General Electric (NYSE:GE) Short Interest Down 9.0% in October
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…
From the Equity Insider archive. This article dates from Oct 31, 2022 and is preserved as first published.
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.
5,387,941 shares of the company were exchanged, compared to its average volume of 6,188,783.
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.
