General Electric (NYSE:GE) Announces Earnings Results

General Electric (NYSE:GE) released its quarterly earnings data 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 firm had revenue of $9.84 billion for the quarter, compared to analyst estimates of $9.02 billion. During the same quarter in the prior year, the company earned $0.82 earnings per share. The business’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 Trading Down 1.1 %

Shares of NYSE:GE opened at $179.64 on Friday. The company has a market capitalization of $196.64 billion, a P/E ratio of 58.90, a P/E/G ratio of 1.86 and a beta of 1.18. General Electric has a 1 year low of $84.58 and a 1 year high of $194.80. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.14 and a quick ratio of 0.85. The business’s 50 day simple moving average is $179.51 and its 200 day simple moving average is $168.15.

General Electric Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Thursday, September 26th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 0.62%. The ex-dividend date is Thursday, September 26th. General Electric’s dividend payout ratio is currently 36.72%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. UBS Group upped their price objective on shares of General Electric from $223.00 to $230.00 and gave the company a “buy” rating in a report on Wednesday. Melius Research increased their price target on shares of General Electric from $194.00 to $202.00 in a report on Tuesday. Bank of America raised their price objective on shares of General Electric from $180.00 to $200.00 and gave the stock a “buy” rating in a research report on Wednesday. Sanford C. Bernstein upped their target price on General Electric from $201.00 to $225.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. Finally, Citigroup increased their target price on General Electric from $198.00 to $216.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Two analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $200.93.

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.