General Electric Company (NYSE:GE) Board of Directors has named David Joyce a company vice chair leading GE Aviation and additive manufacturing. GE Aviation is a leading provider of jet, turboshaft, turboprop engines, components and integrated systems for commercial, military, business and general aviation aircraft. Additionally, David will lead GE’s efforts to establish and grow an additive manufacturing equipment, materials and services business, as well as accelerating additive manufacturing applications across GE.
“Under David’s leadership, GE Aviation has experienced a period of unprecedented growth and expansion. The business’ revenues grew from $19 to $25 billion and the installed base climbed to 62,000 engines in his eight years at the helm,” said GE Chairman and CEO Jeff Immelt. “His leadership and GE Aviation’s success in additive manufacturing will be impactful across GE.”
Last week GE announced plans to acquire two suppliers of additive manufacturing equipment, SLM Solutions Group AG and Arcam AB for $1.4 billon. Both companies will report into Joyce. GE expects to grow its additive business to $1 billion by 2020 at attractive returns and also expects $3-5 billion of GE product cost-out across the company over the next ten years.
David has spent his career at GE Aviation, gaining broad and deep knowledge through a series of technical and leadership roles, and influencing the design and launch of GE’s most innovative and popular engines over the past three decades. After 15 years growing his career in advanced design and product development, he was promoted to general manager leading the around-the-clock Customer & Product Support organization supporting a global fleet of more than 500 customers. David went on to run the small commercial engine operations, and in 2003 was named a GE company officer responsible for the commercial engine portfolio as the VP of Commercial Engine Operation. In 2008 he was named President and CEO of GE Aviation.
David serves on the boards of the Smithsonian National Air and Space Museum, the Aerospace Industries Association, the Congressional Medal of Honor Foundation, and Xavier University. He was named to the National Academy of Engineering in 2014. Joyce earned both Bachelor of Science and Master’s Degrees in mechanical engineering from Michigan State University and holds a master’s in business finance from Xavier University.(Original Source)
Shares of General Electric closed last Friday at $30.11, down $0.93 or -3.00%. GE has a 1-year high of $33 and a 1-year low of $24.26. The stock’s 50-day moving average is $31.21 and its 200-day moving average is $30.71.
On the ratings front, General Electric has been the subject of a number of recent research reports. In a report issued on September 8, William Blair analyst Nicholas Heymann reiterated a Buy rating on GE, with a price target of $38, which implies an upside of 26.2% from current levels. Separately, on September 7, Bernstein Research’s Steven Winoker maintained a Hold rating on the stock .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Nicholas Heymann and Steven Winoker have a total average return of 2.0% and 8.8% respectively. Heymann has a success rate of 57% and is ranked #1854 out of 4124 analysts, while Winoker has a success rate of 71% and is ranked #616.
Overall, 2 research analysts have rated the stock with a Sell rating, 4 research analysts have assigned a Hold rating and 6 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $30.50 which is 1.3% above where the stock closed last Friday.