GE Aerospace (NYSE:GE) Sets New 1-Year High Following Analyst Upgrade

GE Aerospace (NYSE:GE) shares reached a new 52-week high during mid-day trading on Tuesday after Citigroup raised their price target on the stock from $227.00 to $296.00. Citigroup currently has a buy rating on the stock. GE Aerospace traded as high as $262.46 and last traded at $262.31, with a volume of 7498908 shares trading hands. The stock had previously closed at $255.42.

A number of other equities research analysts have also recently commented on the stock. Royal Bank Of Canada set a $275.00 target price on shares of GE Aerospace and gave the company an “outperform” rating in a research report on Tuesday, June 3rd. Wells Fargo & Company increased their target price on shares of GE Aerospace from $212.00 to $222.00 and gave the company an “overweight” rating in a research report on Thursday, April 24th. Northcoast Research lowered shares of GE Aerospace from a “buy” rating to a “neutral” rating in a report on Monday, May 19th. Finally, UBS Group upped their price objective on shares of GE Aerospace from $207.00 to $216.00 and gave the company a “buy” rating in a report on Wednesday, April 23rd. Two analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $229.50.

Insider Activity at GE Aerospace

In other GE Aerospace news, VP Robert M. Giglietti sold 4,104 shares of the firm’s stock in a transaction that occurred on Thursday, April 24th. The shares were sold at an average price of $196.73, for a total transaction of $807,379.92. Following the sale, the vice president owned 11,540 shares of the company’s stock, valued at approximately $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 can be accessed through this link. Also, SVP Mohamed Ali sold 1,602 shares of the firm’s stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $200.67, for a total transaction of $321,473.34. Following the sale, the senior vice president directly owned 8,805 shares in the company, valued at approximately $1,766,899.35. The trade was a 15.39% decrease in their position. The disclosure for this sale can be found here. 0.21% of the stock is owned by company insiders.

Institutional Trading of GE Aerospace

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Hoey Investments Inc. grew its position in shares of GE Aerospace by 10.9% during the second quarter. Hoey Investments Inc. now owns 32,438 shares of the company’s stock worth $8,349,000 after acquiring an additional 3,185 shares during the last quarter. Occidental Asset Management LLC purchased a new position in shares of GE Aerospace during the second quarter worth approximately $273,000. Gries Financial LLC grew its position in shares of GE Aerospace by 54.7% during the second quarter. Gries Financial LLC now owns 2,773 shares of the company’s stock worth $714,000 after acquiring an additional 981 shares during the last quarter. Brady Martz Wealth Solutions LLC purchased a new position in shares of GE Aerospace during the second quarter worth approximately $304,000. Finally, AdvisorNet Financial Inc grew its position in shares of GE Aerospace by 3.7% during the second quarter. AdvisorNet Financial Inc now owns 17,634 shares of the company’s stock worth $4,539,000 after acquiring an additional 621 shares during the last quarter. Institutional investors and hedge funds own 74.77% of the company’s stock.

GE Aerospace Trading Up 2.7%

The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.77 and a current ratio of 1.08. The stock has a market capitalization of $279.72 billion, a PE ratio of 40.79, a price-to-earnings-growth ratio of 3.06 and a beta of 1.37. The business’s 50-day moving average is $240.24 and its two-hundred day moving average is $209.68.

GE Aerospace (NYSE:GE) last announced its quarterly earnings data 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 company had revenue of $9.94 billion for the quarter, compared to analysts’ expectations of $9.06 billion. GE Aerospace had a net margin of 17.63% and a return on equity of 29.15%. As a group, equities research analysts anticipate that GE Aerospace will post 5.4 earnings per share for the current year.

GE Aerospace Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, July 25th. Shareholders of record on Monday, July 7th will be given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 0.55%. GE Aerospace’s payout ratio is currently 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.