General Electric (NYSE:GE) Issues FY24 Earnings Guidance

General Electric (NYSE:GE) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $4.20-4.35 for the period, compared to the consensus estimate of $4.24. General Electric also updated its FY 2024 guidance to 4.200-4.350 EPS.

General Electric Stock Performance

Shares of General Electric stock traded down $13.23 during trading hours on Tuesday, reaching $181.00. The company’s stock had a trading volume of 2,930,589 shares, compared to its average volume of 6,309,503. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.85 and a current ratio of 1.14. General Electric has a one year low of $84.58 and a one year high of $194.80. The company’s 50 day simple moving average is $179.06 and its 200 day simple moving average is $167.91. The stock has a market cap of $198.12 billion, a P/E ratio of 59.30, a price-to-earnings-growth ratio of 1.86 and a beta of 1.18.

General Electric (NYSE:GE) last announced its quarterly earnings results on Tuesday, July 23rd. The conglomerate reported $1.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.99 by $0.21. General Electric had a return on equity of 16.07% and a net margin of 7.66%. The business had revenue of $9.09 billion for the quarter, compared to the consensus estimate of $8.44 billion. During the same quarter last year, the business posted $0.68 EPS. The business’s revenue was up 3.9% on a year-over-year basis. As a group, analysts expect that General Electric will post 4.2 EPS for the current fiscal year.

General Electric Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Thursday, September 26th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.62%. The ex-dividend date of this dividend is Thursday, September 26th. General Electric’s dividend payout ratio (DPR) is 36.72%.

Analyst Upgrades and Downgrades

GE has been the topic of several research analyst reports. Wells Fargo & Company lifted their price target on General Electric from $192.00 to $205.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Sanford C. Bernstein upped their price target on shares of General Electric from $201.00 to $225.00 and gave the company an “outperform” rating in a report on Monday, October 14th. Jefferies Financial Group increased their target price on shares of General Electric from $185.00 to $190.00 and gave the company a “buy” rating in a research note on Friday, June 28th. Citigroup upped their price target on General Electric from $198.00 to $216.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Finally, Royal Bank of Canada lifted their target price on General Electric from $175.00 to $190.00 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. Two research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $196.86.

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.