GE Is Close to Bottoming Out, Cramer Says

General Electric (GE) - Get Report shares have recently been through the wringer, but Jim Cramer says they could be close to bottoming out.

"I interviewed CEO John Flannery [Tuesday] on Squawk on the Street and I have to tell you, I think that in the end, this company -- which could earn $1.06 in 2018 -- is close to a bottom," Cramer said during a private conference call with members of his Action Alerts PLUS club for investors. Cramer said he thinks that GE shares, which were trading down 0.5% to $18.17 on Thursday afternoon, could bottom out at $17 apiece.

It's been a rough year for GE, with it shares plunging 42.5% so far this year vs. the S&P 500's 15.5% gain. Flannery took over in August from longtime CEO Jeffrey Immelt, who stepped down as the stock's performance languished.

Still, General Electric disappointed Wall Street yet again on Monday by announcing plans to slash its quarterly dividend in half to save cash to fuel a restructuring. Flannery intends to refocus the industrial conglomerate's sprawling businesses on just health care, aviation and energy. GE is also shrinking its board of directors to 12 members from the current 18.

"GE ... is perhaps the most problematic position of all [in Cramer's charitable portfolio] -- and probably one of the worst positions we've had," Cramer said.

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This article was written by a staff member of TheStreet.