T. Rowe Price Associates, Inc. (I.. recently announced the acquisition of new stake in General Electric Company (NYSE:GE). The institutional investor has increased its shareholding in the Industrials company by 6.93% to 776.98 million shares with purchase of 50.37 million shares. This fresh investment now brings its stake to 8.88% valued currently at $4.72 billion. In addition, SSgA Funds Management, Inc. raised its holdings by 5.65 million to 346.41 million shares. And Eagle Capital Management LLC has lifted its position by 15.01% or 18.12 million shares – to 138.86 million shares.
With over 141.4 million General Electric Company (GE) shares trading Monday and a closing price of $6.34 on the day, the dollar volume was approximately $896.48 million. The shares have shown a negative weekly performance of -4.37% and its price on 08/31/20 lost nearly -4.08%. Currently, there are 8.75B common shares owned by the public and among those 8.73B shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 19 analysts who have offered their price forecasts for GE have a consensus price objective of $8.18. The analysts have set the share’s price value over the next 12 months at a high of $11.00 and a low of $5.00 should the stock experience a downside. Incidentally, analysts’ outlook for the General Electric Company stock is 2.20 for the next 12 months. The average price target is 18.19% above its last price level and an upside to the estimated low will see the stock lose -26.8% over that period. But an upside of 42.36% will see the stock hit the forecast high price target while mean target price for the stock is $8.25.
Insiders at the company have transacted a total of 64 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 30 of these insider trades were purchases, accounting for 14,631,264 shares. Insider sales of the common stock occurred on 34 occasions, with total insider shares sold totaling 32,357,663 shares.
The top 3 mutual fund holders in General Electric Company are Vanguard Total Stock Market Index, T Rowe Price Capital Appreciation, and Vanguard 500 Index Fund. Vanguard Total Stock Market Index owns 248.65 million shares of the company’s stock, all valued at over $1.51 billion. The company sold -0.64 million shares recently to bring their total holdings to about 2.84% of the shares outstanding. T Rowe Price Capital Appreciation bought 46.17 million shares to see its total holdings expand to 202.94 million shares valued at over $1.23 billion and representing 2.32% of the shares outstanding. Vanguard 500 Index Fund sold -1.07 million shares to bring its total holdings to over 180.4 million shares at a value of $1.1 billion. Vanguard 500 Index Fund now owns shares totaling to 2.06% of the shares outstanding.
Shares of General Electric Company (NYSE: GE) opened at $6.51, down -$0.1 from a prior closing price of $6.61. However, the script later closed the day at $6.34, down -4.08%. The company’s stock has a 5-day price change of -4.37% and -10.07% over the past three months. GE shares are trading -43.19% year to date (YTD), with the 12-month market performance down to -23.15% lower. It has a 12-month low price of $5.48 and touched a high of $13.26 over the same period. Currently, 141.4 million shares have been traded, compared to an average intraday trading volume of 86.00 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -2.02%, -4.98%, and -27.07% respectively.
Institutional ownership of General Electric Company (NYSE: GE) shares accounts for 62.00% of the company’s 8.75B shares outstanding. Mutual fund holders own 27.23%, while other institutional holders and individual stakeholders account for 34.09% and 0.98% respectively.
It has a market capitalization of $54.40B and a beta (3y monthly) value of 0.95. The stock’s trailing 12-month PE ratio is 16.64, while the earnings-per-share (ttm) stands at $0.38. The company has a debt-to-equity ratio at 2.43. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.63% over the week and 3.49% over the month.
Analysts forecast that General Electric Company (GE) will achieve an EPS of -$0.04 for the current quarter, $0.07 for the next quarter and $0.35 for 2021. The lowest estimate earnings-per-share for the quarter is -$0.13 while analysts give the company a high EPS estimate of $0.06. Comparatively, EPS for the current quarter was $0.15 a year ago. Earnings per share for the fiscal year are expected to increase by 99.80%, and 975.00% over the next financial year. EPS should grow at an annualized rate of -8.37% over the next five years, compared to -14.90% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 19 brokerage firm advisors rate General Electric Company (GE) as a “Moderate Buy” at a consensus score of 2.20. Specifically, 11 Wall Street analysts polled rate the stock as a buy, while 7 of the 19 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the GE, a number of firms have released research notes about the stock. Argus stated their Buy rating for the stock in a research note on April 30, 2020, with the firm’s price target at $15-$10. Citigroup coverage for the General Electric Company (GE) stock in a research note released on April 23, 2020 offered a Buy rating with a price target of $9. JP Morgan was of a view on March 02, 2020 that the stock is Neutral, while Gordon Haskett gave the stock Hold rating on February 07, 2020, issuing a price target of. BofA/Merrill on their part issued Buy rating on January 29, 2020.