General Electric (NYSE:GE – Get Free Report)’s share price gapped up before the market opened on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $106.69, but opened at $111.05. General Electric shares last traded at $112.00, with a volume of 2,057,884 shares traded.
The conglomerate reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.26. The firm had revenue of $17.35 billion for the quarter, compared to analyst estimates of $15.46 billion. General Electric had a return on equity of 9.30% and a net margin of 13.32%. The business’s quarterly revenue was up 19.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.35 EPS.
General Electric Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 25th. Investors of record on Tuesday, September 26th will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.28%. The ex-dividend date is Monday, September 25th. General Electric’s payout ratio is presently 3.80%.
Analysts Set New Price Targets
Insider Activity
In related news, SVP Michael J. Holston sold 112,614 shares of the firm’s stock in a transaction that occurred on Thursday, July 27th. The stock was sold at an average price of $115.20, for a total transaction of $12,973,132.80. Following the completion of the sale, the senior vice president now owns 57,923 shares of the company’s stock, valued at $6,672,729.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.67% of the company’s stock.
Institutional Investors Weigh In On General Electric
Several large investors have recently added to or reduced their stakes in the business. BlackRock Inc. boosted its holdings in General Electric by 4.4% in the second quarter. BlackRock Inc. now owns 70,480,887 shares of the conglomerate’s stock worth $7,742,325,000 after acquiring an additional 2,974,946 shares in the last quarter. FMR LLC boosted its holdings in General Electric by 5.7% in the first quarter. FMR LLC now owns 63,795,835 shares of the conglomerate’s stock worth $6,098,882,000 after acquiring an additional 3,463,502 shares in the last quarter. Capital International Investors boosted its holdings in General Electric by 0.3% in the second quarter. Capital International Investors now owns 54,261,585 shares of the conglomerate’s stock worth $5,960,462,000 after acquiring an additional 156,054 shares in the last quarter. State Street Corp boosted its holdings in General Electric by 3.5% in the second quarter. State Street Corp now owns 50,207,805 shares of the conglomerate’s stock worth $5,515,327,000 after acquiring an additional 1,717,793 shares in the last quarter. Finally, TCI Fund Management Ltd. bought a new position in General Electric in the first quarter worth approximately $2,496,379,000. Institutional investors and hedge funds own 74.83% of the company’s stock.
General Electric Trading Up 6.5 %
The firm has a fifty day simple moving average of $111.89 and a 200-day simple moving average of $107.74. The firm has a market cap of $123.66 billion, a P/E ratio of 13.48, a price-to-earnings-growth ratio of 3.50 and a beta of 1.27. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.25 and a quick ratio of 0.90.
General Electric Company Profile
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.
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