GE Aerospace (NYSE:GE) Stock Price Down 3.6% – Here’s What Happened

GE Aerospace (NYSE:GE)’s stock price traded down 3.6% during trading on Thursday. The company traded as low as $329.60 and last traded at $330.5570. 4,377,664 shares changed hands during trading, a decline of 15% from the average session volume of 5,131,213 shares. The stock had previously closed at $342.75.

Key Headlines Impacting GE Aerospace

These are some of the GE headlines that stood out recently:

• Positive Sentiment: Analyst coverage points to strong engine demand, defense contracts, and rising earnings estimates as growth drivers. GE is also trading above its 50-day and 200-day moving averages, a technical sign of positive momentum. Zacks article
• Positive Sentiment: A State Street industrial-sector ETF added GE to its portfolio on Nov. 9, offering a modest indication of institutional fund demand; the article did not disclose the amount allocated specifically to GE. State Street ETF article
• Positive Sentiment: Coverage also emphasizes GE’s installed engine base and aftermarket business, which can generate revenue beyond sales of new aircraft and may benefit as aerospace production ramps up. The Motley Fool article

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Melius Research set a $350.00 target price on shares of GE Aerospace and gave the stock a “hold” rating in a research note on Monday, September 14th. UBS Group reissued a “buy” rating and issued a $380.00 price target (up from $377.00) on shares of GE Aerospace in a research note on Wednesday, October 21st. BNP Paribas Exane cut their price target on GE Aerospace from $305.00 to $280.00 and set an “underperform” rating on the stock in a report on Wednesday, October 21st. Sanford C. Bernstein set a $376.00 price objective on GE Aerospace in a research report on Friday, October 23rd. Finally, Deutsche Bank reiterated a “buy” rating and set a $378.00 price objective on shares of GE Aerospace in a report on Wednesday, October 21st. Sixteen analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, GE Aerospace currently has an average rating of “Moderate Buy” and an average target price of $373.45.

GE Aerospace Price Performance

The company’s fifty day moving average is $314.82 and its 200 day moving average is $323.67. The firm has a market cap of $341.58 billion, a price-to-earnings ratio of 38.13, a PEG ratio of 2.30 and a beta of 1.43. The company has a quick ratio of 0.68, a current ratio of 0.98 and a debt-to-equity ratio of 0.96.

GE Aerospace (NYSE:GE) last released its earnings results 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 business had revenue of $13.29 billion during the quarter, compared to the consensus estimate of $12.88 billion. During the same quarter last year, the firm earned $1.66 earnings per share. The firm’s revenue for the quarter was up 24.7% compared to the same quarter last year. On average, equities research analysts predict that GE Aerospace will post 8.16 EPS for the current year.

GE Aerospace Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, October 26th. Stockholders of record on Monday, October 5th were issued a $0.47 dividend. The ex-dividend date was Monday, October 5th. This represents a $1.88 annualized dividend and a dividend yield of 0.6%. GE Aerospace’s dividend payout ratio (DPR) is presently 21.68%.

Insider Activity

In related news, VP Robert Giglietti sold 14,796 shares of GE Aerospace stock in a transaction dated Wednesday, November 4th. The stock was sold at an average price of $332.54, for a total value of $4,920,261.84. Following the sale, the vice president owned 20,201 shares of the company’s stock, valued at approximately $6,717,640.54. The trade was a 42.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.19% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Meeder Advisory Services Inc. raised its position in GE Aerospace by 4.2% during the third quarter. Meeder Advisory Services Inc. now owns 31,753 shares of the company’s stock worth $9,916,000 after acquiring an additional 1,282 shares in the last quarter. Benjamin Edwards Inc. lifted its stake in GE Aerospace by 3.9% in the third quarter. Benjamin Edwards Inc. now owns 39,011 shares of the company’s stock valued at $12,184,000 after acquiring an additional 1,481 shares during the last quarter. BNP Paribas grew its position in shares of GE Aerospace by 3.3% in the 3rd quarter. BNP Paribas now owns 3,220 shares of the company’s stock valued at $1,006,000 after acquiring an additional 104 shares during the period. Texas Yale Capital Corp. grew its position in shares of GE Aerospace by 16.3% in the 3rd quarter. Texas Yale Capital Corp. now owns 891 shares of the company’s stock valued at $278,000 after acquiring an additional 125 shares during the period. Finally, Sumitomo Mitsui Financial Group Inc. increased its stake in shares of GE Aerospace by 6.3% during the 3rd quarter. Sumitomo Mitsui Financial Group Inc. now owns 133,983 shares of the company’s stock worth $41,842,000 after purchasing an additional 7,917 shares during the last quarter. 74.77% of the stock is currently owned by institutional investors.

About GE Aerospace

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.