General Electric Company (GE) Sees Large Drop in Short Interest

General Electric Company (NYSE:GE) was the recipient of a significant drop in short interest during the month of January. As of January 13th, there was short interest totalling 76,018,122 shares, a drop of 21.6% from the December 30th total of 96,980,775 shares. Based on an average trading volume of 25,851,115 shares, the short-interest ratio is currently 2.9 days. Currently, 0.9% of the shares of the company are sold short.

A number of brokerages have issued reports on GE. Zacks Investment Research cut shares of General Electric Company from a “hold” rating to a “sell” rating in a report on Tuesday, December 27th. Goldman Sachs Group, Inc. (The) set a $31.00 price target on shares of General Electric Company and gave the company a “neutral” rating in a research note on Monday, December 12th. RBC Capital Markets restated a “buy” rating and issued a $37.00 price target on shares of General Electric Company in a research note on Thursday, January 5th. J P Morgan Chase & Co restated an “underweight” rating and issued a $28.00 price target on shares of General Electric Company in a research note on Thursday, January 5th. Finally, Stifel Nicolaus set a $34.00 price target on shares of General Electric Company and gave the company a “buy” rating in a research note on Thursday, December 8th. Three analysts have rated the stock with a sell rating, six have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $33.55.

General Electric Company (NYSE:GE) opened at 29.70 on Friday. General Electric Company has a 12-month low of $27.10 and a 12-month high of $33.00. The company has a market cap of $261.21 billion, a P/E ratio of 33.15 and a beta of 1.20. The stock’s 50 day moving average is $31.08 and its 200-day moving average is $30.61.

General Electric Company (NYSE:GE) last posted its quarterly earnings results on Friday, January 20th. The company reported $0.46 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.46. The business earned $33.10 billion during the quarter, compared to the consensus estimate of $33.67 billion. General Electric Company had a net margin of 6.86% and a return on equity of 15.99%. General Electric Company’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.52 earnings per share. Analysts predict that General Electric Company will post $1.64 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 25th. Shareholders of record on Tuesday, December 27th were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 3.23%. The ex-dividend date of this dividend was Thursday, December 22nd. This is an increase from General Electric Company’s previous quarterly dividend of $0.23. General Electric Company’s dividend payout ratio is presently 106.67%.

In other General Electric Company news, insider Jeffrey S. Bornstein bought 5,000 shares of the business’s stock in a transaction on Tuesday, January 31st. The shares were purchased at an average price of $29.63 per share, with a total value of $148,150.00. Following the completion of the acquisition, the insider now directly owns 68,757 shares of the company’s stock, valued at approximately $2,037,269.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Jeffrey R. Immelt bought 50,000 shares of the business’s stock in a transaction on Wednesday, November 9th. The stock was acquired at an average cost of $29.24 per share, for a total transaction of $1,462,000.00. Following the acquisition, the chairman now directly owns 2,248,688 shares of the company’s stock, valued at $65,751,637.12. The disclosure for this purchase can be found here. Insiders acquired 55,231 shares of company stock worth $1,617,196 in the last three months. 0.23% of the stock is currently owned by corporate insiders.

Large investors have recently modified their holdings of the stock. Elefante Mark B purchased a new stake in shares of General Electric Company during the third quarter valued at approximately $116,000. Cable Hill Partners LLC increased its stake in shares of General Electric Company by 0.4% in the second quarter. Cable Hill Partners LLC now owns 4,447 shares of the company’s stock valued at $141,000 after buying an additional 19 shares during the last quarter. Catamount Wealth Management increased its stake in shares of General Electric Company by 34.8% in the second quarter. Catamount Wealth Management now owns 4,651 shares of the company’s stock valued at $146,000 after buying an additional 1,200 shares during the last quarter. Global X Management Co. LLC increased its stake in shares of General Electric Company by 58.6% in the second quarter. Global X Management Co. LLC now owns 5,058 shares of the company’s stock valued at $159,000 after buying an additional 1,868 shares during the last quarter. Finally, Timber Creek Capital Management LLC increased its stake in shares of General Electric Company by 175.3% in the third quarter. Timber Creek Capital Management LLC now owns 5,505 shares of the company’s stock valued at $163,000 after buying an additional 3,505 shares during the last quarter. 54.60% of the stock is owned by hedge funds and other institutional investors.

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