General Electric (NYSE: GE) was upgraded by Zacks Financial investment Research from a “sell” rating to a “hold” rating in a report launched on Thursday, Zacks.com reports. The company currently has a $94.00 rate objective on the conglomerate’s stock. Zacks Investment Study’s rate target recommends a possible benefit of 2.06% from the stock’s current cost.
According to Zacks, “General Electric is positioned to gain from its portfolio-restructuring strategies, development in the digital organization, product technology and also efforts to deleverage the balance sheet in the quarters in advance. In fourth-quarter 2022, its profits increased year over year. For 2022, the company expects organic sales to raise in high-single digits year over year. Readjusted incomes per share are expected to be $2.80-$ 3.50 per share, recommending a rise from $1.71 tape-recorded in 2021. Totally free capital is anticipated to be $5.5-$ 6.54 billion. Nonetheless, headwinds associated with supply-chain restrictions and inflationary pressure are most likely to affect the performance in the quarters in advance. Forex headwinds may be stressing. In the past three months, General Electric’s shares have underperformed the sector and also look somewhat overvalued.”
Several other equities research analysts also recently commented on the stock. UBS Group lifted their target price on shares of General Electric from $136.00 to $143.00 and gave the stock a “buy” rating in a research report on Wednesday, November 10th. Royal Bank of Canada cut their target price on shares of General Electric from $125.00 to $108.00 and set an “outperform” rating on the stock in a research report on Wednesday. Wells Fargo & Company cut their target price on shares of General Electric from $105.00 to $102.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Wolfe Research lifted their target price on shares of General Electric from $132.00 to $136.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 10th. Finally, Barclays cut their target price on shares of General Electric from $122.00 to $116.00 and set an “overweight” rating on the stock in a research report on Thursday. Five equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, General Electric presently has a consensus rating of “Buy” and a consensus target price of $119.69.
Shares of General Electric stock opened at $92.10 on Thursday. The firm has a market capitalization of $101.14 billion, a PE ratio of -177.12, a price-to-earnings-growth ratio of 4.76 and a beta of 1.02. The company has a current ratio of 1.80, a quick ratio of 1.50 and a debt-to-equity ratio of 1.47. The firm’s 50 day moving average is $96.63 and its 200 day moving average is $101.32. General Electric has a 1 year low of $85.12 and a 1 year high of $116.17.
General Electric (NYSE: GE) last announced its quarterly earnings results on Tuesday, January 25th. The conglomerate reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.07. The company had revenue of $20.30 billion for the quarter, compared to analyst estimates of $21.32 billion. General Electric had a negative net margin of 0.05% and a positive return on equity of 5.88%. The firm’s revenue was down 7.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.64 EPS. As a group, research analysts anticipate that General Electric will post 2.01 earnings per share for the current year.
In other General Electric news, Director Leslie Seidman purchased 1,000 shares of the firm’s stock in a transaction on Monday, November 22nd. The stock was acquired at an average price of $100.59 per share, for a total transaction of $100,590.00. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.71% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD boosted its holdings in shares of General Electric by 6.8% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 812,250,073 shares of the conglomerate’s stock worth $10,932,886,000 after buying an additional 51,786,710 shares during the last quarter. Amundi purchased a new stake in shares of General Electric in the second quarter worth about $112,508,000. Neuberger Berman Group LLC increased its position in shares of General Electric by 78.4% in the second quarter. Neuberger Berman Group LLC now owns 16,194,252 shares of the conglomerate’s stock worth $217,979,000 after purchasing an additional 7,119,217 shares during the last quarter. Canada Pension Plan Investment Board increased its position in shares of General Electric by 121.7% in the second quarter. Canada Pension Plan Investment Board now owns 8,845,754 shares of the conglomerate’s stock worth $119,064,000 after purchasing an additional 4,855,000 shares during the last quarter. Finally, Prudential Financial Inc. increased its position in shares of General Electric by 59.2% in the second quarter. Prudential Financial Inc. now owns 12,560,803 shares of the conglomerate’s stock worth $169,068,000 after purchasing an additional 4,672,246 shares during the last quarter. Hedge funds and other institutional investors own 70.89% of the company’s stock.
General Electric Company Profile
General Electric Co engages in the provision of technology and financial services. It operates through the following segments: Power, Renewable Energy, Aviation, Healthcare, and Capital. The Power segment offers technologies, solutions, and services related to energy production, which includes gas and steam turbines, generators, and power generation services.