General Electric (NYSE:GE) Stock Price Down 0.8% – Here’s What Happened

General Electric (NYSE:GE) was down 0.8% during mid-day trading on Friday . The company traded as low as $176.48 and last traded at $176.89. Approximately 1,327,010 shares changed hands during trading, a decline of 79% from the average daily volume of 6,224,957 shares. The stock had previously closed at $178.40.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Bank of America increased their price target on General Electric from $180.00 to $200.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Melius Research upped their price target on shares of General Electric from $194.00 to $202.00 in a report on Tuesday, October 22nd. Barclays boosted their target price on shares of General Electric from $175.00 to $200.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. Sanford C. Bernstein lifted their price objective on shares of General Electric from $201.00 to $225.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. Finally, UBS Group raised their target price on shares of General Electric from $223.00 to $230.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Two investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, General Electric presently has a consensus rating of “Moderate Buy” and a consensus target price of $200.93.

General Electric Trading Down 1.2 %

The company has a market capitalization of $190.82 billion, a price-to-earnings ratio of 31.09, a price-to-earnings-growth ratio of 1.81 and a beta of 1.19. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.85 and a current ratio of 1.13. The business’s 50 day moving average price is $181.98 and its two-hundred day moving average price is $170.48.

General Electric (NYSE:GE) last issued its earnings results on Tuesday, October 22nd. The conglomerate reported $1.15 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.02. The firm had revenue of $9.84 billion during the quarter, compared to analysts’ expectations of $9.02 billion. General Electric had a net margin of 11.48% and a return on equity of 18.93%. The firm’s revenue for the quarter was up 5.8% compared to the same quarter last year. During the same period last year, the firm posted $0.82 earnings per share. Equities analysts forecast that General Electric will post 4.22 earnings per share for the current fiscal year.

General Electric Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 25th. Shareholders of record on Thursday, September 26th were issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 0.64%. The ex-dividend date was Thursday, September 26th. General Electric’s payout ratio is 19.68%.

Insider Activity

In related news, SVP Riccardo Procacci sold 7,000 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $181.13, for a total value of $1,267,910.00. Following the completion of the sale, the senior vice president now directly owns 13,289 shares of the company’s stock, valued at approximately $2,407,036.57. This represents a 34.50 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.66% of the stock is owned by company insiders.

Institutional Investors Weigh In On General Electric

A number of institutional investors have recently modified their holdings of the stock. Millburn Ridgefield Corp grew its stake in General Electric by 296.0% in the third quarter. Millburn Ridgefield Corp now owns 491 shares of the conglomerate’s stock valued at $93,000 after purchasing an additional 367 shares in the last quarter. Morse Asset Management Inc grew its stake in shares of General Electric by 30.8% in the 3rd quarter. Morse Asset Management Inc now owns 18,701 shares of the conglomerate’s stock valued at $3,527,000 after buying an additional 4,405 shares in the last quarter. IHT Wealth Management LLC raised its position in General Electric by 5.8% during the third quarter. IHT Wealth Management LLC now owns 11,610 shares of the conglomerate’s stock valued at $2,187,000 after acquiring an additional 640 shares in the last quarter. Investment Management Corp of Ontario raised its position in General Electric by 15.2% during the third quarter. Investment Management Corp of Ontario now owns 54,000 shares of the conglomerate’s stock valued at $10,183,000 after acquiring an additional 7,123 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its position in General Electric by 589.2% in the third quarter. Jacobs Levy Equity Management Inc. now owns 68,026 shares of the conglomerate’s stock worth $12,828,000 after acquiring an additional 58,156 shares in the last quarter. Institutional investors and hedge funds own 74.77% of the company’s stock.

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.