Immelt Buys $3.5 Million in GE Stock (GE)

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Chairman of General Electric Co. (NYSE: GE), Jeff Immelt, has made another vote of confidence in the stock today.  In transactions listed with a trade date of TODAY May 28, 2008, the filing with the SEC shows that Immelt purchased some 115,000 shares at prices between $30.59 to $30.66.  At a mid-point, this represents roughly $3.52 Million worth of stock.

As a reminder, he purchased shares earlier before the company dropped the ball on its last earnings report.  After that, we came up with a mid-range valuation for the company that is higher than current levels.  But it also was using the company’s guidance after it lowered targets.

GE’s 52-week trading range is $30.21 to $42.15.  Shares are down $0.02 at $30.38 in early afternoon trading. 

Jon C. Ogg
May 28, 2008

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