Retirement Systems of Alabama trimmed its position in GE Aerospace (NYSE:GE – Free Report) by 0.3% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 524,069 shares of the company’s stock after selling 1,597 shares during the quarter. Retirement Systems of Alabama owned 0.05% of GE Aerospace worth $163,662,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also modified their holdings of the company. State Street Corp raised its stake in shares of GE Aerospace by 2.6% in the 2nd quarter. State Street Corp now owns 46,497,628 shares of the company’s stock valued at $17,377,559,000 after acquiring an additional 1,160,584 shares during the period. Jennison Associates LLC boosted its position in GE Aerospace by 37.7% during the 1st quarter. Jennison Associates LLC now owns 11,026,006 shares of the company’s stock worth $3,128,850,000 after purchasing an additional 3,017,937 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in GE Aerospace by 6.3% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,251,603 shares of the company’s stock valued at $2,710,142,000 after purchasing an additional 427,820 shares in the last quarter. Wellington Management Group LLP increased its holdings in GE Aerospace by 97.3% in the 2nd quarter. Wellington Management Group LLP now owns 6,797,935 shares of the company’s stock valued at $2,540,592,000 after purchasing an additional 3,352,432 shares in the last quarter. Finally, Bank of America Corp DE raised its position in GE Aerospace by 10.0% in the first quarter. Bank of America Corp DE now owns 7,664,679 shares of the company’s stock valued at $2,175,006,000 after purchasing an additional 695,731 shares during the period. 74.77% of the stock is owned by institutional investors and hedge funds.
Key Headlines Impacting GE Aerospace
Here are the key news stories impacting GE Aerospace this week:
- Positive Sentiment: GE Aerospace signed deals worth nearly $13 billion at China’s CIIE, a potential boost to its commercial opportunities and long-term business in the region. Article: GE Aerospace signs deals worth nearly $13b at CIIE
- Positive Sentiment: Wall Street analysts remain bullish on GE Aerospace despite its underperformance versus the broader market over the past year, supporting a favorable view of its prospects. Article: GE Aerospace Stock: Is Wall Street Bullish or Bearish?
- Neutral Sentiment: State Street Industrial Select SPDR reported selling GE shares as part of a broader sale of its entire 83-stock portfolio. This may create some trading pressure, but appears to be a fund-level move rather than a GE-specific judgment. Article: What State Street Industrial Select SPDR Sold: GE Leads on Nov. 5
- Negative Sentiment: A GE Aerospace vice president sold about $4.9 million in company stock. Insider sales can weigh on sentiment, though the report alone does not establish the reason for the transaction. Article: GE Aerospace VP Sells $4,920,261.84 in Stock
Analysts Set New Price Targets
A number of research analysts have commented on the company. Jefferies Financial Group restated a “buy” rating and set a $425.00 price objective on shares of GE Aerospace in a research note on Sunday, October 25th. Royal Bank Of Canada set a $376.00 target price on GE Aerospace in a research note on Friday, October 23rd. Vertical Research reiterated a “buy” rating and set a $400.00 target price on shares of GE Aerospace in a report on Tuesday, October 20th. Morgan Stanley reissued an “overweight” rating and set a $375.00 price target (down from $400.00) on shares of GE Aerospace in a research report on Wednesday, October 21st. Finally, Sanford C. Bernstein set a $376.00 price target on GE Aerospace in a research report on Friday, October 23rd. Sixteen research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, GE Aerospace currently has a consensus rating of “Moderate Buy” and an average target price of $373.45.
Check Out Our Latest Stock Report on GE Aerospace
Insider Activity
In related news, VP Robert Giglietti sold 14,796 shares of the company’s stock in a transaction on Wednesday, November 4th. The shares were sold at an average price of $332.54, for a total value of $4,920,261.84. Following the sale, the vice president directly owned 20,201 shares of the company’s stock, valued at $6,717,640.54. This represents a 42.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.19% of the company’s stock.
GE Aerospace Stock Performance
Shares of GE stock opened at $335.80 on Tuesday. GE Aerospace has a 12 month low of $268.91 and a 12 month high of $388.84. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.98 and a quick ratio of 0.68. The firm has a market capitalization of $347.00 billion, a P/E ratio of 38.73, a P/E/G ratio of 2.24 and a beta of 1.43. The company’s fifty day moving average price is $314.54 and its two-hundred day moving average price is $323.21.
GE Aerospace (NYSE:GE – Get Free Report) last posted its quarterly earnings data on Tuesday, October 20th. The company reported $2.25 earnings per share for the quarter, beating analysts’ consensus estimates of $2.01 by $0.24. GE Aerospace had a net margin of 17.31% and a return on equity of 44.43%. The company had revenue of $13.29 billion during the quarter, compared to analysts’ expectations of $12.88 billion. During the same period in the prior year, the company posted $1.66 EPS. The firm’s revenue for the quarter was up 24.7% on a year-over-year basis. On average, research analysts anticipate that GE Aerospace will post 8.16 earnings per share for the current fiscal year.
GE Aerospace Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Monday, October 26th. Stockholders of record on Monday, October 5th were given a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, October 5th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 0.6%. GE Aerospace’s dividend payout ratio (DPR) is presently 21.68%.
GE Aerospace Profile
GE Aerospace (NYSE: GE) designs, manufactures and services engines and related systems for commercial and military aircraft. Its offerings include aircraft engines, components, avionics and other integrated systems, along with maintenance, repair and overhaul services and digital solutions that support aircraft operations.
The company serves airlines, aircraft manufacturers, governments and defense organizations around the world. Its business combines original equipment production with long-term aftermarket support, including parts and technical services for engines already in operation.
GE Aerospace traces its roots to General Electric’s aviation business, which developed over more than a century.
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