General Electric (NYSE:GE) Sees Large Increase in Short Interest
General Electric (NYSE:GE) was the target of a large growth in short interest during the month of July. As of July 31st, there was short interest totalling 103,449,700 shares, a growth of 10.2% from the June 30th total of 93,878,700 shares. Based on an average daily volume of 51,760,000 shares, the short-interest ratio is currently 2.0 days. Currently, 1.2% of the shares of the company are short sold.
Several research firms have commented on GE. William Blair reaffirmed a “buy” rating on shares of General Electric in a research note on Thursday, June 13th. Cowen reaffirmed a “hold” rating and set a $8.00 price objective on shares of General Electric in a research note on Wednesday, May 1st. JPMorgan Chase & Co. reaffirmed a “sell” rating on shares of General Electric in a research note on Wednesday, July 31st. Zacks Investment Research downgraded General Electric from a “strong-buy” rating to a “hold” rating and set a $12.00 price objective for the company. in a research note on Friday, August 2nd. Finally, Deutsche Bank set a $10.00 price objective on General Electric and gave the company a “hold” rating in a research note on Thursday, May 2nd. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have issued a buy rating to the stock. General Electric has an average rating of “Hold” and an average price target of $11.68.
NYSE GE traded down $1.02 on Thursday, hitting $8.01. 396,060,329 shares of the company’s stock were exchanged, compared to its average volume of 61,059,360. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.73 and a quick ratio of 1.44. The firm’s 50-day moving average price is $10.08 and its two-hundred day moving average price is $9.97. General Electric has a fifty-two week low of $6.66 and a fifty-two week high of $13.78. The firm has a market cap of $78.98 billion, a price-to-earnings ratio of 12.32, a P/E/G ratio of 1.96 and a beta of 1.03.
The company also recently declared a quarterly dividend, which was paid on Thursday, July 25th. Investors of record on Monday, July 1st were issued a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.50%. The ex-dividend date was Friday, June 28th. General Electric’s dividend payout ratio is currently 6.15%.
In related news, Director Thomas W. Horton acquired 55,248 shares of General Electric stock in a transaction on Monday, August 12th. The stock was purchased at an average cost of $9.02 per share, with a total value of $498,336.96. Following the purchase, the director now directly owns 55,248 shares in the company, valued at $498,336.96. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Paula Rosput Reynolds acquired 5,000 shares of General Electric stock in a transaction on Wednesday, August 14th. The shares were bought at an average cost of $9.05 per share, with a total value of $45,250.00. Following the completion of the purchase, the director now owns 16,500 shares in the company, valued at $149,325. The disclosure for this purchase can be found here. Insiders bought a total of 749,732 shares of company stock valued at $6,536,708 over the last three months. Company insiders own 1.13% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Resource Management LLC lifted its stake in General Electric by 22.4% in the 2nd quarter. Resource Management LLC now owns 76,386 shares of the conglomerate’s stock valued at $802,000 after buying an additional 13,977 shares in the last quarter. Bellecapital International Ltd. lifted its stake in General Electric by 166.4% in the 2nd quarter. Bellecapital International Ltd. now owns 48,990 shares of the conglomerate’s stock valued at $514,000 after buying an additional 30,600 shares in the last quarter. Cornell Pochily Investment Advisors Inc. lifted its stake in General Electric by 114.2% in the 4th quarter. Cornell Pochily Investment Advisors Inc. now owns 32,487 shares of the conglomerate’s stock valued at $246,000 after buying an additional 17,317 shares in the last quarter. Mn Services Vermogensbeheer B.V. lifted its stake in General Electric by 6.3% in the 4th quarter. Mn Services Vermogensbeheer B.V. now owns 1,474,509 shares of the conglomerate’s stock valued at $9,764,000 after buying an additional 88,000 shares in the last quarter. Finally, Carroll Financial Associates Inc. lifted its stake in General Electric by 13.5% in the 2nd quarter. Carroll Financial Associates Inc. now owns 117,920 shares of the conglomerate’s stock valued at $1,238,000 after buying an additional 14,033 shares in the last quarter. Institutional investors and hedge funds own 57.49% of the company’s stock.
General Electric Company Profile
General Electric Company operates as a high-tech industrial company worldwide. It operates through Power, Renewable Energy, Aviation, Oil & Gas, Healthcare, Transportation, Lighting, and Capital segments. The Power segment offers technologies, solutions, and services related to energy production, including gas and steam turbines, generators, and high voltage equipment; and power generation services.
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