General Electric (NYSE:GE) Posts Quarterly Earnings Results, Beats Estimates By $0.21 EPS

General Electric (NYSE:GE) issued its earnings results on Tuesday. The conglomerate reported $1.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.99 by $0.21, Briefing.com reports. The firm had revenue of $9.09 billion for the quarter, compared to the consensus estimate of $8.44 billion. General Electric had a net margin of 7.66% and a return on equity of 16.07%. The business’s revenue was up 3.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.68 earnings per share. General Electric updated its FY24 guidance to $3.95-4.20 EPS and its FY 2024 guidance to 3.950-4.200 EPS.

General Electric Stock Performance

Shares of NYSE GE opened at $167.01 on Friday. The firm has a fifty day moving average price of $162.16 and a 200-day moving average price of $156.01. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.14 and a quick ratio of 0.82. The stock has a market cap of $181.09 billion, a PE ratio of 54.00, a price-to-earnings-growth ratio of 1.72 and a beta of 1.21. General Electric has a 1 year low of $84.42 and a 1 year high of $177.20.

General Electric Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 25th. Stockholders of record on Thursday, July 11th were paid a $0.28 dividend. The ex-dividend date of this dividend was Thursday, July 11th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.67%. General Electric’s dividend payout ratio (DPR) is presently 36.72%.

Insider Transactions at General Electric

In other news, SVP Russell Stokes sold 45,309 shares of the stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $162.82, for a total value of $7,377,211.38. Following the completion of the sale, the senior vice president now directly owns 112,958 shares of the company’s stock, valued at $18,391,821.56. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.66% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. UBS Group increased their price objective on shares of General Electric from $201.00 to $209.00 and gave the company a “buy” rating in a research report on Monday, July 1st. Jefferies Financial Group increased their price objective on shares of General Electric from $185.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, June 28th. Barclays lowered their price objective on shares of General Electric from $181.00 to $175.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 3rd. Wells Fargo & Company increased their price objective on shares of General Electric from $192.00 to $205.00 and gave the company an “overweight” rating in a research report on Wednesday. Finally, TD Cowen upgraded shares of General Electric from a “hold” rating to a “buy” rating and increased their price objective for the company from $175.00 to $180.00 in a research report on Tuesday, April 9th. Two investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, General Electric presently has an average rating of “Moderate Buy” and a consensus target price of $183.93.

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.