Today General Electric (NYSE:GE) announced that they have officially completed the sale of their consumer finance business in New Zealand and Australia. This sale is part of a wider plan by the company to sell off most assets of GE Capital to concentrate on their higher value industrial businesses, and to release $35 billion in dividends to GE.
“We are pleased to complete the sale of our consumer lending business in A&NZ,” said Keith Sherin, GE Capital chairman and CEO. “Combined with the recently announced agreement to sell our commercial lending business in A&NZ, this is a big step in the complete exit of GE Capital from the region,” added Sherin. The stock closed at $30.66 during the last session. It is down 14.19% since April 23, 2015 and is uptrending. It has outperformed by 15.20% the S&P500.
Out of 11 analysts covering General Electric Company (NYSE:GE), 7 rate it “Buy”, 0 “Sell”, while 4 “Hold”. This means 64% are positive. $54 is the highest target while $25.84 is the lowest. The $31.28 average target is 2.02% above today’s ($30.66) stock price. General Electric Company was the topic in 19 analyst reports since July 21, 2015 according to StockzIntelligence Inc. Credit Suisse maintained the stock on November 23 with “Outperform” rating. Vetr downgraded it to “Hold” rating and $25.84 target price in a September 22 report. Stifel Nicolaus maintained the shares of GE in a report on October 19 with “Buy” rating. Deutsche Bank maintained the firm’s rating on August 25. Deutsche Bank has “Hold” rating and $29 price target. Finally, William Blair upgraded the stock to “Outperform” rating in an October 13 report.
The institutional sentiment decreased to 0.83 in Q2 2015. Its down 0.20, from 1.03 in 2015Q1. The ratio fall, as 68 funds sold all General Electric Company shares owned while 884 reduced positions. 140 funds bought stakes while 649 increased positions. They now own 5.47 billion shares or 1.52% less from 5.55 billion shares in 2015Q1.
American Asset Management Inc. holds 12.79% of its portfolio in General Electric Company for 8,204 shares. Trustco Bank Corp N Y owns 419,759 shares or 10.79% of their US portfolio. Moreover, Artemis Investment Management Llp has 9.85% invested in the company for 11.44 million shares. The France-based Natixis Asset Management has invested 9.42% in the stock. Albion Financial Group Ut, a Utah-based fund reported 1.88 million shares.
General Electric Company is a diversified infrastructure and financial services company. The company has a market cap of $309.95 billion. The services and products of the Company range from aircraft engines, power generation, gas and oil production equipment, and household appliances to medical imaging, business and consumer financing and industrial products. It has 99.52 P/E ratio. The Firm operates its divisions through its eight businesses, on the markets they serve: Power & Water, Oil & Gas, Energy Management, Aviation, Healthcare, Transportation, Appliances, and Lighting and GE Capital.