General Electric (NYSE:GE) Trading 1.1% Higher Following Analyst Upgrade

Shares of General Electric (NYSE:GE) were up 1.1% during mid-day trading on Monday after Sanford C. Bernstein raised their price target on the stock from $201.00 to $225.00. Sanford C. Bernstein currently has an outperform rating on the stock. General Electric traded as high as $193.93 and last traded at $193.27. Approximately 892,447 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 6,387,553 shares. The stock had previously closed at $191.16.

Several other research analysts have also recently weighed in on the stock. StockNews.com cut shares of General Electric from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Citigroup lifted their price target on shares of General Electric from $198.00 to $216.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Jefferies Financial Group lifted their price target on shares of General Electric from $185.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. Wells Fargo & Company lifted their price target on shares of General Electric from $192.00 to $205.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. Finally, Royal Bank of Canada lifted their price target on shares of General Electric from $175.00 to $190.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. Two investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $196.86.

Institutional Trading of General Electric

Institutional investors and hedge funds have recently bought and sold shares of the stock. Mackenzie Financial Corp increased its holdings in General Electric by 10.5% in the 2nd quarter. Mackenzie Financial Corp now owns 603,988 shares of the conglomerate’s stock valued at $96,016,000 after acquiring an additional 57,372 shares during the last quarter. Marietta Investment Partners LLC purchased a new position in shares of General Electric in the 2nd quarter worth $1,569,000. GAMMA Investing LLC grew its stake in shares of General Electric by 25.4% in the 2nd quarter. GAMMA Investing LLC now owns 16,999 shares of the conglomerate’s stock worth $2,702,000 after buying an additional 3,442 shares in the last quarter. Senator Investment Group LP purchased a new position in shares of General Electric in the 2nd quarter worth $34,973,000. Finally, Blair William & Co. IL grew its stake in shares of General Electric by 4.4% in the 2nd quarter. Blair William & Co. IL now owns 181,971 shares of the conglomerate’s stock worth $28,928,000 after buying an additional 7,670 shares in the last quarter. 74.77% of the stock is currently owned by institutional investors.

General Electric Stock Down 1.1 %

The firm has a market capitalization of $208.60 billion, a PE ratio of 62.48, a PEG ratio of 1.86 and a beta of 1.18. The business’s 50 day simple moving average is $176.86 and its 200 day simple moving average is $166.73. The company has a current ratio of 1.14, a quick ratio of 0.85 and a debt-to-equity ratio of 0.95.

General Electric (NYSE:GE) last released its quarterly earnings results on Tuesday, July 23rd. The conglomerate reported $1.20 EPS for the quarter, topping analysts’ consensus estimates of $0.99 by $0.21. General Electric had a net margin of 7.66% and a return on equity of 16.07%. The firm had revenue of $9.09 billion during the quarter, compared to analysts’ expectations of $8.44 billion. During the same period in the previous year, the company earned $0.68 EPS. The firm’s revenue for the quarter was up 3.9% compared to the same quarter last year. On average, equities research analysts forecast that General Electric will post 4.2 earnings per share for the current year.

General Electric Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Thursday, September 26th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Thursday, September 26th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.59%. General Electric’s dividend payout ratio is presently 36.72%.

General Electric Company Profile

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.