15,583 Shares in GE Aerospace $GE Acquired by Covenant Asset Management LLC

Key Points

• Covenant Asset Management LLC acquired 15,583 shares of GE Aerospace for approximately $4,011,000 in the second quarter, contributing to a total of 74.77% of the stock owned by institutional investors.
• GE Aerospace reported a 21.2% year-over-year revenue increase in its latest quarterly earnings, posting earnings per share of $1.66, surpassing estimates by $0.23.
• The company announced a quarterly dividend of $0.36 per share, with a dividend yield of 0.5% and a payout ratio of 20.08%.

Covenant Asset Management LLC purchased a new stake in shares of GE Aerospace (NYSE:GE - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 15,583 shares of the company's stock, valued at approximately $4,011,000.

Several other institutional investors also recently bought and sold shares of GE. Smartleaf Asset Management LLC raised its position in GE Aerospace by 17.1% in the first quarter. Smartleaf Asset Management LLC now owns 8,241 shares of the company's stock valued at $1,647,000 after purchasing an additional 1,201 shares during the period. Rainey & Randall Wealth Advisors Inc. purchased a new stake in shares of GE Aerospace during the 1st quarter valued at about $203,000. Sendero Wealth Management LLC raised its holdings in shares of GE Aerospace by 526.6% during the 1st quarter. Sendero Wealth Management LLC now owns 15,008 shares of the company's stock valued at $3,004,000 after buying an additional 12,613 shares during the period. Concurrent Investment Advisors LLC lifted its position in GE Aerospace by 25.1% during the 1st quarter. Concurrent Investment Advisors LLC now owns 41,039 shares of the company's stock worth $8,065,000 after acquiring an additional 8,245 shares in the last quarter. Finally, Global Assets Advisory LLC boosted its holdings in GE Aerospace by 186.7% in the 1st quarter. Global Assets Advisory LLC now owns 14,710 shares of the company's stock worth $2,751,000 after acquiring an additional 9,580 shares during the period. 74.77% of the stock is currently owned by hedge funds and other institutional investors.

GE Aerospace Trading Down 0.7%

NYSE GE opened at $294.97 on Monday. The company has a market capitalization of $312.80 billion, a price-to-earnings ratio of 41.14, a price-to-earnings-growth ratio of 3.17 and a beta of 1.48. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.04 and a quick ratio of 0.73. GE Aerospace has a 12 month low of $159.36 and a 12 month high of $307.25. The company's fifty day moving average price is $277.26 and its two-hundred day moving average price is $241.12.

GE Aerospace (NYSE:GE - Get Free Report) last released its earnings results on Thursday, July 17th. The company reported $1.66 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.23. The company had revenue of $10.15 billion during the quarter, compared to the consensus estimate of $9.49 billion. GE Aerospace had a net margin of 18.64% and a return on equity of 31.32%. The company's revenue was up 21.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.20 EPS. GE Aerospace has set its FY 2025 guidance at 5.600-5.800 EPS. As a group, research analysts predict that GE Aerospace will post 5.4 earnings per share for the current fiscal year.

GE Aerospace Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, October 27th. Shareholders of record on Monday, September 29th will be issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend is Monday, September 29th. GE Aerospace's dividend payout ratio (DPR) is currently 20.08%.

Analyst Ratings Changes

GE has been the subject of several recent research reports. Royal Bank Of Canada increased their price objective on shares of GE Aerospace from $275.00 to $300.00 and gave the company an "outperform" rating in a research report on Friday, July 18th. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of GE Aerospace in a report on Friday, August 15th. Wells Fargo & Company boosted their price objective on shares of GE Aerospace from $34.00 to $38.00 in a report on Wednesday, July 23rd. Jefferies Financial Group upped their price objective on shares of GE Aerospace from $320.00 to $350.00 and gave the company a "buy" rating in a research report on Monday, September 22nd. Finally, UBS Group lifted their target price on GE Aerospace from $300.00 to $321.00 and gave the stock a "buy" rating in a research report on Friday, July 18th. Eleven analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $241.92.

GE Aerospace Profile

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.

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