The Short Interest in General Electric Co. (GE) Decreases By 34.4%

The Short Interest in General Electric Co. (GE) Decreases By 34.4%

General Electric Co. (NYSE:GE) was the recipient of a significant decline in short interest in the month of December. As of December 30th, there was short interest totalling 96,980,775 shares, a decline of 34.4% from the December 15th total of 147,819,610 shares. Currently, 1.1% of the company’s shares are sold short. Based on an average trading volume of 28,998,216 shares, the short-interest ratio is currently 3.3 days.

Shares of General Electric (NYSE:GE) opened at 31.21 on Friday. The firm has a 50 day moving average price of $31.57 and a 200-day moving average price of $30.78. General Electric has a one year low of $27.10 and a one year high of $33.00. The firm has a market cap of $276.10 billion, a P/E ratio of 26.84 and a beta of 1.20.

General Electric (NYSE:GE) last announced its earnings results on Friday, October 21st. The company reported $0.32 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.32. General Electric had a return on equity of 16.08% and a net margin of 8.93%. The firm had revenue of $29.30 billion for the quarter, compared to the consensus estimate of $29.64 billion. During the same quarter in the previous year, the business earned $0.29 EPS. The company’s revenue was up 3.8% compared to the same quarter last year. Analysts forecast that General Electric will post $1.49 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 25th. Investors of record on Tuesday, December 27th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.08%. The ex-dividend date is Thursday, December 22nd. This is a boost from General Electric’s previous quarterly dividend of $0.23. General Electric’s payout ratio is 83.48%.

In other General Electric news, Chairman Jeffrey R. Immelt bought 50,000 shares of the firm’s stock in a transaction on Wednesday, November 9th. The stock was purchased at an average cost of $29.24 per share, with a total value of $1,462,000.00. Following the completion of the purchase, the chairman now owns 2,248,688 shares in the company, valued at $65,751,637.12. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.23% of the stock is currently owned by insiders.

Several large investors have recently bought and sold shares of the company. Elefante Mark B bought a new stake in General Electric during the third quarter worth approximately $116,000. Cable Hill Partners LLC boosted its stake in General Electric by 0.4% in the second quarter. Cable Hill Partners LLC now owns 4,447 shares of the company’s stock worth $141,000 after buying an additional 19 shares during the period. Catamount Wealth Management boosted its stake in General Electric by 34.8% in the second quarter. Catamount Wealth Management now owns 4,651 shares of the company’s stock worth $146,000 after buying an additional 1,200 shares during the period. Global X Management Co. LLC boosted its stake in General Electric by 58.6% in the second quarter. Global X Management Co. LLC now owns 5,058 shares of the company’s stock worth $159,000 after buying an additional 1,868 shares during the period. Finally, Timber Creek Capital Management LLC boosted its stake in General Electric by 175.3% in the third quarter. Timber Creek Capital Management LLC now owns 5,505 shares of the company’s stock worth $163,000 after buying an additional 3,505 shares during the period. 53.34% of the stock is currently owned by institutional investors.

Several research analysts have recently weighed in on GE shares. Vetr cut General Electric from a “strong-buy” rating to a “buy” rating and set a $32.72 price objective for the company. in a research report on Monday, October 31st. Sanford C. Bernstein set a $33.00 price objective on General Electric and gave the stock a “neutral” rating in a research report on Monday, October 24th. RBC Capital Markets set a $37.00 price objective on General Electric and gave the stock a “buy” rating in a research report on Thursday, December 15th. Bank of America Corp. reaffirmed a “buy” rating and set a $37.00 price objective on shares of General Electric in a research report on Thursday, October 6th. Finally, JPMorgan Chase & Co. set a $29.00 price objective on General Electric and gave the stock a “sell” rating in a research report on Friday, January 13th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and fourteen have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $33.33.

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