General Electric (NYSE:GE) Updates FY24 Earnings Guidance

General Electric (NYSE:GE) updated its FY24 earnings guidance on Tuesday. The company provided EPS guidance of $3.95-4.20 for the period, compared to the consensus EPS estimate of $4.07. General Electric also updated its FY 2024 guidance to 3.950-4.200 EPS.

Wall Street Analyst Weigh In

GE has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft raised their target price on shares of General Electric from $195.00 to $209.00 and gave the stock a buy rating in a report on Monday, June 10th. The Goldman Sachs Group boosted their price objective on General Electric from $190.00 to $211.00 and gave the company a buy rating in a research report on Wednesday, April 24th. Wells Fargo & Company increased their target price on General Electric from $165.00 to $192.00 and gave the stock an overweight rating in a research report on Monday, April 29th. StockNews.com started coverage on General Electric in a research note on Monday, April 29th. They issued a hold rating on the stock. Finally, Royal Bank of Canada upped their price target on shares of General Electric from $165.00 to $175.00 and gave the stock an outperform rating in a research report on Wednesday, April 24th. Two analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $181.93.

General Electric Price Performance

Shares of GE stock traded up $7.45 during midday trading on Tuesday, reaching $170.21. 2,302,191 shares of the company were exchanged, compared to its average volume of 7,050,962. The company’s 50 day moving average price is $161.87 and its two-hundred day moving average price is $155.59. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.82 and a current ratio of 1.17. The company has a market cap of $186.31 billion, a P/E ratio of 53.36, a PEG ratio of 1.68 and a beta of 1.22. General Electric has a 12 month low of $84.42 and a 12 month high of $170.80.

General Electric (NYSE:GE) last announced its earnings results on Tuesday, April 23rd. The conglomerate reported $0.82 EPS for the quarter, topping the consensus estimate of $0.65 by $0.17. The firm 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 12.54% and a net margin of 5.05%. The firm’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.27 earnings per share. On average, sell-side analysts expect that General Electric will post 4.02 earnings per share for the current year.

General Electric Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 25th. Stockholders of record on Thursday, July 11th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.66%. The ex-dividend date of this dividend is Thursday, July 11th. General Electric’s dividend payout ratio is presently 36.72%.

Insider Activity

In related news, SVP Russell Stokes sold 45,309 shares of General Electric stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $162.82, for a total transaction of $7,377,211.38. Following the transaction, the senior vice president now directly owns 112,958 shares of the company’s stock, valued at $18,391,821.56. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 0.66% of the company’s stock.

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.