General Electric (NYSE:GE) Posts Quarterly Earnings Results, Beats Expectations By $0.21 EPS

General Electric (NYSE:GE) posted its quarterly earnings results on Tuesday. The conglomerate reported $1.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.99 by $0.21, Briefing.com reports. General Electric had a net margin of 7.66% and a return on equity of 14.59%. The firm had revenue of $9.09 billion during the quarter, compared to analysts’ expectations of $8.44 billion. During the same period in the prior year, the company posted $0.68 earnings per share. The firm’s revenue for the quarter was up 3.9% on a year-over-year basis. General Electric updated its FY24 guidance to $3.95-4.20 EPS and its FY 2024 guidance to 3.950-4.200 EPS.

General Electric Price Performance

NYSE:GE opened at $162.30 on Thursday. General Electric has a 12-month low of $84.42 and a 12-month high of $177.20. The firm has a market cap of $177.66 billion, a price-to-earnings ratio of 53.21, a price-to-earnings-growth ratio of 1.82 and a beta of 1.21. The company’s 50-day moving average is $162.08 and its two-hundred day moving average is $155.95. The company has a current ratio of 1.17, a quick ratio of 0.82 and a debt-to-equity ratio of 0.63.

General Electric Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 25th. Investors of record on Thursday, July 11th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 0.69%. The ex-dividend date is Thursday, July 11th. General Electric’s dividend payout ratio is presently 36.72%.

Insider Transactions at General Electric

In other General Electric news, SVP Russell Stokes sold 45,309 shares of the stock in a transaction on 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 owns 112,958 shares of the company’s stock, valued at approximately $18,391,821.56. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.66% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. TD Cowen raised General Electric from a “hold” rating to a “buy” rating and raised their price target for the company from $175.00 to $180.00 in a report on Tuesday, April 9th. Vertical Research began coverage on shares of General Electric in a research report on Thursday, April 4th. They set a “buy” rating and a $160.00 target price on the stock. UBS Group increased their price target on shares of General Electric from $201.00 to $209.00 and gave the company a “buy” rating in a report on Monday, July 1st. Barclays lowered their target price on shares of General Electric from $181.00 to $175.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 3rd. Finally, The Goldman Sachs Group lifted their price target on shares of General Electric from $190.00 to $211.00 and gave the company a “buy” rating in a research report on Wednesday, April 24th. Two research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $183.93.

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.