General Electric (NYSE:GE) Issues Quarterly Earnings Results, Beats Estimates By $0.17 EPS

General Electric (NYSE:GE) posted its quarterly earnings results on Tuesday. The conglomerate reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.17, RTT News reports. The business had revenue of $16.10 billion for the quarter, compared to analysts’ expectations of $15.25 billion. General Electric had a return on equity of 10.88% and a net margin of 13.95%. The firm’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.27 earnings per share. General Electric updated its FY 2024 guidance to 3.800-4.050 EPS.

General Electric Stock Performance

NYSE:GE opened at $162.62 on Wednesday. The stock has a market cap of $177.79 billion, a P/E ratio of 19.43, a PEG ratio of 2.96 and a beta of 1.29. The stock has a 50 day simple moving average of $159.94 and a 200 day simple moving average of $135.39. The company has a current ratio of 1.18, a quick ratio of 0.85 and a debt-to-equity ratio of 0.69. General Electric has a 1-year low of $76.87 and a 1-year high of $163.65.

General Electric Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 25th. Investors of record on Monday, April 15th will be issued a dividend of $0.28 per share. This is a boost from General Electric’s previous quarterly dividend of $0.08. This represents a $1.12 annualized dividend and a yield of 0.69%. The ex-dividend date is Friday, April 12th. General Electric’s dividend payout ratio (DPR) is presently 13.38%.

Insider Buying and Selling

In other General Electric news, SVP Michael J. Holston sold 22,055 shares of General Electric stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $144.87, for a total value of $3,195,107.85. Following the completion of the transaction, the senior vice president now directly owns 56,284 shares of the company’s stock, valued at approximately $8,153,863.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other General Electric news, SVP Michael J. Holston sold 13,601 shares of General Electric stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $135.55, for a total value of $1,843,615.55. Following the completion of the transaction, the senior vice president now directly owns 48,339 shares of the company’s stock, valued at approximately $6,552,351.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Michael J. Holston sold 22,055 shares of General Electric stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $144.87, for a total value of $3,195,107.85. Following the completion of the transaction, the senior vice president now directly owns 56,284 shares of the company’s stock, valued at $8,153,863.08. The disclosure for this sale can be found here. 0.66% of the stock is currently owned by insiders.

Analyst Ratings Changes

GE has been the topic of several recent research reports. Wells Fargo & Company decreased their price target on General Electric from $200.00 to $165.00 and set an “overweight” rating on the stock in a report on Thursday, April 4th. StockNews.com initiated coverage on General Electric in a research note on Sunday. They issued a “hold” rating on the stock. The Goldman Sachs Group initiated coverage on General Electric in a research note on Tuesday, April 9th. They issued a “buy” rating and a $190.00 target price on the stock. TD Cowen raised General Electric from a “hold” rating to a “buy” rating and increased their target price for the company from $175.00 to $180.00 in a research note on Tuesday, April 9th. Finally, JPMorgan Chase & Co. cut their target price on General Electric from $180.00 to $148.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 2nd. Two investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $160.07.

General Electric Company Profile

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.