General Electric (NYSE:GE) Releases FY24 Earnings Guidance

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on GE. Wells Fargo & Company boosted their price target on shares of General Electric from $192.00 to $205.00 and gave the stock an overweight rating in a research report on Wednesday. Citigroup upped their price target on shares of General Electric from $120.43 to $186.00 and gave the company a buy rating in a research report on Thursday, April 25th. Vertical Research started coverage on General Electric in a research report on Thursday, April 4th. They issued a buy rating and a $160.00 price objective for the company. Royal Bank of Canada upped their target price on General Electric from $165.00 to $175.00 and gave the company an outperform rating in a research report on Wednesday, April 24th. Finally, Barclays lowered their target price on General Electric from $181.00 to $175.00 and set an overweight rating for the company in a report on Wednesday, April 3rd. Two investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $182.86.

General Electric Stock Down 3.6 %

Shares of NYSE:GE traded down $6.27 during midday trading on Wednesday, hitting $165.73. 2,825,280 shares of the company’s stock were exchanged, compared to its average volume of 7,120,198. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.17 and a quick ratio of 0.82. General Electric has a 12 month low of $84.42 and a 12 month high of $177.20. The company has a market cap of $181.41 billion, a PE ratio of 54.93, a price-to-earnings-growth ratio of 1.72 and a beta of 1.21. The stock has a 50 day moving average price of $162.11 and a 200-day moving average price of $155.91.

General Electric (NYSE:GE) last issued its quarterly earnings data on Tuesday, July 23rd. The conglomerate reported $1.20 EPS for the quarter, topping analysts’ consensus estimates of $0.99 by $0.21. General Electric had a return on equity of 12.54% and a net margin of 5.05%. The firm had revenue of $9.09 billion during the quarter, compared to analyst estimates of $8.44 billion. During the same period in the previous year, the company posted $0.68 EPS. The company’s revenue for the quarter was up 3.9% on a year-over-year basis. On average, sell-side analysts anticipate that General Electric will post 4.02 EPS for the current fiscal year.

General Electric Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 25th. Shareholders of record on Thursday, July 11th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 0.68%. The ex-dividend date of this dividend is Thursday, July 11th. General Electric’s dividend payout ratio (DPR) is presently 36.72%.

Insiders Place Their Bets

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

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.