General Electric (NYSE:GE – Get Rating) was the recipient of a significant decrease in short interest in June. As of June 30th, there was short interest totalling 12,400,000 shares, a decrease of 19.9% from the June 15th total of 15,490,000 shares. Based on an average trading volume of 6,990,000 shares, the days-to-cover ratio is presently 1.8 days. Approximately 1.1% of the company’s stock are short sold.
General Electric Stock Up 4.8 %
Shares of NYSE:GE opened at $66.74 on Wednesday. The business has a 50-day moving average price of $69.76 and a 200 day moving average price of $84.65. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.19 and a quick ratio of 0.88. General Electric has a 12-month low of $59.93 and a 12-month high of $116.17.
General Electric (NYSE:GE – Get Rating) last issued its quarterly earnings data on Tuesday, April 26th. The conglomerate reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.04. The firm had revenue of $17.04 billion during the quarter, compared to the consensus estimate of $16.92 billion. General Electric had a positive return on equity of 6.41% and a negative net margin of 6.43%. The company’s quarterly revenue was down .2% on a year-over-year basis. During the same period last year, the company earned $0.24 EPS. As a group, analysts expect that General Electric will post 2.81 EPS for the current year.
General Electric Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Monday, July 25th. Shareholders of record on Tuesday, June 28th will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.48%. The ex-dividend date is Monday, June 27th. General Electric’s dividend payout ratio is currently -6.99%.
Insider Activity
In related news, SVP John S. Slattery acquired 3,601 shares of the business’s stock in a transaction dated Monday, May 2nd. The shares were purchased at an average price of $75.00 per share, for a total transaction of $270,075.00. Following the completion of the acquisition, the senior vice president now directly owns 3,601 shares in the company, valued at approximately $270,075. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other General Electric news, SVP John S. Slattery purchased 3,601 shares of the business’s stock in a transaction that occurred on Monday, May 2nd. The shares were bought at an average price of $75.00 per share, for a total transaction of $270,075.00. Following the acquisition, the senior vice president now owns 3,601 shares in the company, valued at $270,075. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Electric Co General sold 72,025,826 shares of the stock in a transaction that occurred on Friday, May 6th. The stock was sold at an average price of $34.45, for a total transaction of $2,481,289,705.70. Following the completion of the transaction, the insider now owns 3,931,363 shares in the company, valued at approximately $135,435,455.35. The disclosure for this sale can be found here. Insiders have purchased a total of 69,801 shares of company stock worth $5,207,705 over the last 90 days. 0.70% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On General Electric
Institutional investors have recently bought and sold shares of the company. Exchange Traded Concepts LLC purchased a new position in shares of General Electric in the 1st quarter valued at about $158,000. Bay Colony Advisory Group Inc d b a Bay Colony Advisors boosted its stake in shares of General Electric by 18.6% in the 4th quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 30,660 shares of the conglomerate’s stock valued at $2,896,000 after buying an additional 4,806 shares during the period. DekaBank Deutsche Girozentrale boosted its stake in shares of General Electric by 26.4% in the 4th quarter. DekaBank Deutsche Girozentrale now owns 371,305 shares of the conglomerate’s stock valued at $34,897,000 after buying an additional 77,601 shares during the period. Paradigm Financial Partners LLC purchased a new position in shares of General Electric in the 4th quarter valued at about $558,000. Finally, Boyd Watterson Asset Management LLC OH purchased a new position in shares of General Electric in the 1st quarter valued at about $388,000. 67.37% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of equities research analysts have recently commented on GE shares. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of General Electric from $107.00 to $90.00 and set a “buy” rating on the stock in a research note on Wednesday, July 13th. StockNews.com assumed coverage on General Electric in a research report on Thursday, March 31st. They set a “hold” rating on the stock. Barclays decreased their target price on General Electric from $96.00 to $81.00 and set an “overweight” rating on the stock in a research report on Friday, July 8th. Bank of America decreased their target price on General Electric from $132.00 to $120.00 in a research report on Wednesday, April 27th. Finally, Morgan Stanley decreased their target price on General Electric from $100.00 to $95.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 12th. Four research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, General Electric currently has a consensus rating of “Moderate Buy” and an average target price of $107.43.
General Electric Company Profile (Get Rating)
General Electric Company operates as a high-tech industrial company in Europe, China, Asia, the Americas, the Middle East, and Africa. It operates through four segments: Power, Renewable Energy, Aviation, and Healthcare segments. The Power segment offers gas and steam turbines, full balance of plant, upgrade, and service solutions, as well as data-leveraging software for power generation, industrial, government, and other customers.