General Electric (NYSE:GE) Updates FY24 Earnings Guidance

General Electric (NYSE:GE - Get Free Report) issued an update on its FY24 earnings guidance on Tuesday morning. 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 Trading Down 9.1 %

Shares of General Electric stock traded down $17.64 on Tuesday, hitting $176.59. 15,610,401 shares of the company traded hands, compared to its average volume of 6,370,621. The company has a current ratio of 1.14, a quick ratio of 0.85 and a debt-to-equity ratio of 0.95. The company has a market cap of $193.30 billion, a PE ratio of 57.90, a PEG ratio of 1.86 and a beta of 1.18. The stock's 50 day moving average price is $179.24 and its 200-day moving average price is $168.05. General Electric has a 52 week low of $84.58 and a 52 week high of $194.80.

General Electric (NYSE:GE - Get Free Report) last issued its earnings results on Tuesday, July 23rd. The conglomerate reported $1.20 earnings per share for the quarter, beating analysts' consensus estimates 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 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. General Electric's revenue was up 3.9% on a year-over-year basis. Equities research analysts predict that General Electric will post 4.2 EPS for the current year.

General Electric Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Thursday, September 26th will be issued a $0.28 dividend. The ex-dividend date is Thursday, September 26th. This represents a $1.12 annualized dividend and a dividend yield of 0.63%. General Electric's payout ratio is currently 36.72%.

Wall Street Analysts Forecast Growth

GE has been the subject of several recent research reports. Wells Fargo & Company boosted their price target on shares of General Electric from $192.00 to $205.00 and gave the company an "overweight" rating in a report on Wednesday, July 24th. Barclays boosted their price objective on shares of General Electric from $175.00 to $200.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 30th. Sanford C. Bernstein upped their target price on General Electric from $201.00 to $225.00 and gave the stock an "outperform" rating in a report on Monday, October 14th. UBS Group lifted their price target on General Electric from $201.00 to $209.00 and gave the company a "buy" rating in a report on Monday, July 1st. Finally, Melius Research upped their price objective on General Electric from $194.00 to $202.00 in a research note on Tuesday. Two investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, General Electric currently has an average rating of "Moderate Buy" and an average price target of $198.53.

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.