General Electric (NYSE:GE) Issues Quarterly Earnings Results

General Electric (NYSE:GE) announced its earnings results on Tuesday. The conglomerate reported $1.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.02, Briefing.com reports. General Electric had a return on equity of 16.07% and a net margin of 7.66%. The business had revenue of $9.84 billion during the quarter, compared to analyst estimates of $9.02 billion. During the same quarter in the previous year, the business earned $0.82 earnings per share. The company’s revenue for the quarter was up 5.8% compared to the same quarter last year. General Electric updated its FY 2024 guidance to 4.200-4.350 EPS and its FY24 guidance to $4.20-4.35 EPS.

General Electric Stock Performance

Shares of General Electric stock opened at $176.59 on Wednesday. The firm has a market capitalization of $193.30 billion, a P/E ratio of 57.90, a PEG ratio of 1.86 and a beta of 1.18. General Electric has a 52 week low of $84.58 and a 52 week high of $194.80. The company has a quick ratio of 0.85, a current ratio of 1.14 and a debt-to-equity ratio of 0.95. The company has a 50 day moving average price of $179.24 and a 200 day moving average price of $168.05.

General Electric Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Thursday, September 26th will be issued a dividend of $0.28 per share. The ex-dividend date is Thursday, September 26th. This represents a $1.12 annualized dividend and a dividend yield of 0.63%. General Electric’s dividend payout ratio (DPR) is currently 36.72%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on GE shares. Barclays lifted their target price on General Electric from $175.00 to $200.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. Citigroup boosted their price objective on shares of General Electric from $198.00 to $216.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Jefferies Financial Group upped their target price on shares of General Electric from $185.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. StockNews.com downgraded shares of General Electric from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Finally, Melius Research increased their price objective on General Electric from $194.00 to $202.00 in a research note on Tuesday. Two investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $198.53.

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.