General Electric (NYSE:GE) – Equities researchers at Oppenheimer reduced their Q3 2019 earnings per share estimates for General Electric in a note issued to investors on Wednesday, July 31st. Oppenheimer analyst C. Glynn now anticipates that the conglomerate will earn $0.12 per share for the quarter, down from their previous forecast of $0.14. Oppenheimer also issued estimates for General Electric’s FY2019 earnings at $0.63 EPS and FY2020 earnings at $0.60 EPS.
A number of other analysts also recently issued reports on the company. JPMorgan Chase & Co. reissued a “sell” rating on shares of General Electric in a research report on Wednesday, July 31st. Zacks Investment Research downgraded General Electric from a “strong-buy” rating to a “hold” rating and set a $12.00 price objective for the company. in a research report on Friday, August 2nd. Citigroup set a $14.00 price objective on General Electric and gave the stock a “buy” rating in a research report on Wednesday, June 19th. William Blair reissued a “buy” rating on shares of General Electric in a research report on Thursday, June 13th. Finally, UBS Group downgraded General Electric from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $13.00 to $11.50 in a research report on Monday, July 15th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have issued a buy rating to the company. General Electric currently has a consensus rating of “Hold” and an average price target of $11.68.
General Electric (NYSE:GE) last issued its earnings results on Wednesday, July 31st. The conglomerate reported $0.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.05. General Electric had a positive return on equity of 10.64% and a negative net margin of 15.38%. The business had revenue of $28.83 billion during the quarter, compared to the consensus estimate of $28.83 billion. During the same period last year, the company earned $0.19 EPS. The company’s revenue for the quarter was down 1.1% on a year-over-year basis.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 25th. Stockholders of record on Monday, July 1st were paid a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 0.42%. The ex-dividend date of this dividend was Friday, June 28th. General Electric’s payout ratio is presently 6.15%.
In other news, Director Edward P. Garden sold 1,289,538 shares of General Electric stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $10.02, for a total value of $12,921,170.76. Following the completion of the transaction, the director now owns 25,000 shares in the company, valued at approximately $250,500. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Edward P. Garden sold 3,370,314 shares of General Electric stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $9.53, for a total value of $32,119,092.42. The disclosure for this sale can be found here. Company insiders own 1.13% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the company. Bellecapital International Ltd. boosted its stake in shares of General Electric by 166.4% in the 2nd quarter. Bellecapital International Ltd. now owns 48,990 shares of the conglomerate’s stock valued at $514,000 after buying an additional 30,600 shares during the period. Cornell Pochily Investment Advisors Inc. lifted its stake in General Electric by 114.2% during the fourth quarter. Cornell Pochily Investment Advisors Inc. now owns 32,487 shares of the conglomerate’s stock worth $246,000 after purchasing an additional 17,317 shares during the last quarter. Mn Services Vermogensbeheer B.V. lifted its stake in General Electric by 6.3% during the fourth quarter. Mn Services Vermogensbeheer B.V. now owns 1,474,509 shares of the conglomerate’s stock worth $9,764,000 after purchasing an additional 88,000 shares during the last quarter. Carroll Financial Associates Inc. lifted its stake in General Electric by 13.5% during the second quarter. Carroll Financial Associates Inc. now owns 117,920 shares of the conglomerate’s stock worth $1,238,000 after purchasing an additional 14,033 shares during the last quarter. Finally, GYL Financial Synergies LLC purchased a new stake in General Electric during the fourth quarter worth approximately $238,000. Institutional investors and hedge funds own 57.81% of the company’s stock.
About General Electric
General Electric Company operates as a high-tech industrial company worldwide. It operates through Power, Renewable Energy, Aviation, Oil & Gas, Healthcare, Transportation, Lighting, and Capital segments. The Power segment offers technologies, solutions, and services related to energy production, including gas and steam turbines, generators, and high voltage equipment; and power generation services.
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