AMF Tjanstepension AB Sells 60,696 Shares of GE Aerospace (NYSE:GE)

Key Points

• AMF Tjanstepension AB has reduced its stake in GE Aerospace by 13.2%, now holding 398,552 shares valued at approximately $79.77 million.
• In its latest earnings report, GE Aerospace posted a beat on EPS with $1.66, exceeding estimates by $0.23, and reported quarterly revenue of $10.15 billion.
• Analysts are optimistic about GE Aerospace, with firms like Citigroup and Barclays raising their price targets significantly, reflecting a consensus rating of "Moderate Buy."

AMF Tjanstepension AB lessened its stake in GE Aerospace (NYSE:GE - Free Report) by 13.2% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 398,552 shares of the company's stock after selling 60,696 shares during the quarter. AMF Tjanstepension AB's holdings in GE Aerospace were worth $79,771,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of GE. Brighton Jones LLC raised its stake in GE Aerospace by 25.3% during the fourth quarter. Brighton Jones LLC now owns 12,008 shares of the company's stock worth $2,003,000 after acquiring an additional 2,421 shares during the period. Revolve Wealth Partners LLC raised its stake in GE Aerospace by 7.1% during the fourth quarter. Revolve Wealth Partners LLC now owns 2,251 shares of the company's stock worth $375,000 after acquiring an additional 150 shares during the period. CenterBook Partners LP raised its stake in GE Aerospace by 25.8% during the fourth quarter. CenterBook Partners LP now owns 12,315 shares of the company's stock worth $2,054,000 after acquiring an additional 2,526 shares during the period. Scotia Capital Inc. raised its stake in GE Aerospace by 125.4% during the fourth quarter. Scotia Capital Inc. now owns 43,794 shares of the company's stock worth $7,305,000 after acquiring an additional 24,363 shares during the period. Finally, Legacy Financial Advisors Inc. grew its position in GE Aerospace by 11.3% in the 4th quarter. Legacy Financial Advisors Inc. now owns 6,805 shares of the company's stock worth $1,135,000 after purchasing an additional 689 shares during the last quarter. Institutional investors and hedge funds own 74.77% of the company's stock.

Analyst Ratings Changes

Several research analysts have commented on the stock. Royal Bank Of Canada upped their target price on shares of GE Aerospace from $275.00 to $300.00 and gave the stock an "outperform" rating in a research report on Friday, July 18th. Barclays increased their target price on shares of GE Aerospace from $230.00 to $295.00 and gave the company an "overweight" rating in a research note on Wednesday, July 23rd. Wells Fargo & Company raised their price objective on shares of GE Aerospace from $34.00 to $38.00 in a research note on Wednesday, July 23rd. Northcoast Research lowered shares of GE Aerospace from a "buy" rating to a "neutral" rating in a research note on Monday, May 19th. Finally, Citigroup reissued a "buy" rating and set a $296.00 target price (up previously from $227.00) on shares of GE Aerospace in a research note on Monday, July 14th. One equities research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, GE Aerospace has a consensus rating of "Moderate Buy" and an average target price of $232.92.

GE Aerospace Stock Performance

GE traded up $0.54 during trading on Monday, hitting $275.55. The stock had a trading volume of 1,273,947 shares, compared to its average volume of 6,085,635. The firm has a market cap of $292.21 billion, a PE ratio of 38.43, a P/E/G ratio of 2.96 and a beta of 1.44. GE Aerospace has a 12 month low of $159.36 and a 12 month high of $277.18. The company has a current ratio of 1.04, a quick ratio of 0.73 and a debt-to-equity ratio of 0.88. The company has a 50 day simple moving average of $255.31 and a 200-day simple moving average of $221.88.

GE Aerospace (NYSE:GE - Get Free Report) last posted its quarterly earnings data on Thursday, July 17th. The company reported $1.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.23. GE Aerospace had a net margin of 18.64% and a return on equity of 31.32%. The company had revenue of $10.15 billion for the quarter, compared to the consensus estimate of $9.49 billion. During the same quarter in the previous year, the firm posted $1.20 EPS. The business's revenue was up 21.2% compared to the same quarter last year. Analysts expect that GE Aerospace will post 5.4 EPS for the current year.

GE Aerospace Dividend Announcement

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

GE Aerospace Company 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.