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GE shares on track for highest close in six years

Published Nov 18, 2023 06:06
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NEW YORK - General Electric (NYSE:GE) shares are on the cusp of closing at their highest level since November 10, 2017, when they stood at $122.96. The stock has witnessed a significant uptick, surging by 12% since it exceeded earnings forecasts on October 24, marking its most substantial growth in over fifty years.

The upward trajectory for GE is partly attributed to the successful Dubai Air Show, which not only boosted GE's prospects but also favored Boeing (NYSE:NYSE:BA), its long-time collaborator in the aerospace sector. In contrast, competitors such as Raytheon (NYSE:RTN) Technologies (NYSE:RTX) are grappling with challenges in their turbofan jet divisions, and Siemens Energy is facing operational difficulties.

In response to the post-pandemic economic environment, GE has strategically restructured its operations into three separate entities and relocated from Cincinnati's The Banks to Evendale. This move was accompanied by a significant reduction in workforce, now just over half of its pre-pandemic size.

InvestingPro Insights

To further enrich this discussion, we've pulled some key insights from InvestingPro. According to real-time data, General Electric (GE) has a robust market capitalization of 130.18B USD, with a favorable P/E ratio of 13.61 as of Q3 2023. The company's revenue growth over the last twelve months up to Q3 2023 was an impressive 36.11%, indicating a healthy financial performance.

InvestingPro Tips highlight GE's accelerating revenue growth and the company's ability to yield a high return on invested capital. These factors, coupled with strong earnings, have allowed GE to maintain consistent dividend payments for over five decades. The company is also a prominent player in the Industrial Conglomerates industry, providing it with a solid foundation to weather market fluctuations.

For those seeking to gain deeper insights and more comprehensive tips, InvestingPro offers a subscription service now on a special Black Friday sale, with a discount of up to 55%. With this subscription, you can access an additional 13 tips about GE, helping you make more informed investment decisions.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

GE shares on track for highest close in six years
 

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