General Electric (NYSE:GE) Stock Price Up 0.2% – Here’s Why

General Electric (NYSE:GE) shares were up 0.2% during mid-day trading on Wednesday . The company traded as high as $191.37 and last traded at $190.88. Approximately 535,944 shares traded hands during mid-day trading, a decline of 92% from the average daily volume of 6,357,000 shares. The stock had previously closed at $190.57.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Royal Bank of Canada raised their price objective on General Electric from $175.00 to $190.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. Jefferies Financial Group boosted their target price on General Electric from $185.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. Deutsche Bank Aktiengesellschaft boosted their target price on General Electric from $212.00 to $235.00 and gave the stock a “buy” rating in a research note on Thursday, October 3rd. Sanford C. Bernstein boosted their target price on General Electric from $201.00 to $225.00 and gave the stock an “outperform” rating in a research note on Monday. Finally, UBS Group boosted their target price on General Electric from $201.00 to $209.00 and gave the stock a “buy” rating in a research note on Monday, July 1st. Two investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, General Electric presently has a consensus rating of “Moderate Buy” and an average target price of $196.86.

General Electric Price Performance

The company has a market cap of $209.88 billion, a price-to-earnings ratio of 62.58, a price-to-earnings-growth ratio of 1.86 and a beta of 1.18. The company has a quick ratio of 0.85, a current ratio of 1.14 and a debt-to-equity ratio of 0.95. The company has a fifty day simple moving average of $176.86 and a two-hundred day simple moving average of $166.73.

General Electric (NYSE:GE) last released its quarterly earnings data on Tuesday, July 23rd. The conglomerate reported $1.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.99 by $0.21. The business had revenue of $9.09 billion during the quarter, compared to analyst estimates of $8.44 billion. General Electric had a return on equity of 16.07% and a net margin of 7.66%. The business’s revenue for the quarter was up 3.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.68 EPS. On average, equities research analysts anticipate that General Electric will post 4.2 earnings per share for the current fiscal year.

General Electric Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Thursday, September 26th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 0.58%. The ex-dividend date of this dividend is Thursday, September 26th. General Electric’s payout ratio is currently 36.72%.

Institutional Trading of General Electric

A number of hedge funds and other institutional investors have recently modified their holdings of GE. Capital International Investors grew its holdings in shares of General Electric by 9.9% during the first quarter. Capital International Investors now owns 59,100,643 shares of the conglomerate’s stock valued at $10,373,936,000 after buying an additional 5,309,543 shares in the last quarter. Newport Trust Company LLC acquired a new stake in shares of General Electric in the second quarter worth about $2,613,332,000. Capital World Investors lifted its position in shares of General Electric by 2,818.1% in the first quarter. Capital World Investors now owns 12,749,560 shares of the conglomerate’s stock worth $2,237,930,000 after buying an additional 12,312,648 shares during the last quarter. Legal & General Group Plc lifted its position in shares of General Electric by 5.8% in the second quarter. Legal & General Group Plc now owns 8,405,731 shares of the conglomerate’s stock worth $1,336,257,000 after buying an additional 459,201 shares during the last quarter. Finally, Canada Pension Plan Investment Board increased its position in General Electric by 221.6% during the first quarter. Canada Pension Plan Investment Board now owns 7,121,741 shares of the conglomerate’s stock worth $1,250,079,000 after acquiring an additional 4,907,530 shares during the period. Institutional investors own 74.77% of the company’s stock.

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.