General Electric (NYSE:GE) Posts Quarterly Earnings Results, Beats Expectations By $0.02 EPS

General Electric (NYSE:GE) released its quarterly earnings results on Tuesday. The conglomerate reported $1.15 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.02, Briefing.com reports. The company had revenue of $9.84 billion for the quarter, compared to analysts’ expectations of $9.02 billion. General Electric had a return on equity of 16.07% and a net margin of 7.66%. The business’s quarterly revenue was up 5.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.82 earnings per share. General Electric updated its FY 2024 guidance to 4.200-4.350 EPS and its FY24 guidance to $4.20-4.35 EPS.

General Electric Trading Down 1.1 %

Shares of General Electric stock traded down $2.05 on Thursday, reaching $179.64. 4,365,352 shares of the company’s stock were exchanged, compared to its average volume of 6,378,624. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.85 and a current ratio of 1.14. General Electric has a 52 week low of $84.58 and a 52 week high of $194.80. The firm’s 50-day moving average is $179.51 and its two-hundred day moving average is $168.15. The company has a market capitalization of $196.64 billion, a P/E ratio of 59.00, a price-to-earnings-growth ratio of 1.86 and a beta of 1.18.

General Electric Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Thursday, September 26th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.62%. The ex-dividend date is Thursday, September 26th. General Electric’s payout ratio is 36.72%.

Analyst Ratings Changes

Several research firms have recently weighed in on GE. Melius Research boosted their price target on General Electric from $194.00 to $202.00 in a report on Tuesday. Royal Bank of Canada reduced their price target on General Electric from $210.00 to $200.00 and set an “outperform” rating on the stock in a report on Wednesday. Deutsche Bank Aktiengesellschaft boosted their price target on General Electric from $212.00 to $235.00 and gave the stock a “buy” rating in a report on Thursday, October 3rd. Jefferies Financial Group boosted their price target on General Electric from $185.00 to $190.00 and gave the stock a “buy” rating in a report on Friday, June 28th. Finally, Bank of America boosted their price target on General Electric from $180.00 to $200.00 and gave the stock a “buy” rating in a report on Wednesday. Two equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $200.93.

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.