General Electric Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, January 27th. Stockholders of record on Friday, December 27th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 0.65%. The ex-dividend date is Friday, December 27th. General Electric’s dividend payout ratio (DPR) is presently 19.68%.

Insider Activity

In other General Electric news, SVP Riccardo Procacci sold 7,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $181.13, for a total transaction of $1,267,910.00. Following the transaction, the senior vice president now owns 13,289 shares in the company, valued at $2,407,036.57. This trade represents a 34.50 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Russell Stokes sold 15,550 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $178.29, for a total value of $2,772,409.50. Following the transaction, the senior vice president now owns 148,857 shares of the company’s stock, valued at $26,539,714.53. This trade represents a 9.46 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.66% of the company’s stock.

Hedge Funds Weigh In On General Electric

Several hedge funds and other institutional investors have recently modified their holdings of GE. Studio Investment Management LLC raised its position in General Electric by 97.5% in the 2nd quarter. Studio Investment Management LLC now owns 158 shares of the conglomerate’s stock valued at $25,000 after purchasing an additional 78 shares during the last quarter. Toth Financial Advisory Corp bought a new stake in shares of General Electric in the third quarter valued at about $25,000. Valley Wealth Managers Inc. bought a new stake in General Electric during the third quarter worth about $25,000. O Brien Wealth Partners LLC bought a new stake in General Electric during the third quarter worth about $27,000. Finally, Peterson Financial Group Inc. acquired a new position in General Electric during the third quarter worth approximately $28,000. Institutional investors own 74.77% of the company’s stock.

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.