GE Aerospace (NYSE:GE) Shares Climb 1.3% – Here’s Why

GE Aerospace (NYSE:GE) traded up 1.3% during mid-day trading on Wednesday. The stock traded as high as $342.90 and last traded at $342.2770. Approximately 3,368,195 shares were traded during trading, a decline of 34% from the average session volume of 5,134,626 shares. The stock had previously closed at $337.91.

Analysts Set New Price Targets

GE has been the topic of a number of analyst reports. Wells Fargo & Company cut their price target on GE Aerospace from $390.00 to $380.00 and set an “overweight” rating on the stock in a report on Wednesday, September 30th. HC Wainwright set a $375.00 price objective on GE Aerospace in a research report on Wednesday, October 21st. Susquehanna cut their target price on GE Aerospace from $430.00 to $400.00 and set a “positive” rating on the stock in a research note on Wednesday, October 21st. Deutsche Bank reaffirmed a “buy” rating and issued a $378.00 price objective on shares of GE Aerospace in a research report on Wednesday, October 21st. Finally, Royal Bank Of Canada set a $376.00 target price on shares of GE Aerospace in a research report on Friday, October 23rd. Sixteen investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $373.45.

GE Aerospace Stock Up 0.2%

The firm has a market capitalization of $342.53 billion, a price-to-earnings ratio of 38.23, a P/E/G ratio of 2.33 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. The company’s 50 day moving average price is $314.84 and its 200 day moving average price is $323.85.

GE Aerospace (NYSE:GE) last released its earnings results on Tuesday, October 20th. The company reported $2.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.01 by $0.24. GE Aerospace had a return on equity of 44.43% and a net margin of 17.31%. The firm had revenue of $13.29 billion for the quarter, compared to the consensus estimate of $12.88 billion. During the same period in the prior year, the firm earned $1.66 EPS. The firm’s revenue was up 24.7% on a year-over-year basis. As a group, research analysts forecast that GE Aerospace will post 8.16 earnings per share for the current fiscal year.

GE Aerospace Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, October 26th. Investors of record on Monday, October 5th were issued 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 payout ratio is 21.68%.

Insider Activity at GE Aerospace

In related news, VP Robert Giglietti sold 14,796 shares of the company’s stock in a transaction that occurred on 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 in the company, valued at $6,717,640.54. This represents a 42.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.19% of the stock is owned by company insiders.

Hedge Funds Weigh In On GE Aerospace

Institutional investors have recently bought and sold shares of the business. Burkett Financial Services LLC lifted its holdings in GE Aerospace by 28.9% in the second quarter. Burkett Financial Services LLC now owns 125 shares of the company’s stock worth $47,000 after acquiring an additional 28 shares during the last quarter. BOK Financial Private Wealth Inc. raised its position in shares of GE Aerospace by 3.2% during the 2nd quarter. BOK Financial Private Wealth Inc. now owns 960 shares of the company’s stock worth $359,000 after purchasing an additional 30 shares during the period. Brendel Financial Advisors LLC raised its position in shares of GE Aerospace by 2.9% during the 3rd quarter. Brendel Financial Advisors LLC now owns 1,114 shares of the company’s stock worth $348,000 after purchasing an additional 31 shares during the period. Gradient Investments LLC lifted its holdings in shares of GE Aerospace by 4.4% in the 2nd quarter. Gradient Investments LLC now owns 765 shares of the company’s stock worth $286,000 after purchasing an additional 32 shares during the last quarter. Finally, Kinloch Capital LLC lifted its holdings in shares of GE Aerospace by 3.1% in the 2nd quarter. Kinloch Capital LLC now owns 1,079 shares of the company’s stock worth $403,000 after purchasing an additional 32 shares during the last quarter. 74.77% of the stock is owned by hedge funds and other 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.