Close Asset Management Ltd Cuts Stake in GE Aerospace (NYSE:GE)

Close Asset Management Ltd reduced its stake in GE Aerospace (NYSE:GE - Free Report) by 36.8% during the first quarter, according to its most recent filing with the SEC. The fund owned 2,302 shares of the company's stock after selling 1,342 shares during the quarter. Close Asset Management Ltd's holdings in GE Aerospace were worth $461,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in GE. FMR LLC grew its holdings in shares of 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 purchasing an additional 965,012 shares in the last quarter. Geode Capital Management LLC lifted its stake in GE Aerospace by 2.3% in the fourth quarter. Geode Capital Management LLC now owns 23,117,418 shares of the company's stock worth $3,846,587,000 after acquiring an additional 529,457 shares during the period. Norges Bank purchased a new stake in GE Aerospace in the fourth quarter worth $2,375,439,000. Northern Trust Corp lifted its stake in GE Aerospace by 5.8% in the fourth 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 period. Finally, Invesco Ltd. increased its stake in shares of GE Aerospace by 14.4% during the fourth quarter. Invesco Ltd. now owns 9,544,757 shares of the company's stock valued at $1,591,970,000 after purchasing an additional 1,204,910 shares in the last quarter. 74.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently commented on GE shares. Wells Fargo & Company lifted their price objective on GE Aerospace from $212.00 to $222.00 and gave the stock an "overweight" rating in a report on Thursday, April 24th. UBS Group boosted their price target on GE Aerospace from $300.00 to $321.00 and gave the company a "buy" rating in a research note on Friday, July 18th. Citigroup restated a "buy" rating and set a $296.00 price target (up from $227.00) on shares of GE Aerospace in a research note on Monday, July 14th. Wall Street Zen upgraded GE Aerospace from a "hold" rating to a "buy" rating in a research note on Friday, July 18th. Finally, Royal Bank Of Canada lifted their price objective 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. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, GE Aerospace currently has an average rating of "Moderate Buy" and an average target price of $240.33.

GE Aerospace Price Performance

Shares of NYSE GE opened at $259.33 on Wednesday. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.73 and a current ratio of 1.04. The company has a market cap of $276.55 billion, a PE ratio of 36.17, a P/E/G ratio of 3.05 and a beta of 1.37. The business has a 50-day simple moving average of $244.37 and a two-hundred day simple moving average of $212.37. GE Aerospace has a fifty-two week low of $150.20 and a fifty-two week high of $272.80.

GE Aerospace (NYSE:GE - Get Free Report) last announced 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 return on equity of 31.32% and a net margin of 18.64%. The firm had revenue of $10.15 billion during the quarter, compared to analysts' expectations of $9.49 billion. During the same period last year, the business posted $1.20 earnings per share. The company's revenue for the quarter was up 21.2% compared to the same quarter last year. As a group, equities analysts expect that GE Aerospace will post 5.4 EPS for the current fiscal year.

GE Aerospace Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 25th. Investors of record on Monday, July 7th will be given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 0.56%. GE Aerospace's dividend payout ratio is currently 20.08%.

Insider Activity at GE Aerospace

In other news, SVP Mohamed Ali sold 1,602 shares of the business's stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $200.67, for a total value of $321,473.34. Following the completion of the sale, the senior vice president directly owned 8,805 shares in the company, valued at $1,766,899.35. The trade was a 15.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Robert M. Giglietti sold 4,104 shares of the business's stock in a transaction that occurred on Thursday, April 24th. The shares were sold at an average price of $196.73, for a total value of $807,379.92. Following the completion of the sale, the vice president owned 11,540 shares of the company's stock, valued at $2,270,264.20. This trade represents a 26.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by company insiders.

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.

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