5,724 GE Aerospace $GE Shares Sold by Accuvest Global Advisors

Key Points

• Accuvest Global Advisors cut its GE Aerospace position by 68.5%, selling 5,724 shares in the third quarter and retaining 2,638 shares worth about $824,000.
• Other major institutions increased their holdings, and institutional investors collectively own 74.77% of the stock.
• GE Aerospace beat quarterly earnings and revenue estimates, with year-over-year revenue growth of 24.7%; analysts’ consensus rating is Moderate Buy, with a $373.45 average price target.

Accuvest Global Advisors trimmed its holdings in shares of GE Aerospace (NYSE:GE - Free Report) by 68.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,638 shares of the company's stock after selling 5,724 shares during the quarter. Accuvest Global Advisors' holdings in GE Aerospace were worth $824,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. State Street Corp lifted its stake in shares of GE Aerospace by 2.6% in the second quarter. State Street Corp now owns 46,497,628 shares of the company's stock worth $17,377,559,000 after buying an additional 1,160,584 shares during the last quarter. Jennison Associates LLC raised its holdings in GE Aerospace by 37.7% in the 1st quarter. Jennison Associates LLC now owns 11,026,006 shares of the company's stock worth $3,128,850,000 after acquiring an additional 3,017,937 shares during the period. Bank of America Corp DE raised its holdings in GE Aerospace by 10.0% in the 1st quarter. Bank of America Corp DE now owns 7,664,679 shares of the company's stock worth $2,175,006,000 after acquiring an additional 695,731 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in GE Aerospace by 6.3% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,251,603 shares of the company's stock worth $2,710,142,000 after acquiring an additional 427,820 shares during the last quarter. Finally, Wellington Management Group LLP lifted its position in GE Aerospace by 97.3% during the 2nd quarter. Wellington Management Group LLP now owns 6,797,935 shares of the company's stock worth $2,540,592,000 after acquiring an additional 3,352,432 shares during the last quarter. 74.77% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have issued reports on GE. Morgan Stanley restated an "overweight" rating and set a $375.00 price target (down from $400.00) on shares of GE Aerospace in a report on Wednesday, October 21st. Sanford C. Bernstein set a $376.00 price objective on GE Aerospace in a research note on Friday, October 23rd. Melius Research set a $350.00 price objective on GE Aerospace and gave the stock a "hold" rating in a research note on Monday, September 14th. Royal Bank Of Canada set a $376.00 price objective on GE Aerospace in a research report on Friday, October 23rd. Finally, Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $378.00 target price on shares of GE Aerospace in a research note on Wednesday, October 21st. Sixteen research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $373.45.

GE Aerospace Stock Up 0.1%

NYSE GE opened at $323.54 on Monday. GE Aerospace has a twelve month low of $268.91 and a twelve month high of $388.84. The stock has a market cap of $334.33 billion, a PE ratio of 37.32, a PEG ratio of 2.20 and a beta of 1.43. The firm has a 50-day simple moving average of $314.70 and a 200 day simple moving average of $323.12. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.68 and a current ratio of 0.98.

GE Aerospace (NYSE:GE - Get Free Report) last issued its quarterly 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 analyst estimates of $12.88 billion. During the same period in the previous year, the company posted $1.66 earnings per share. The company's quarterly revenue was up 24.7% compared to the same quarter last year. On average, research analysts forecast that GE Aerospace will post 8.16 EPS for the current 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 paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date was Monday, October 5th. GE Aerospace's dividend payout ratio is presently 21.68%.

More GE Aerospace News

Here are the key news stories impacting GE Aerospace this week:

• Positive Sentiment: GE Aerospace partnered with BETA Technologies on a hybrid-electric aircraft demonstration, marking progress in a new propulsion technology area. GE Aerospace partners with BETA Technologies
• Positive Sentiment: GE is part of a team working on KC-135 modernization, adding a defense-program opportunity alongside its commercial aerospace business. SNC teams with BAE, Collins and GE for KC-135 modernization
• Neutral Sentiment: Analyst coverage highlighted GE’s roughly $170 billion services backlog and generally favorable ratings, but also questioned whether the stock’s valuation already reflects much of its growth potential. GE Aerospace backlog and valuation analysis
• Negative Sentiment: Vice President Robert Giglietti sold 14,796 shares, cutting his reported stake by about 42%. Insider sales can have many explanations, but may contribute to investor caution. GE Aerospace VP sells shares
• Negative Sentiment: ETFs were reported as net sellers of GE shares, a sign of near-term fund outflows that could weigh on sentiment. ETFs are net sellers of General Electric

Insider Buying and Selling

In related news, VP Robert Giglietti sold 14,796 shares of the firm's stock in a transaction 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 completion of the transaction, the vice president directly owned 20,201 shares of the company's stock, valued at $6,717,640.54. This trade represents a 42.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.19% of the stock is currently owned by company insiders.

GE Aerospace Company Profile

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.

GE Aerospace traces its roots to General Electric's aviation business, which developed over more than a century.

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