General Electric’s (GE) “Underweight” Rating Reiterated at J P Morgan Chase & Co

General Electric Company (NYSE:GE)‘s stock had its “underweight” rating reiterated by research analysts at J P Morgan Chase & Co in a report released on Thursday.

A number of other equities research analysts have also recently commented on the company. UBS AG restated a “buy” rating and set a $31.00 target price (down from $35.00) on shares of General Electric in a research report on Tuesday, July 25th. Deutsche Bank AG set a $24.00 target price on General Electric and gave the company a “sell” rating in a research report on Monday, May 29th. Citigroup Inc. restated a “buy” rating and set a $34.00 target price (down from $36.00) on shares of General Electric in a research report on Monday, July 10th. Royal Bank Of Canada restated a “buy” rating and set a $31.00 target price on shares of General Electric in a research report on Friday, September 15th. Finally, Goldman Sachs Group, Inc. (The) set a $29.00 target price on General Electric and gave the company a “neutral” rating in a research report on Friday, July 7th. Five analysts have rated the stock with a sell rating, eight have assigned a hold rating and ten have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $28.98.

Shares of General Electric (GE) traded up 0.1924% during trading on Thursday, hitting $24.3668. The stock had a trading volume of 5,621,613 shares. The firm has a 50 day moving average price of $24.74 and a 200 day moving average price of $27.46. General Electric has a 12-month low of $23.58 and a 12-month high of $32.38. The firm has a market cap of $210.97 billion, a P/E ratio of 29.6794 and a beta of 1.22. General Electric also saw unusually large options trading on Monday. Investors acquired 40,129 call options on the stock. This is an increase of 145% compared to the typical daily volume of 16,397 call options.

General Electric (NYSE:GE) last announced its quarterly earnings results on Friday, July 21st. The conglomerate reported $0.28 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.03. The company had revenue of $29.56 billion for the quarter, compared to the consensus estimate of $29.07 billion. General Electric had a return on equity of 14.59% and a net margin of 6.45%. The firm’s revenue for the quarter was down 11.8% compared to the same quarter last year. During the same period last year, the firm earned $0.51 EPS. On average, equities analysts expect that General Electric will post $1.56 earnings per share for the current fiscal year.

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In other news, Vice Chairman Elizabeth J. Comstock sold 24,693 shares of General Electric stock in a transaction that occurred on Wednesday, August 9th. The shares were sold at an average price of $25.65, for a total transaction of $633,375.45. Following the sale, the insider now owns 175,717 shares of the company’s stock, valued at approximately $4,507,141.05. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Alexander Dimitrief purchased 1,845 shares of General Electric stock in a transaction dated Monday, July 24th. The shares were purchased at an average cost of $25.54 per share, for a total transaction of $47,121.30. Following the transaction, the insider now owns 65,597 shares in the company, valued at approximately $1,675,347.38. The disclosure for this purchase can be found here. Insiders acquired a total of 233,253 shares of company stock worth $5,860,264 over the last three months. Corporate insiders own 0.36% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in GE. Franklin Resources Inc. raised its position in shares of General Electric by 43.8% during the 2nd quarter. Franklin Resources Inc. now owns 78,024,403 shares of the conglomerate’s stock valued at $2,107,438,000 after buying an additional 23,764,129 shares during the period. BlackRock Inc. raised its position in shares of General Electric by 3.9% during the 2nd quarter. BlackRock Inc. now owns 517,315,514 shares of the conglomerate’s stock valued at $13,972,691,000 after buying an additional 19,422,516 shares during the period. Capital Research Global Investors raised its position in shares of General Electric by 18.6% during the 2nd quarter. Capital Research Global Investors now owns 91,205,460 shares of the conglomerate’s stock valued at $2,463,459,000 after buying an additional 14,316,281 shares during the period. Boston Partners raised its position in shares of General Electric by 7,892.3% during the 2nd quarter. Boston Partners now owns 14,228,611 shares of the conglomerate’s stock valued at $384,315,000 after buying an additional 14,050,581 shares during the period. Finally, Arrowstreet Capital Limited Partnership raised its position in shares of General Electric by 1,011.3% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 14,632,325 shares of the conglomerate’s stock valued at $395,219,000 after buying an additional 13,315,605 shares during the period. 54.71% of the stock is currently owned by hedge funds and other institutional investors.

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