General Electric (NYSE:GE – Get Rating) was the target of a significant decrease in short interest during the month of October. As of October 15th, there was short interest totalling 10,320,000 shares, a decrease of 9.0% from the September 30th total of 11,340,000 shares. Approximately 1.0% of the company’s shares are short sold. Based on an average daily volume of 6,350,000 shares, the days-to-cover ratio is currently 1.6 days.
Analyst Ratings Changes
Several equities research analysts have weighed in on GE shares. Wells Fargo & Company increased their target price on shares of General Electric from $73.00 to $74.00 and gave the stock an “equal weight” rating in a report on Wednesday. StockNews.com initiated coverage on General Electric in a research note on Wednesday, October 12th. They issued a “hold” rating for the company. Citigroup raised their price target on General Electric from $80.00 to $87.00 and gave the stock a “buy” rating in a research report on Wednesday. Credit Suisse Group decreased their price objective on General Electric from $86.00 to $84.00 and set an “outperform” rating for the company in a research report on Wednesday, July 27th. Finally, Royal Bank of Canada raised their target price on shares of General Electric from $81.00 to $93.00 and gave the stock an “outperform” rating in a report on Wednesday. Four analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $95.93.
General Electric Stock Performance
Shares of GE stock traded up $2.33 during midday trading on Friday, hitting $78.33. 5,387,941 shares of the company were exchanged, compared to its average volume of 6,188,783. General Electric has a 52 week low of $59.93 and a 52 week high of $116.17. The firm has a market capitalization of $85.59 billion, a P/E ratio of -14.16, a PEG ratio of 4.28 and a beta of 1.12. The firm’s 50 day moving average price is $70.05 and its two-hundred day moving average price is $72.42. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.80 and a current ratio of 1.10.
General Electric (NYSE:GE – Get Rating) last announced its earnings results on Tuesday, October 25th. The conglomerate reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.12). General Electric had a negative net margin of 7.78% and a positive return on equity of 7.20%. The business had revenue of $19.08 billion during the quarter, compared to the consensus estimate of $18.77 billion. During the same period in the previous year, the firm posted $0.57 EPS. The company’s revenue was up 2.8% compared to the same quarter last year. As a group, equities research analysts anticipate that General Electric will post 2.54 earnings per share for the current year.
General Electric Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Tuesday, October 25th. Investors of record on Tuesday, September 27th were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.41%. The ex-dividend date of this dividend was Monday, September 26th. General Electric’s dividend payout ratio (DPR) is presently -5.79%.
Hedge Funds Weigh In On General Electric
Several hedge funds and other institutional investors have recently made changes to their positions in GE. Tcwp LLC bought a new position in General Electric in the 1st quarter valued at approximately $28,000. Global Wealth Management Investment Advisory Inc. boosted its holdings in shares of General Electric by 808.1% during the 1st quarter. Global Wealth Management Investment Advisory Inc. now owns 336 shares of the conglomerate’s stock valued at $31,000 after acquiring an additional 299 shares in the last quarter. Coston McIsaac & Partners acquired a new position in General Electric in the 2nd quarter worth about $25,000. Core Alternative Capital boosted its stake in shares of General Electric by 736.2% during the first quarter. Core Alternative Capital now owns 393 shares of the conglomerate’s stock valued at $36,000 after purchasing an additional 346 shares in the last quarter. Finally, Carl Stuart Investment Advisor Inc. bought a new stake in shares of General Electric during the first quarter worth about $40,000. 67.09% of the stock is currently owned by institutional investors and hedge funds.
About General Electric
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.