Cresset Asset Management LLC Sells 55,409 Shares of GE Aerospace (NYSE:GE)

Cresset Asset Management LLC decreased its stake in GE Aerospace (NYSE:GE) by 73.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 20,400 shares of the company’s stock after selling 55,409 shares during the period. Cresset Asset Management LLC’s holdings in GE Aerospace were worth $3,406,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. New Age Alpha Advisors LLC increased its stake in shares of GE Aerospace by 133.3% in the 4th quarter. New Age Alpha Advisors LLC now owns 147 shares of the company’s stock valued at $25,000 after acquiring an additional 84 shares in the last quarter. Hager Investment Management Services LLC bought a new position in shares of GE Aerospace during the 4th quarter worth about $27,000. Sumitomo Mitsui Financial Group Inc. bought a new stake in GE Aerospace in the 4th quarter valued at about $28,000. Sugar Maple Asset Management LLC bought a new stake in GE Aerospace in the 4th quarter valued at about $29,000. Finally, CBIZ Investment Advisory Services LLC bought a new position in GE Aerospace in the fourth quarter worth approximately $29,000. Institutional investors and hedge funds own 74.77% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on GE. Bank of America raised their price objective on GE Aerospace from $200.00 to $225.00 and gave the company a “buy” rating in a research note on Monday, January 27th. Citigroup decreased their price target on shares of GE Aerospace from $235.00 to $227.00 and set a “buy” rating for the company in a research note on Thursday, April 10th. Royal Bank of Canada reiterated an “outperform” rating and set a $220.00 price objective on shares of GE Aerospace in a report on Wednesday, April 23rd. JPMorgan Chase & Co. raised their price target on shares of GE Aerospace from $190.00 to $210.00 and gave the company an “overweight” rating in a research report on Friday, January 24th. Finally, Wells Fargo & Company increased their price objective on GE Aerospace from $212.00 to $222.00 and gave the stock an “overweight” rating in a research note on Thursday, April 24th. One equities research analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, GE Aerospace has an average rating of “Moderate Buy” and an average target price of $216.92.

Insider Activity

In other news, VP Robert M. Giglietti sold 4,104 shares of GE Aerospace stock in a transaction dated Thursday, April 24th. The shares were sold at an average price of $196.73, for a total value of $807,379.92. Following the completion of the transaction, the vice president now owns 11,540 shares in the company, valued at $2,270,264.20. This trade represents a 26.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Mohamed Ali sold 1,602 shares of the company’s stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $200.67, for a total transaction of $321,473.34. Following the sale, the senior vice president now owns 8,805 shares in the company, valued at $1,766,899.35. The trade was a 15.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.21% of the company’s stock.

GE Aerospace Stock Performance

Shares of GE opened at $214.64 on Friday. The stock has a 50 day moving average of $194.92 and a 200 day moving average of $187.61. The company has a market capitalization of $228.89 billion, a price-to-earnings ratio of 35.83, a PEG ratio of 2.59 and a beta of 1.31. GE Aerospace has a 12 month low of $150.20 and a 12 month high of $216.80. The company has a current ratio of 1.09, a quick ratio of 0.81 and a debt-to-equity ratio of 0.88.

GE Aerospace (NYSE:GE) last announced its earnings results on Tuesday, April 22nd. The company reported $1.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.29 by $0.20. The firm had revenue of $9.94 billion during the quarter, compared to analyst estimates of $9.06 billion. GE Aerospace had a return on equity of 22.19% and a net margin of 14.31%. As a group, sell-side analysts forecast that GE Aerospace will post 5.4 earnings per share for the current year.

GE Aerospace Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 25th. Shareholders of record on Monday, March 10th were paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 0.67%. This is a boost from GE Aerospace’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend was Monday, March 10th. GE Aerospace’s payout ratio is presently 22.40%.

About GE Aerospace

GE Aerospace (also known as General Electric) is a company that specializes in providing aerospace products and services. It operates through two reportable segments: Commercial Engines and Services and Defense and Propulsion Technologies. It offers jet and turboprop engines, as well as integrated systems for commercial, military, business, and general aviation aircraft.