General Electric (NYSE:GE) Issues FY24 Earnings Guidance

General Electric (NYSE:GE) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $4.20-4.35 for the period, compared to the consensus EPS estimate of $4.24. General Electric also updated its FY 2024 guidance to 4.200-4.350 EPS.

General Electric Stock Performance

NYSE GE traded down $13.23 during trading on Tuesday, hitting $181.00. The company’s stock had a trading volume of 2,930,589 shares, compared to its average volume of 6,309,503. General Electric has a 52 week low of $84.58 and a 52 week high of $194.80. 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 firm has a market cap of $198.12 billion, a P/E ratio of 59.30, a price-to-earnings-growth ratio of 1.86 and a beta of 1.18. The firm has a 50 day moving average price of $179.06 and a 200 day moving average price of $167.91.

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

General Electric Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Thursday, September 26th will be paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 0.62%. The ex-dividend date is Thursday, September 26th. General Electric’s dividend payout ratio is 36.72%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on GE shares. Royal Bank of Canada increased their target price on shares of General Electric from $175.00 to $190.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. Deutsche Bank Aktiengesellschaft increased their target price on General Electric from $212.00 to $235.00 and gave the stock a “buy” rating in a report on Thursday, October 3rd. Barclays upped their price target on General Electric from $175.00 to $200.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. Citigroup raised their price objective on shares of General Electric from $198.00 to $216.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Finally, Wells Fargo & Company increased their price target on shares of General Electric from $192.00 to $205.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Two equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $196.86.

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.