GE Aerospace $GE Stock: Allspring Global Investments Holdings LLC Trims Stake

Key Points

• Allspring Global Investments cut its GE Aerospace stake by 6.1% in the third quarter, selling 51,160 shares; it retained 786,837 shares valued at about $245.8 million.
• GE Aerospace reported quarterly earnings of $2.25 per share, beating estimates of $2.01, while revenue rose 24.7% year over year to $13.29 billion.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $373.45; VP Robert Giglietti also sold 14,796 shares, reducing his stake by about 42%.

Allspring Global Investments Holdings LLC lessened its position in shares of GE Aerospace (NYSE:GE - Free Report) by 6.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 786,837 shares of the company's stock after selling 51,160 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.08% of GE Aerospace worth $245,800,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the company. State Street Corp lifted its position in GE Aerospace by 2.6% in the second quarter. State Street Corp now owns 46,497,628 shares of the company's stock worth $17,377,559,000 after purchasing an additional 1,160,584 shares during the period. Jennison Associates LLC boosted its stake in GE Aerospace by 37.7% during the first quarter. Jennison Associates LLC now owns 11,026,006 shares of the company's stock worth $3,128,850,000 after buying an additional 3,017,937 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in GE Aerospace by 6.3% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,251,603 shares of the company's stock worth $2,710,142,000 after buying an additional 427,820 shares in the last quarter. Wellington Management Group LLP boosted its stake in GE Aerospace by 97.3% during the second quarter. Wellington Management Group LLP now owns 6,797,935 shares of the company's stock worth $2,540,592,000 after buying an additional 3,352,432 shares in the last quarter. Finally, Bank of America Corp DE increased its holdings in GE Aerospace by 10.0% in the 1st quarter. Bank of America Corp DE now owns 7,664,679 shares of the company's stock valued at $2,175,006,000 after buying an additional 695,731 shares during the period. Institutional investors and hedge funds own 74.77% of the company's stock.

Insider Activity

In other news, VP Robert Giglietti sold 14,796 shares of the business's stock in a transaction on Wednesday, November 4th. The shares were sold at an average price of $332.54, for a total value of $4,920,261.84. Following the sale, the vice president owned 20,201 shares in the company, valued at approximately $6,717,640.54. The trade was a 42.28% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.19% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on GE shares. HC Wainwright set a $375.00 price objective on shares of GE Aerospace in a research note on Wednesday, October 21st. BNP Paribas Exane reduced their price objective on shares of GE Aerospace from $305.00 to $280.00 and set an "underperform" rating for the company in a report on Wednesday, October 21st. Morgan Stanley reiterated an "overweight" rating and set a $375.00 target price (down from $400.00) on shares of GE Aerospace in a research report on Wednesday, October 21st. Royal Bank Of Canada set a $376.00 target price on shares of GE Aerospace in a research note on Friday, October 23rd. Finally, Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $378.00 price target on shares of GE Aerospace in a research report on Wednesday, October 21st. Sixteen investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $373.45.

Key Headlines Impacting GE Aerospace

Here are the key news stories impacting GE Aerospace this week:

• Positive Sentiment: GE Aerospace partnered with BETA Technologies on a hybrid-electric aircraft demonstration, marking progress in a new propulsion technology area. GE Aerospace partners with BETA Technologies
• Positive Sentiment: GE is part of a team working on KC-135 modernization, adding a defense-program opportunity alongside its commercial aerospace business. SNC teams with BAE, Collins and GE for KC-135 modernization
• Neutral Sentiment: Analyst coverage highlighted GE’s roughly $170 billion services backlog and generally favorable ratings, but also questioned whether the stock’s valuation already reflects much of its growth potential. GE Aerospace backlog and valuation analysis
• Negative Sentiment: Vice President Robert Giglietti sold 14,796 shares, cutting his reported stake by about 42%. Insider sales can have many explanations, but may contribute to investor caution. GE Aerospace VP sells shares
• Negative Sentiment: ETFs were reported as net sellers of GE shares, a sign of near-term fund outflows that could weigh on sentiment. ETFs are net sellers of General Electric

GE Aerospace Price Performance

GE Aerospace stock opened at $323.54 on Monday. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.98 and a quick ratio of 0.68. The company has a market capitalization of $334.33 billion, a PE ratio of 37.32, a price-to-earnings-growth ratio of 2.20 and a beta of 1.43. GE Aerospace has a one year low of $268.91 and a one year high of $388.84. The business has a 50 day simple moving average of $314.70 and a 200 day simple moving average of $323.12.

GE Aerospace (NYSE:GE - Get Free Report) last announced its quarterly earnings results on Tuesday, October 20th. The company reported $2.25 EPS for the quarter, beating the consensus estimate of $2.01 by $0.24. GE Aerospace had a return on equity of 44.43% and a net margin of 17.31%. The business had revenue of $13.29 billion for the quarter, compared to analyst estimates of $12.88 billion. During the same quarter in the previous year, the firm earned $1.66 EPS. GE Aerospace's quarterly revenue was up 24.7% on a year-over-year basis. On average, sell-side analysts forecast that GE Aerospace will post 8.16 EPS for the current fiscal year.

GE Aerospace Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, October 26th. Shareholders of record on Monday, October 5th were issued a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, October 5th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 0.6%. GE Aerospace's dividend payout ratio (DPR) is presently 21.68%.

GE Aerospace Company Profile

GE Aerospace NYSE: GE designs, manufactures and services engines and related systems for commercial and military aircraft. Its offerings include aircraft engines, components, avionics and other integrated systems, along with maintenance, repair and overhaul services and digital solutions that support aircraft operations.

The company serves airlines, aircraft manufacturers, governments and defense organizations around the world. Its business combines original equipment production with long-term aftermarket support, including parts and technical services for engines already in operation.

GE Aerospace traces its roots to General Electric's aviation business, which developed over more than a century.

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