Corebridge Financial Inc. Decreases Position in GE Aerospace $GE

Key Points

• Corebridge Financial Inc. reduced its stake in GE Aerospace by 4.1% during the first quarter, owning 245,567 shares valued at approximately $49.15 million.
• Analysts have raised their price targets on GE Aerospace, with Barclays increasing its objective to $295 and Citigroup to $296, reflecting a strong market sentiment.
• GE Aerospace recently reported quarterly earnings of $1.66 per share, exceeding estimates and marking a 21.2% increase in revenue from the previous year.

Corebridge Financial Inc. cut its stake in shares of GE Aerospace (NYSE:GE - Free Report) by 4.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 245,567 shares of the company's stock after selling 10,566 shares during the period. Corebridge Financial Inc.'s holdings in GE Aerospace were worth $49,150,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Sfmg LLC raised its position in GE Aerospace by 2.4% during the first quarter. Sfmg LLC now owns 2,088 shares of the company's stock valued at $418,000 after purchasing an additional 48 shares during the period. SGL Investment Advisors Inc. raised its position in GE Aerospace by 3.6% during the first quarter. SGL Investment Advisors Inc. now owns 1,413 shares of the company's stock valued at $303,000 after purchasing an additional 49 shares during the period. Hudock Inc. raised its position in GE Aerospace by 1.8% during the first quarter. Hudock Inc. now owns 2,905 shares of the company's stock valued at $582,000 after purchasing an additional 50 shares during the period. First Pacific Financial raised its position in GE Aerospace by 46.0% during the first quarter. First Pacific Financial now owns 165 shares of the company's stock valued at $33,000 after purchasing an additional 52 shares during the period. Finally, First Heartland Consultants Inc. raised its position in GE Aerospace by 1.2% during the fourth quarter. First Heartland Consultants Inc. now owns 4,729 shares of the company's stock valued at $789,000 after purchasing an additional 54 shares during the period. 74.77% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on GE shares. Barclays upped their price objective on GE Aerospace from $230.00 to $295.00 and gave the company an "overweight" rating in a research report on Wednesday, July 23rd. Citigroup restated a "buy" rating and set a $296.00 price objective (up previously from $227.00) on shares of GE Aerospace in a report on Monday, July 14th. Wall Street Zen upgraded GE Aerospace from a "hold" rating to a "buy" rating in a report on Friday, July 18th. Wells Fargo & Company boosted their price objective on GE Aerospace from $34.00 to $38.00 in a report on Wednesday, July 23rd. Finally, UBS Group boosted their price objective on GE Aerospace from $300.00 to $321.00 and gave the company a "buy" rating in a report on Friday, July 18th. Ten investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $232.92.

GE Aerospace Stock Down 0.7%

Shares of NYSE:GE opened at $266.7680 on Monday. GE Aerospace has a 52-week low of $159.36 and a 52-week high of $281.50. The stock has a market cap of $282.89 billion, a P/E ratio of 37.21, a price-to-earnings-growth ratio of 2.87 and a beta of 1.44. The business's 50 day moving average is $259.88 and its 200 day moving average is $226.68. The company has a quick ratio of 0.73, a current ratio of 1.04 and a debt-to-equity ratio of 0.88.

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 company had revenue of $10.15 billion for the quarter, compared to analysts' expectations of $9.49 billion. During the same quarter in the prior year, the firm earned $1.20 earnings per share. GE Aerospace's revenue was up 21.2% compared to the same quarter last year. GE Aerospace has set its FY 2025 guidance at 5.600-5.800 EPS. Sell-side analysts predict that GE Aerospace will post 5.4 EPS for the current 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 paid a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 0.5%. GE Aerospace's dividend payout ratio (DPR) is currently 20.08%.

GE Aerospace 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.

Want to see what other hedge funds are holding GE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for GE Aerospace (NYSE:GE - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.