General Electric Company (GE) Trading Down 7.2% on Analyst Downgrade

General Electric Company (NYSE:GE)’s share price dropped 7.2% on Tuesday after Bank of America Corporation lowered their price target on the stock from $27.00 to $23.00. Bank of America Corporation currently has a buy rating on the stock. General Electric traded as low as $18.75 and last traded at $19.02. Approximately 261,557,400 shares were traded during mid-day trading, an increase of 519% from the average daily volume of 42,257,457 shares. The stock had previously closed at $20.49.

Several other equities research analysts have also issued reports on the company. J P Morgan Chase & Co reduced their price target on General Electric from $19.00 to $17.00 and set an “underweight” rating for the company in a report on Wednesday, November 1st. UBS AG reiterated a “buy” rating and set a $31.00 price target (down from $35.00) on shares of General Electric in a report on Tuesday, July 25th. Royal Bank Of Canada set a $25.00 price target on General Electric and gave the company a “buy” rating in a report on Monday, October 23rd. Citigroup Inc. set a $28.00 price target on General Electric and gave the company a “buy” rating in a report on Monday, October 23rd. Finally, Vetr upgraded General Electric from a “buy” rating to a “strong-buy” rating and set a $23.28 price target for the company in a report on Monday, October 30th. Six investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. General Electric has an average rating of “Hold” and a consensus price target of $25.02.

In other news, Director James S. Tisch acquired 100,000 shares of the stock in a transaction dated Tuesday, August 22nd. The shares were acquired at an average cost of $24.56 per share, for a total transaction of $2,456,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.36% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Peak Financial Management Inc. grew its position in General Electric by 0.3% in the second quarter. Peak Financial Management Inc. now owns 9,284 shares of the conglomerate’s stock valued at $251,000 after acquiring an additional 25 shares during the period. BerganKDV Wealth Management LLC grew its position in General Electric by 0.3% in the second quarter. BerganKDV Wealth Management LLC now owns 11,804 shares of the conglomerate’s stock valued at $319,000 after acquiring an additional 36 shares during the period. Puplava Financial Services Inc. grew its position in General Electric by 0.4% in the second quarter. Puplava Financial Services Inc. now owns 11,209 shares of the conglomerate’s stock valued at $303,000 after acquiring an additional 41 shares during the period. Cutter & CO Brokerage Inc. grew its position in General Electric by 0.3% in the second quarter. Cutter & CO Brokerage Inc. now owns 20,620 shares of the conglomerate’s stock valued at $557,000 after acquiring an additional 67 shares during the period. Finally, Northwest Wealth Management LLC grew its position in General Electric by 0.8% in the second quarter. Northwest Wealth Management LLC now owns 9,392 shares of the conglomerate’s stock valued at $254,000 after acquiring an additional 75 shares during the period. Institutional investors and hedge funds own 54.29% of the company’s stock.

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

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

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 25th. Shareholders of record on Monday, September 18th were given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 5.36%. The ex-dividend date of this dividend was Friday, September 15th. General Electric’s dividend payout ratio (DPR) is 111.63%.

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