General Electric (GE) Set to Announce Earnings on Tuesday

Posted by Defense World Staff on Oct 17th, 2023

General Electric (NYSE:GE – Get Free Report) is scheduled to post its quarterly earnings results before the market opens on Tuesday, October 24th. Analysts expect General Electric to post earnings of $0.57 per share for the quarter. General Electric has set its FY 2023 guidance at $2.10-$2.30 EPS and its FY23 guidance at $2.10-2.30 EPS.Individual interested in listening to the company’s earnings conference call can do so using this link.

General Electric (NYSE:GE – Get Free Report) last announced its quarterly earnings data on Tuesday, July 25th. The conglomerate reported $0.68 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.22. General Electric had a net margin of 13.32% and a return on equity of 9.30%. The company had revenue of $15.85 billion during the quarter, compared to analyst estimates of $14.76 billion. During the same period in the previous year, the business earned $0.78 EPS. The firm’s revenue for the quarter was up 18.6% on a year-over-year basis. On average, analysts expect General Electric to post $2 EPS for the current fiscal year and $4 EPS for the next fiscal year.

General Electric Price Performance

Shares of NYSE GE opened at $109.11 on Tuesday. The firm has a market cap of $118.75 billion, a P/E ratio of 12.94, a PEG ratio of 3.80 and a beta of 1.27. The company has a quick ratio of 0.90, a current ratio of 1.25 and a debt-to-equity ratio of 0.61. The company has a 50 day moving average of $112.54 and a 200 day moving average of $107.16. General Electric has a twelve month low of $53.15 and a twelve month high of $117.96.

General Electric Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 25th. Shareholders of record on Tuesday, September 26th will be paid a dividend of $0.08 per share. The ex-dividend date is Monday, September 25th. This represents a $0.32 dividend on an annualized basis and a yield of 0.29%. General Electric’s dividend payout ratio is presently 3.80%.

Insider Activity

In other news, SVP Michael J. Holston sold 112,614 shares of the stock in a transaction that occurred on Thursday, July 27th. The shares were sold at an average price of $115.20, for a total transaction of $12,973,132.80. Following the transaction, the senior vice president now directly owns 57,923 shares in the company, valued at $6,672,729.60. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.67% of the company’s stock.

Institutional Trading of General Electric

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GE. Proficio Capital Partners LLC raised its position in General Electric by 4.3% in the second quarter. Proficio Capital Partners LLC now owns 2,612 shares of the conglomerate’s stock valued at $287,000 after purchasing an additional 107 shares during the period. PYA Waltman Capital LLC boosted its stake in General Electric by 4.0% in the second quarter. PYA Waltman Capital LLC now owns 2,839 shares of the conglomerate’s stock valued at $328,000 after acquiring an additional 109 shares in the last quarter. Moneta Group Investment Advisors LLC boosted its stake in General Electric by 1.0% in the first quarter. Moneta Group Investment Advisors LLC now owns 11,272 shares of the conglomerate’s stock valued at $1,078,000 after acquiring an additional 117 shares in the last quarter. Plancorp LLC boosted its stake in General Electric by 1.5% in the first quarter. Plancorp LLC now owns 9,628 shares of the conglomerate’s stock valued at $881,000 after acquiring an additional 138 shares in the last quarter. Finally, First Manhattan Co. boosted its stake in General Electric by 0.5% in the first quarter. First Manhattan Co. now owns 29,506 shares of the conglomerate’s stock valued at $2,698,000 after acquiring an additional 159 shares in the last quarter. Institutional investors and hedge funds own 74.83% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Wells Fargo & Company upped their target price on shares of General Electric from $100.00 to $105.00 in a report on Monday, July 10th. StockNews.com assumed coverage on shares of General Electric in a report on Thursday, October 5th. They issued a “buy” rating for the company. Morgan Stanley upped their target price on shares of General Electric from $122.00 to $125.00 and gave the stock an “overweight” rating in a report on Thursday, August 10th. Barclays increased their price objective on shares of General Electric from $125.00 to $131.00 and gave the company an “overweight” rating in a report on Tuesday, July 25th. Finally, Royal Bank of Canada increased their price objective on shares of General Electric from $120.00 to $130.00 in a report on Wednesday, July 26th. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $122.71.

Check Out Our Latest Research Report on GE

About General Electric

(Get Free Report)

General Electric Company operates as a high-tech industrial company in Europe, China, Asia, the Americas, the Middle East, and Africa. It 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.