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