Why General Electric's Shares Dropped 8% Today
Shares of industrial giant General Electric Company (NYSE: GE) dropped as much as 8.2% in trading Monday after the company announced a dividend reduction and reduced guidance. Shares slipped throughout the day and were down 8% at 2:50 p.m. EST.
The dividend will be reduced from $0.24 per share quarterly to $0.12 per share, saving the company about $4 billion per year. A dividend cut was widely expected, but the scale of the cut may have caught some investors by surprise.
Image source: Getty Images.
Source: Fool.com
General Electric Co. Stock
€325.05
-1.790%
Currently there is a rather positive sentiment for General Electric Co. with 43 Buy predictions and 5 Sell predictions.
On the other hand, the target price of 305 € is below the current price of 325.05 € for General Electric Co., so the potential is actually -6.17%.
