General Electric (NYSE:GE – Get Free Report) posted its earnings results on Tuesday. The conglomerate reported $1.20 EPS for the quarter, beating the consensus estimate of $0.99 by $0.21, Briefing.com reports. The firm had revenue of $9.09 billion for the quarter, compared to analyst estimates of $8.44 billion. General Electric had a return on equity of 14.59% and a net margin of 7.66%. General Electric’s revenue for the quarter was up 3.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.68 earnings per share. General Electric updated its FY24 guidance to $3.95-4.20 EPS and its FY 2024 guidance to 3.950-4.200 EPS.
General Electric Price Performance
Shares of GE traded up $2.41 during trading hours on Thursday, reaching $164.71. The company had a trading volume of 8,786,934 shares, compared to its average volume of 7,153,799. The company has a current ratio of 1.17, a quick ratio of 0.82 and a debt-to-equity ratio of 0.63. General Electric has a 12-month low of $84.42 and a 12-month high of $177.20. The firm has a 50 day simple moving average of $162.08 and a 200-day simple moving average of $155.95. The company has a market capitalization of $180.29 billion, a price-to-earnings ratio of 53.99, a PEG ratio of 1.82 and a beta of 1.21.
General Electric Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Thursday, July 25th. Shareholders of record on Thursday, July 11th will be given a dividend of $0.28 per share. The ex-dividend date is Thursday, July 11th. This represents a $1.12 annualized dividend and a dividend yield of 0.68%. General Electric’s payout ratio is currently 36.72%.
Insiders Place Their Bets
Analysts Set New Price Targets
Several equities research analysts have recently weighed in on the company. Royal Bank of Canada raised their target price on General Electric from $175.00 to $190.00 and gave the stock an “outperform” rating in a research report on Wednesday. Bank of America boosted their price target on shares of General Electric from $165.00 to $180.00 and gave the company a “buy” rating in a research report on Wednesday, April 24th. JPMorgan Chase & Co. raised their price objective on General Electric from $148.00 to $175.00 and gave the stock an “overweight” rating in a report on Monday, May 13th. Jefferies Financial Group upped their target price on General Electric from $185.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, June 28th. Finally, Wells Fargo & Company boosted their price objective on General Electric from $192.00 to $205.00 and gave the company an “overweight” rating in a research note on Wednesday. Two equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $183.93.
Get Our Latest Analysis on General Electric
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.
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