GE Stock Hits Almost 4-Year High
General Electric Co. (NYSE: GE) managed to do something rather unique today along with the Bernanke and QE3 led rally. The stock did not just reach a new 52-week high. GE hit a high not seen since late in 2008 when the stock took only about four months to slide from $30 to $20 before it got crushed much more during the early 2009 market meltdown.
We recently noted that GE's dividend being maintained was a mere prelude to a dividend hike in July. That stands, maybe even more so now. The dividend yield is still up at 3.1% as of now and GE has raised its dividend four times since it cut the payout down to $0.10 from $0.31 per quarter.
GE shares were up more than 1% earlier this afternoon and the stock hit a high of $22.24 so far today and the prior 52-week trading range was $14.02 to $21.93. If QE3 is really going to help the economy, that will also help out GE. As goes the economy as goes GE.
What makes today's move so interesting is that investors still remain cautious. Analysts still only have a $23 price target on the stock. Its gain today also lags that of its peer conglomerates as 3M Co. (NYSE: MMM) is up 1.35%, Honeywell International Inc. (NYSE: HON) is up 1.8%, Berkshire Hathaway Inc. (NYSE: BRK-B) is up 1.9%, and United Technologies Corp. (NYSE: UTX) is up 2.3%.
Warren Buffet's Berkshire Hathaway B-shares also appear to be a multi-year high.
JON C. OGG
Filed under: 24/7 Wall St. Wire, Conglomerates, Infrastructure Tagged: BRK-B, featured, GE, HON, MMM, UTX