Alberta Investment Management Corp Trims Position in GE Aerospace (NYSE:GE)

Key Points

• Alberta Investment Management Corp reduced its shareholding in GE Aerospace by 14.9% during the first quarter, now owning 33,100 shares valued at approximately $6.63 million.
• GE Aerospace reported $1.66 earnings per share (EPS) for the quarter, exceeding expectations of $1.43 and marking a 21.2% revenue increase year-over-year with a total revenue of $10.15 billion.
• The company has recently announced a quarterly dividend of $0.36 per share, resulting in an annualized dividend yield of 0.5%.

Alberta Investment Management Corp trimmed its position in GE Aerospace (NYSE:GE - Free Report) by 14.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 33,100 shares of the company's stock after selling 5,800 shares during the period. Alberta Investment Management Corp's holdings in GE Aerospace were worth $6,625,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of GE. FMR LLC lifted its holdings in shares of GE Aerospace by 1.5% during the 4th quarter. FMR LLC now owns 66,823,968 shares of the company's stock worth $11,145,570,000 after acquiring an additional 965,012 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of GE Aerospace by 5.8% during the 4th quarter. Northern Trust Corp now owns 10,046,867 shares of the company's stock worth $1,675,717,000 after acquiring an additional 553,104 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of GE Aerospace by 14.4% during the 4th quarter. Invesco Ltd. now owns 9,544,757 shares of the company's stock worth $1,591,970,000 after acquiring an additional 1,204,910 shares during the last quarter. Canada Pension Plan Investment Board lifted its holdings in shares of GE Aerospace by 11.5% during the 4th quarter. Canada Pension Plan Investment Board now owns 7,551,038 shares of the company's stock worth $1,259,438,000 after acquiring an additional 781,574 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in GE Aerospace by 9.6% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,184,973 shares of the company's stock worth $1,198,382,000 after purchasing an additional 628,458 shares during the last quarter. 74.77% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have weighed in on GE. Wells Fargo & Company boosted their price target on shares of GE Aerospace from $34.00 to $38.00 in a research note on Wednesday, July 23rd. UBS Group boosted their price target on shares of GE Aerospace from $300.00 to $321.00 and gave the company a "buy" rating in a research report on Friday, July 18th. Wall Street Zen upgraded shares of GE Aerospace from a "hold" rating to a "buy" rating in a research report on Friday, July 18th. Royal Bank Of Canada boosted their price target 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. Finally, Northcoast Research cut shares of GE Aerospace from a "buy" rating to a "neutral" rating in a research report on Monday, May 19th. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $232.92.

GE Aerospace Stock Performance

GE Aerospace stock traded down $1.59 during midday trading on Friday, reaching $269.49. 4,380,267 shares of the company traded hands, compared to its average volume of 6,337,291. The firm has a market capitalization of $285.78 billion, a price-to-earnings ratio of 37.59, a price-to-earnings-growth ratio of 2.90 and a beta of 1.44. The business has a 50 day moving average of $252.13 and a two-hundred day moving average of $218.37. GE Aerospace has a 12 month low of $150.20 and a 12 month high of $274.94. 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 (NYSE:GE - Get Free Report) last announced its earnings results on Thursday, July 17th. The company reported $1.66 EPS for the quarter, beating analysts' consensus estimates of $1.43 by $0.23. GE Aerospace had a net margin of 18.64% and a return on equity of 31.32%. The business had revenue of $10.15 billion during the quarter, compared to analysts' expectations of $9.49 billion. During the same period in the prior year, the company earned $1.20 earnings per share. The firm's revenue was up 21.2% on a year-over-year basis. As a group, research analysts predict that GE Aerospace will post 5.4 earnings per share for the current year.

GE Aerospace Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 25th. Shareholders of record on Monday, July 7th were issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 0.5%. GE Aerospace's dividend payout ratio is currently 20.08%.

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.