Entropy Technologies LP Acquires New Shares in GE Aerospace (NYSE:GE)

Key Points

• Entropy Technologies LP has acquired 17,402 shares of GE Aerospace valued at approximately $3.48 million, as disclosed in their latest SEC filing.
• GE Aerospace reported strong quarterly earnings, with an EPS of $1.66, exceeding estimates, along with a year-over-year revenue increase of 21.2% to $10.15 billion.
• Several equity analysts have raised their price targets on GE Aerospace, with UBS increasing it from $300 to $321 and Royal Bank of Canada from $275 to $300, reflecting a positive market outlook.

Entropy Technologies LP purchased a new position in GE Aerospace (NYSE:GE - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 17,402 shares of the company's stock, valued at approximately $3,483,000.

A number of other hedge funds have also bought and sold shares of GE. Invesco Ltd. lifted its holdings in GE Aerospace by 0.6% in the first quarter. Invesco Ltd. now owns 9,599,522 shares of the company's stock worth $1,921,344,000 after acquiring an additional 54,765 shares during the last quarter. True North Advisors LLC lifted its holdings in GE Aerospace by 0.6% in the first quarter. True North Advisors LLC now owns 24,706 shares of the company's stock worth $4,945,000 after acquiring an additional 157 shares during the last quarter. JFG Wealth Management LLC bought a new position in GE Aerospace in the first quarter worth about $249,000. Benjamin Edwards Inc. lifted its holdings in GE Aerospace by 15.2% in the first quarter. Benjamin Edwards Inc. now owns 20,865 shares of the company's stock worth $4,176,000 after acquiring an additional 2,754 shares during the last quarter. Finally, NWK Group Inc. bought a new position in GE Aerospace in the first quarter worth about $6,317,000. 74.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on GE shares. Citigroup reaffirmed a "buy" rating and set a $296.00 price target (up previously from $227.00) on shares of GE Aerospace in a report on Monday, July 14th. UBS Group lifted their price target on GE Aerospace from $300.00 to $321.00 and gave the company a "buy" rating in a report on Friday, July 18th. Wells Fargo & Company lifted their price target on GE Aerospace from $34.00 to $38.00 in a report on Wednesday, July 23rd. Barclays lifted their price target on GE Aerospace from $230.00 to $295.00 and gave the company an "overweight" rating in a report on Wednesday, July 23rd. Finally, Wall Street Zen upgraded shares of GE Aerospace from a "hold" rating to a "buy" rating in a research note 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 stock. According to data from MarketBeat, GE Aerospace presently has a consensus rating of "Moderate Buy" and an average target price of $232.92.

GE Aerospace Price Performance

GE Aerospace stock traded down $11.69 during mid-day trading on Wednesday, hitting $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 company has a quick ratio of 0.73, a current ratio of 1.04 and a debt-to-equity ratio of 0.88. The stock has a market capitalization of $284.14 billion, a P/E ratio of 37.35, a P/E/G ratio of 2.96 and a beta of 1.44. GE Aerospace has a twelve month low of $159.36 and a twelve month high of $281.50. The stock's fifty day moving average price is $256.48 and its two-hundred day moving average price is $222.83.

GE Aerospace (NYSE:GE - Get Free Report) last posted its quarterly earnings results 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 net margin of 18.64% and a return on equity of 31.32%. The firm had revenue of $10.15 billion for the quarter, compared to analyst estimates of $9.49 billion. During the same quarter in the previous year, the business posted $1.20 earnings per share. The firm's quarterly revenue was up 21.2% compared to the same quarter last year. Research analysts forecast that GE Aerospace will post 5.4 earnings per share for the current year.

GE Aerospace Announces Dividend

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