General Electric (GE) Reaches New 52-Week Low After Analyst Downgrade

General Electric (NYSE:GE) shares hit a new 52-week low during mid-day trading on Friday after JPMorgan Chase & Co. lowered their price target on the stock from $10.00 to $6.00. JPMorgan Chase & Co. currently has an underweight rating on the stock. General Electric traded as low as $8.15 and last traded at $8.38, with a volume of 189248576 shares trading hands. The stock had previously closed at $9.10.

Other research analysts have also issued research reports about the stock. UBS Group lowered shares of General Electric to an “add” rating and set a $23.00 price target on the stock. in a research note on Tuesday, October 2nd. Cowen restated a “hold” rating and set a $14.50 price target on shares of General Electric in a research note on Monday, October 1st. MED upgraded shares of General Electric from a “sell” rating to a “hold” rating and set a $15.00 price target on the stock in a research note on Thursday, July 12th. Gabelli restated a “buy” rating on shares of General Electric in a research note on Wednesday, July 18th. Finally, Deutsche Bank set a $15.00 price target on shares of General Electric and gave the company a “hold” rating in a research note on Thursday, July 12th. Five equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. General Electric presently has a consensus rating of “Hold” and an average price target of $14.72.

In other General Electric news, SVP Alexander Dimitrief acquired 10,000 shares of the business’s stock in a transaction dated Tuesday, November 6th. The shares were purchased at an average price of $9.48 per share, for a total transaction of $94,800.00. Following the completion of the purchase, the senior vice president now directly owns 103,075 shares of the company’s stock, valued at $977,151. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman H Lawrence Culp, Jr. acquired 225,000 shares of the business’s stock in a transaction dated Thursday, November 1st. The stock was acquired at an average price of $9.73 per share, for a total transaction of $2,189,250.00. The disclosure for this purchase can be found here. 1.12% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in GE. FMR LLC boosted its holdings in General Electric by 158.6% during the second quarter. FMR LLC now owns 205,696,411 shares of the conglomerate’s stock worth $2,799,528,000 after buying an additional 126,169,069 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in General Electric by 43.9% during the first quarter. The Manufacturers Life Insurance Company now owns 90,257,543 shares of the conglomerate’s stock worth $1,216,672,000 after buying an additional 27,527,425 shares in the last quarter. Franklin Resources Inc. boosted its holdings in General Electric by 11.0% during the first quarter. Franklin Resources Inc. now owns 204,957,949 shares of the conglomerate’s stock worth $2,762,834,000 after buying an additional 20,275,020 shares in the last quarter. Pzena Investment Management LLC boosted its holdings in General Electric by 95.6% during the third quarter. Pzena Investment Management LLC now owns 33,345,586 shares of the conglomerate’s stock worth $376,472,000 after buying an additional 16,297,449 shares in the last quarter. Finally, Morgan Stanley boosted its holdings in General Electric by 26.1% during the second quarter. Morgan Stanley now owns 54,507,783 shares of the conglomerate’s stock worth $741,852,000 after buying an additional 11,294,608 shares in the last quarter. 53.81% of the stock is currently owned by hedge funds and other institutional investors.

The firm has a market capitalization of $81.79 billion, a PE ratio of 8.17, a price-to-earnings-growth ratio of 2.53 and a beta of 0.95. The company has a current ratio of 1.66, a quick ratio of 1.36 and a debt-to-equity ratio of 2.03.

General Electric (NYSE:GE) last announced its quarterly earnings results on Tuesday, October 30th. The conglomerate reported $0.14 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.20 by ($0.06). General Electric had a positive return on equity of 10.29% and a negative net margin of 27.36%. The firm had revenue of $29.57 billion for the quarter, compared to analysts’ expectations of $30.08 billion. During the same period last year, the company posted $0.29 earnings per share. The business’s quarterly revenue was down 3.6% on a year-over-year basis. As a group, analysts anticipate that General Electric will post 0.68 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Thursday, October 25th. Investors of record on Monday, September 17th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 5.59%. The ex-dividend date of this dividend was Friday, September 14th. General Electric’s dividend payout ratio (DPR) is presently 45.71%.

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General Electric Company Profile (NYSE:GE)

General Electric Company operates as a digital industrial company worldwide. It operates through Power, Renewable Energy, Oil & Gas, Aviation, Healthcare, Transportation, Lighting, and Capital segments. The Power segment offers technologies, solutions, and services related to energy production, including gas and steam turbines, engines, generators, and high voltage equipment; and power generation services and digital solutions.

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