Bornite Capital Management LP Sells 132,400 Shares of GE Aerospace (NYSE:GE)

Key Points

• Bornite Capital Management LP has reduced its holdings in GE Aerospace by 62.3%, bringing its total shares down to 80,000, valued at approximately $16 million.
• Institutional investors hold 74.77% of GE Aerospace's stock, with notable increases in holdings by GAMMA Investing LLC, Janus Henderson Group PLC, and Canada Pension Plan Investment Board.
• GE Aerospace reported positive quarterly earnings with $1.66 earnings per share, exceeding estimates and reflecting a 21.2% year-over-year revenue growth.

Bornite Capital Management LP lowered its position in shares of GE Aerospace (NYSE:GE - Free Report) by 62.3% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 80,000 shares of the company's stock after selling 132,400 shares during the period. GE Aerospace accounts for 4.1% of Bornite Capital Management LP's portfolio, making the stock its 13th biggest holding. Bornite Capital Management LP's holdings in GE Aerospace were worth $16,012,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Rainey & Randall Wealth Advisors Inc. acquired a new stake in GE Aerospace in the first quarter worth about $203,000. Sendero Wealth Management LLC lifted its holdings in GE Aerospace by 526.6% in the first quarter. Sendero Wealth Management LLC now owns 15,008 shares of the company's stock worth $3,004,000 after purchasing an additional 12,613 shares during the period. Concurrent Investment Advisors LLC lifted its holdings in GE Aerospace by 25.1% in the first quarter. Concurrent Investment Advisors LLC now owns 41,039 shares of the company's stock worth $8,065,000 after purchasing an additional 8,245 shares during the period. Global Assets Advisory LLC lifted its holdings in GE Aerospace by 186.7% in the first quarter. Global Assets Advisory LLC now owns 14,710 shares of the company's stock worth $2,751,000 after purchasing an additional 9,580 shares during the period. Finally, Leisure Capital Management acquired a new stake in GE Aerospace in the first quarter worth about $222,000. Institutional investors own 74.77% of the company's stock.

Analysts Set New Price Targets

GE has been the subject of several research analyst reports. Barclays upped their price objective on shares of GE Aerospace from $230.00 to $295.00 and gave the stock an "overweight" rating in a report on Wednesday, July 23rd. Northcoast Research downgraded shares of GE Aerospace from a "buy" rating to a "neutral" rating in a report on Monday, May 19th. Wall Street Zen raised shares of GE Aerospace from a "hold" rating to a "buy" rating in a report on Friday, July 18th. UBS Group upped their price target on shares of GE Aerospace from $300.00 to $321.00 and gave the company a "buy" rating in a report on Friday, July 18th. Finally, Royal Bank Of Canada upped their price target on shares of GE Aerospace from $275.00 to $300.00 and gave the company an "outperform" rating in a report on Friday, July 18th. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. According to MarketBeat.com, GE Aerospace currently has an average rating of "Moderate Buy" and a consensus price target of $232.92.

GE Aerospace Stock Down 4.2%

Shares of GE traded down $11.69 during trading hours on Wednesday, reaching $267.94. The company's stock had a trading volume of 5,351,884 shares, compared to its average volume of 6,078,218. The firm has a market cap of $284.14 billion, a price-to-earnings ratio of 37.35, a P/E/G ratio of 2.96 and a beta of 1.44. GE Aerospace has a 1-year low of $159.36 and a 1-year high of $281.50. The company has a quick ratio of 0.73, a current ratio of 1.04 and a debt-to-equity ratio of 0.88. The company has a 50 day moving average of $256.48 and a two-hundred day moving average of $222.83.

GE Aerospace (NYSE:GE - Get Free Report) last issued its earnings results on Thursday, July 17th. The company reported $1.66 earnings per share for the quarter, beating analysts' consensus estimates 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 the consensus estimate of $9.49 billion. During the same quarter in the prior year, the company earned $1.20 EPS. The firm's quarterly revenue was up 21.2% on a year-over-year basis. As a group, research analysts predict that GE Aerospace will post 5.4 EPS for the current fiscal year.

GE Aerospace Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 25th. Investors of record on Monday, July 7th were issued a $0.36 dividend. 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.