General Electric Company (GE) Cut to Sell at Zacks Investment Research

Zacks Investment Research lowered shares of General Electric Company (NYSE:GE) from a hold rating to a sell rating in a report released on Wednesday.

According to Zacks, “Although General Electric is taking prudent steps to limit its financial exposure by divesting GE Capital assets, it is still susceptible to various market risks. Furthermore, for a company as large as General Electric, the additional revenues needed for growth are quite large, posing a challenge in developing businesses on such a vast scale. Significant order backlog, high operating risks related to the Brexit referendum and foreign currency volatility remain other headwinds. Volatility in oil prices has affected profitability and has undermined its growth potential to some extent. The company has also underperformed the industry in the last three months on macroeconomic woes. However, General Electric has more or less completed its GE Capital exit plan about one year ahead of the schedule and has replaced the CEO to fuel its growth engine. The company has also inked an agreement with the Department of Justice for closing the Baker Hughes deal.”

Several other research firms have also recently weighed in on GE. Vetr cut General Electric Company from a strong-buy rating to a buy rating and set a $33.56 price objective for the company. in a report on Tuesday, April 4th. Deutsche Bank AG set a $24.00 price objective on General Electric Company and gave the stock a sell rating in a report on Saturday, May 20th. Stifel Nicolaus increased their price objective on General Electric Company from $32.00 to $33.00 and gave the stock a buy rating in a report on Tuesday, April 25th. Royal Bank Of Canada lowered their target price on General Electric Company from $36.00 to $35.00 and set an outperform rating for the company in a research note on Monday, April 24th. Finally, William Blair restated a buy rating on shares of General Electric Company in a research note on Saturday, April 1st. Five analysts have rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the stock. The stock has an average rating of Hold and a consensus price target of $31.35.

Shares of General Electric Company (GE) opened at 27.61 on Wednesday. The stock has a 50 day moving average price of $28.27 and a 200 day moving average price of $29.84. General Electric Company has a 12-month low of $27.10 and a 12-month high of $33.00. The firm has a market cap of $239.76 billion, a P/E ratio of 28.12 and a beta of 1.25.

General Electric Company (NYSE:GE) last released its quarterly earnings data on Friday, April 21st. The conglomerate reported $0.21 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.04. General Electric Company had a return on equity of 16.59% and a net margin of 7.48%. The business had revenue of $27.66 billion during the quarter, compared to analysts’ expectations of $26.37 billion. During the same quarter last year, the business posted $0.21 EPS. The business’s revenue was down .7% on a year-over-year basis. On average, equities analysts expect that General Electric Company will post $1.64 earnings per share for the current year.

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The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 25th. Shareholders of record on Monday, June 19th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.48%. The ex-dividend date of this dividend is Thursday, June 15th. General Electric Company’s payout ratio is 97.96%.

In other General Electric Company news, Director William G. Beattie bought 16,000 shares of General Electric Company stock in a transaction on Monday, May 15th. The stock was acquired at an average price of $28.05 per share, with a total value of $448,800.00. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, Director William G. Beattie bought 4,000 shares of General Electric Company stock in a transaction on Wednesday, May 17th. The stock was acquired at an average cost of $27.70 per share, with a total value of $110,800.00. The disclosure for this purchase can be found here. In the last three months, insiders acquired 140,000 shares of company stock valued at $3,964,600. Corporate insiders own 0.36% of the company’s stock.

Several hedge funds have recently bought and sold shares of the company. Cutter & CO Brokerage Inc. raised its stake in General Electric Company by 0.4% in the first quarter. Cutter & CO Brokerage Inc. now owns 20,553 shares of the conglomerate’s stock worth $613,000 after buying an additional 77 shares during the last quarter. Valmark Advisers Inc. raised its stake in General Electric Company by 1.1% in the first quarter. Valmark Advisers Inc. now owns 9,659 shares of the conglomerate’s stock worth $288,000 after buying an additional 102 shares during the last quarter. Condor Capital Management raised its stake in General Electric Company by 0.4% in the first quarter. Condor Capital Management now owns 27,791 shares of the conglomerate’s stock worth $828,000 after buying an additional 106 shares during the last quarter. Insight 2811 Inc. raised its stake in General Electric Company by 0.3% in the first quarter. Insight 2811 Inc. now owns 37,789 shares of the conglomerate’s stock worth $1,126,000 after buying an additional 118 shares during the last quarter. Finally, AlphaMark Advisors LLC raised its stake in General Electric Company by 0.8% in the first quarter. AlphaMark Advisors LLC now owns 18,158 shares of the conglomerate’s stock worth $541,000 after buying an additional 136 shares during the last quarter. 54.25% of the stock is owned by institutional investors and hedge funds.

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