The Goldman Sachs Group Cuts General Electric (NYSE:GE) Price Target to $82.00

General Electric (NYSE:GEGet Rating) had its target price decreased by stock analysts at The Goldman Sachs Group from $108.00 to $82.00 in a research note issued to investors on Thursday, Stock Target Advisor reports. The brokerage currently has a “buy” rating on the conglomerate’s stock. The Goldman Sachs Group’s price target would indicate a potential upside of 28.21% from the stock’s current price.

Several other brokerages have also recently commented on GE. Credit Suisse Group lowered their target price on shares of General Electric from $113.00 to $102.00 in a report on Wednesday, April 27th. Royal Bank of Canada increased their price target on shares of General Electric from $113.00 to $118.00 and gave the stock an “outperform” rating in a research report on Friday, March 11th. Barclays reduced their price target on shares of General Electric from $100.00 to $96.00 and set an “overweight” rating on the stock in a research report on Tuesday, May 24th. Morgan Stanley reduced their price target on shares of General Electric from $112.00 to $100.00 and set an “overweight” rating on the stock in a research report on Tuesday, May 31st. Finally, StockNews.com assumed coverage on shares of General Electric in a research report on Thursday, March 31st. They set a “hold” rating on the stock. Four investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, General Electric currently has a consensus rating of “Moderate Buy” and a consensus target price of $113.36.

General Electric stock traded down $0.58 during trading hours on Thursday, hitting $63.96. The company had a trading volume of 33,019 shares, compared to its average volume of 5,734,119. The firm has a market cap of $70.40 billion, a PE ratio of -13.97, a PEG ratio of 3.33 and a beta of 1.01. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.19 and a quick ratio of 0.88. General Electric has a one year low of $64.17 and a one year high of $116.17. The firm has a 50-day moving average of $77.05 and a 200 day moving average of $88.76.

General Electric (NYSE:GEGet Rating) last released its quarterly earnings results on Tuesday, April 26th. The conglomerate reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.04. The firm had revenue of $17.04 billion for the quarter, compared to analysts’ expectations of $16.92 billion. General Electric had a negative net margin of 6.43% and a positive return on equity of 6.41%. The business’s revenue was down .2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.24 EPS. As a group, research analysts expect that General Electric will post 2.82 earnings per share for the current year.

In related news, CEO H Lawrence Culp, Jr. bought 65,000 shares of the company’s stock in a transaction on Monday, May 2nd. The shares were purchased at an average cost of $74.53 per share, for a total transaction of $4,844,450.00. Following the completion of the purchase, the chief executive officer now directly owns 211,210 shares in the company, valued at $15,741,481.30. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Paula Rosput Reynolds bought 1,200 shares of the company’s stock in a transaction on Friday, May 6th. The stock was bought at an average price of $77.65 per share, for a total transaction of $93,180.00. Following the completion of the purchase, the director now owns 5,563 shares of the company’s stock, valued at $431,966.95. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 69,801 shares of company stock worth $5,207,705. 0.70% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Missouri Trust & Investment Co bought a new stake in shares of General Electric in the fourth quarter valued at approximately $27,000. Benjamin Edwards Inc. raised its position in shares of General Electric by 325.0% in the fourth quarter. Benjamin Edwards Inc. now owns 289 shares of the conglomerate’s stock valued at $27,000 after purchasing an additional 221 shares during the period. Tcwp LLC bought a new stake in General Electric during the 1st quarter worth approximately $28,000. Covestor Ltd bought a new stake in General Electric during the 4th quarter worth approximately $31,000. Finally, Global Wealth Management Investment Advisory Inc. increased its holdings in General Electric by 808.1% during the 1st quarter. Global Wealth Management Investment Advisory Inc. now owns 336 shares of the conglomerate’s stock worth $31,000 after acquiring an additional 299 shares during the period. 67.37% of the stock is currently owned by institutional investors.

About General Electric (Get Rating)

General Electric Company operates as a high-tech industrial company in Europe, China, Asia, the Americas, the Middle East, and Africa. It operates through four segments: Power, Renewable Energy, Aviation, and Healthcare segments. The Power segment offers gas and steam turbines, full balance of plant, upgrade, and service solutions, as well as data-leveraging software for power generation, industrial, government, and other customers.

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