Investors Buy Shares of General Electric Company (GE) on Weakness on Analyst Downgrade

Investors purchased shares of General Electric Company (NYSE:GE) on weakness during trading hours on Tuesday after Bank of America Corporation lowered their price target on the stock from $27.00 to $23.00. $1,299.62 million flowed into the stock on the tick-up and $1,159.69 million flowed out of the stock on the tick-down, for a money net flow of $139.93 million into the stock. Of all stocks tracked, General Electric had the 2nd highest net in-flow for the day. General Electric traded down ($1.12) for the day and closed at $17.90

Other analysts have also issued reports about the stock. Cowen and Company reissued a “hold” rating and set a $19.00 price target on shares of General Electric in a report on Wednesday, November 8th. Goldman Sachs Group, Inc. (The) set a $22.00 price target on shares of General Electric and gave the company a “neutral” rating in a report on Tuesday. Royal Bank Of Canada downgraded shares of General Electric from an “outperform” rating to a “sector perform” rating and cut their price target for the company from $25.00 to $20.00 in a report on Tuesday. Vetr downgraded shares of General Electric from a “hold” rating to a “sell” rating and set a $23.72 price target for the company. in a report on Monday, September 25th. Finally, J P Morgan Chase & Co set a $17.00 target price on shares of General Electric and gave the stock a “sell” rating in a research note on Thursday, November 9th. Six research analysts have rated the stock with a sell rating, seven have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $25.02.

In other news, Director James S. Tisch purchased 100,000 shares of the company’s stock in a transaction on Tuesday, August 22nd. The shares were purchased at an average cost of $24.56 per share, with a total value of $2,456,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.36% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in GE. Ullmann Financial Group Inc. acquired a new stake in General Electric during the first quarter worth about $106,000. MPS Loria Financial Planners LLC acquired a new stake in General Electric during the second quarter worth about $113,000. Ffcm LLC acquired a new stake in General Electric during the second quarter worth about $114,000. PHH Investments Ltd. grew its stake in General Electric by 105.0% during the first quarter. PHH Investments Ltd. now owns 3,905 shares of the conglomerate’s stock worth $116,000 after buying an additional 2,000 shares in the last quarter. Finally, Corbenic Partners LLC grew its stake in General Electric by 15.7% during the second quarter. Corbenic Partners LLC now owns 5,340 shares of the conglomerate’s stock worth $144,000 after buying an additional 725 shares in the last quarter. Institutional investors and hedge funds own 54.29% of the company’s stock.

The company has a debt-to-equity ratio of 1.14, a quick ratio of 1.53 and a current ratio of 1.86. The stock has a market capitalization of $155,230.00, a P/E ratio of 16.53, a price-to-earnings-growth ratio of 2.15 and a beta of 1.11.

General Electric (NYSE:GE) last issued its quarterly earnings data on Friday, October 20th. The conglomerate reported $0.29 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.20). The business had revenue of $33.47 billion during the quarter, compared to the consensus estimate of $32.51 billion. General Electric had a net margin of 6.08% and a return on equity of 13.72%. The firm’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same quarter last year, the business earned $0.32 EPS. research analysts forecast that General Electric Company will post 1.06 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 25th. Shareholders of record on Monday, September 18th were issued a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, September 15th. This represents a $0.96 annualized dividend and a yield of 5.05%. General Electric’s payout ratio is 111.63%.

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