GE Stock Price Forecast: General Electric Company continues its recovery and gains on dividend announcement
- NYSE:GE added 2.05% on Tuesday amidst another unsettled day for the broader markets.
- On Friday, General Electric announced a 1% dividend for shareholders.
- Wall Street analysts continue to add bullish sentiment to the iconic conglomerate.
It took an entire year, but NYSE:GE has finally recovered to its pre-pandemic price levels and Wall Street is becoming increasingly bullish on the nearly 130-year old company. On Tuesday, the stock gained 2.05% to close the trading session at $11.97, even as the broader markets remained rocky and ended the day in the red. Shares are now within reach of the 52-week high price of $12.95, a level which has not been seen since January of 2020. The stock is still down 8% over that period, compared to a return of 16.75% by the S&P 500 index.
On Friday, General Electric happily announced a quarterly dividend for its shareholders, another sign that companies are seeing the light at the end of the COVID-19 tunnel. While the dividend is small at just $0.01 per share, it represents a confirmation of General Electric’s forecast of being free-cash flow positive for 2021. Recently, GE CEO Lawrence Culp stated that Q1 of 2021 would still see negative free-cash flow, the rest of the year looks brighter, especially as the dormant aviation sector of General Electric starts up again.
GE stock dividend news
The recent performance of General Electric even has some long-timer bearish analysts raising their eyebrows. A long-time GE analyst from JPMorgan has finally agreed that the strides that Culp and company have taken are positive and that General Electric is in a much better position than a few years ago. It still isn’t enough to raise the price target of $5.00, nor raise his rating to a buy, but anything remotely positive is an improvement.
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FXStreet
