Baker Avenue Asset Management LP Sells 2,184 Shares of GE Aerospace (NYSE:GE)

Key Points

• Baker Avenue Asset Management LP reduced its stake in GE Aerospace by 2.1%, owning 102,125 shares valued at approximately $20.44 million after selling 2,184 shares in the first quarter.
• GE Aerospace reported a quarterly earnings per share (EPS) of $1.66, exceeding analyst estimates of $1.43, with revenues of $10.15 billion, a 21.2% increase compared to the same quarter last year.
• The company has declared a quarterly dividend of $0.36, reflecting an annualized dividend yield of 0.5% and a payout ratio of 20.08%.

Baker Avenue Asset Management LP lowered its stake in GE Aerospace (NYSE:GE - Free Report) by 2.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 102,125 shares of the company's stock after selling 2,184 shares during the period. Baker Avenue Asset Management LP's holdings in GE Aerospace were worth $20,440,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. FMR LLC grew its holdings in GE Aerospace by 1.5% during the fourth 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 period. Northern Trust Corp boosted its position in GE Aerospace by 5.8% during the fourth quarter. Northern Trust Corp now owns 10,046,867 shares of the company's stock worth $1,675,717,000 after purchasing an additional 553,104 shares in the last quarter. Invesco Ltd. boosted its position in GE Aerospace by 14.4% during the fourth quarter. Invesco Ltd. now owns 9,544,757 shares of the company's stock worth $1,591,970,000 after purchasing an additional 1,204,910 shares in the last quarter. Canada Pension Plan Investment Board boosted its position in GE Aerospace by 11.5% during the fourth quarter. Canada Pension Plan Investment Board now owns 7,551,038 shares of the company's stock worth $1,259,438,000 after purchasing an additional 781,574 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in GE Aerospace by 9.6% during 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 in the last quarter. Institutional investors and hedge funds own 74.77% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on GE shares. Wells Fargo & Company boosted their target price on GE Aerospace from $34.00 to $38.00 in a research report on Wednesday, July 23rd. UBS Group boosted 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. Wall Street Zen upgraded GE Aerospace from a "hold" rating to a "buy" rating in a research report on Friday, July 18th. Royal Bank Of Canada boosted their target price on GE Aerospace from $275.00 to $300.00 and gave the stock an "outperform" rating in a research report on Friday, July 18th. Finally, Citigroup restated a "buy" rating and issued a $296.00 price objective (up from $227.00) on shares of GE Aerospace in a research report on Monday, July 14th. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, GE Aerospace has a consensus rating of "Moderate Buy" and a consensus target price of $232.92.

GE Aerospace Stock Performance

Shares of NYSE GE traded down $1.59 during mid-day trading on Friday, hitting $269.49. The company had a trading volume of 4,380,267 shares, compared to its average volume of 6,337,291. The stock has a market cap of $285.78 billion, a price-to-earnings ratio of 47.93, a PEG ratio of 2.90 and a beta of 1.44. 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. The firm's 50 day simple moving average is $252.13 and its two-hundred day simple moving average is $218.37.

GE Aerospace (NYSE:GE - Get Free Report) last issued its quarterly earnings results on Thursday, July 17th. The company reported $1.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.23. GE Aerospace had a return on equity of 31.32% and a net margin of 18.64%. The company had revenue of $10.15 billion for the quarter, compared to analysts' expectations of $9.49 billion. During the same period last year, the firm earned $1.20 EPS. The firm's revenue for the quarter was up 21.2% on a year-over-year basis. As a group, equities research analysts forecast 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. Stockholders of record on Monday, July 7th were given a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 0.5%. GE Aerospace's dividend payout ratio (DPR) is presently 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.