Bornite Capital Management LP Cuts Stock Position in 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 reduced its stake in shares of GE Aerospace (NYSE:GE - Free Report) by 62.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 80,000 shares of the company's stock after selling 132,400 shares during the quarter. GE Aerospace accounts for approximately 4.1% of Bornite Capital Management LP's portfolio, making the stock its 13th largest holding. Bornite Capital Management LP's holdings in GE Aerospace were worth $16,012,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Putney Financial Group LLC purchased a new position in GE Aerospace during the fourth quarter worth approximately $28,000. IMA Advisory Services Inc. acquired a new stake in shares of GE Aerospace in the first quarter worth $28,000. Copia Wealth Management increased its position in shares of GE Aerospace by 14,200.0% in the first quarter. Copia Wealth Management now owns 143 shares of the company's stock worth $29,000 after acquiring an additional 142 shares in the last quarter. First Pacific Financial increased its position in shares of GE Aerospace by 46.0% in the first quarter. First Pacific Financial now owns 165 shares of the company's stock worth $33,000 after acquiring an additional 52 shares in the last quarter. Finally, O Brien Wealth Partners LLC acquired a new stake in shares of GE Aerospace in the first quarter worth $33,000. 74.77% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Wells Fargo & Company raised their price objective on shares of GE Aerospace from $34.00 to $38.00 in a report on Wednesday, July 23rd. Wall Street Zen raised shares of GE Aerospace from a "hold" rating to a "buy" rating in a report on Friday, July 18th. Royal Bank Of Canada lifted 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. UBS Group lifted 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, Northcoast Research lowered shares of GE Aerospace from a "buy" rating to a "neutral" rating in a research note on Monday, May 19th. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $232.92.

GE Aerospace Stock Up 0.1%

GE Aerospace stock traded up $0.24 on Monday, hitting $275.25. 3,358,594 shares of the stock traded hands, compared to its average volume of 5,987,507. 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 firm has a market cap of $291.89 billion, a P/E ratio of 38.39, a price-to-earnings-growth ratio of 2.96 and a beta of 1.44. The business's fifty day simple moving average is $255.31 and its 200 day simple moving average is $221.88. GE Aerospace has a 1 year low of $159.36 and a 1 year high of $277.18.

GE Aerospace (NYSE:GE - Get Free Report) last released its quarterly earnings data on Thursday, July 17th. The company reported $1.66 EPS for the quarter, topping 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 during the quarter, compared to the consensus estimate of $9.49 billion. During the same period last year, the company earned $1.20 EPS. GE Aerospace's revenue for the quarter was up 21.2% on a year-over-year basis. As a group, sell-side analysts forecast that GE Aerospace will post 5.4 earnings per share for the current year.

GE Aerospace Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 25th. Stockholders of record on Monday, July 7th were given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 0.5%. GE Aerospace's dividend 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.