General Electric (NYSE:GE) Trading Up 4.2% on Better-Than-Expected Earnings

General Electric (NYSE:GE)’s share price rose 4.2% during trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $184.24 and last traded at $184.07. Approximately 2,911,609 shares traded hands during mid-day trading, a decline of 54% from the average daily volume of 6,352,807 shares. The stock had previously closed at $176.66.

The conglomerate reported $1.15 earnings per share for the quarter, beating analysts’ consensus estimates of $1.13 by $0.02. General Electric had a return on equity of 16.07% and a net margin of 7.66%. The firm had revenue of $9.84 billion during the quarter, compared to analyst estimates of $9.02 billion. During the same quarter in the prior year, the firm posted $0.82 earnings per share. The business’s quarterly revenue was up 5.8% compared to the same quarter last year.

General Electric Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Thursday, September 26th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 0.62%. The ex-dividend date of this dividend is Thursday, September 26th. General Electric’s payout ratio is 36.72%.

Analyst Ratings Changes

A number of analysts recently commented on the company. Melius Research raised their price target on General Electric from $194.00 to $202.00 in a research note on Tuesday. Barclays increased their price objective on General Electric from $175.00 to $200.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. StockNews.com downgraded General Electric from a “buy” rating to a “hold” rating in a report on Monday, July 29th. Deutsche Bank Aktiengesellschaft increased their price objective on General Electric from $212.00 to $235.00 and gave the stock a “buy” rating in a report on Thursday, October 3rd. Finally, Wells Fargo & Company increased their price objective on General Electric from $205.00 to $210.00 and gave the stock an “overweight” rating in a report on Wednesday. Two equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, General Electric currently has an average rating of “Moderate Buy” and a consensus target price of $200.93.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Mackenzie Financial Corp boosted its position in General Electric by 10.5% in the second quarter. Mackenzie Financial Corp now owns 603,988 shares of the conglomerate’s stock worth $96,016,000 after purchasing an additional 57,372 shares during the last quarter. Marietta Investment Partners LLC purchased a new position in shares of General Electric during the 2nd quarter valued at about $1,569,000. GAMMA Investing LLC lifted its position in shares of General Electric by 25.4% during the 2nd quarter. GAMMA Investing LLC now owns 16,999 shares of the conglomerate’s stock valued at $2,702,000 after buying an additional 3,442 shares in the last quarter. Senator Investment Group LP purchased a new position in shares of General Electric during the 2nd quarter valued at about $34,973,000. Finally, Blair William & Co. IL lifted its position in shares of General Electric by 4.4% during the 2nd quarter. Blair William & Co. IL now owns 181,971 shares of the conglomerate’s stock valued at $28,928,000 after buying an additional 7,670 shares in the last quarter. 74.77% of the stock is owned by hedge funds and other institutional investors.

General Electric Trading Up 2.9 %

The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.85 and a current ratio of 1.14. The stock has a market capitalization of $198.98 billion, a PE ratio of 59.60, a PEG ratio of 1.86 and a beta of 1.18. The stock has a 50-day moving average price of $179.51 and a two-hundred day moving average price of $168.15.

About General Electric

General Electric Company, doing business as GE Aerospace, designs and produces commercial and defense aircraft engines, integrated engine components, electric power, and mechanical aircraft systems. It also offers aftermarket services to support its products. The company operates in the United States, Europe, China, Asia, the Americas, the Middle East, and Africa.