(Reuters) - Shares of General Electric Co (GE.N) opened higher on Friday after Chief Executive John Flannery disclosed that he bought 60,000 shares of the industrial conglomerate’s stock.
Flannery bought the shares on Wednesday at $18.27 apiece, a regulatory filing showed on Friday. (bit.ly/2A8k0uY)
GE’s shares rose 1 percent to $18.44 in early trading.
Flannery’s purchase comes when GE’s shares are hovering around six-year lows following a poorly received overhaul plan that the 125-year old conglomerate unveiled on Monday.
The announcement included a 50 percent cut to GE’s dividend and a lower earnings forecast for 2018. GE shares fell 12.6 percent in the two days following the announcement.
Analysts earlier this week said GE’s revamp plan was not aggressive enough and may not be able to revive the company.
The stock, which has fallen 42.2 percent since the beginning of 2017, is the worst performer on the Dow Jones industrial average .DJI this year.
Reporting by Sanjana Shivdas in Bengaluru; editing by Sai Sachin Ravikumar