GE Aerospace $GE Stock: Pictet Asset Management Holding SA Increases Stake

Key Points

• Pictet Asset Management increased its GE Aerospace stake 12.4% in the third quarter, adding 65,873 shares to hold 597,636 shares valued at about $186.6 million. Institutional investors own approximately 74.77% of the stock.
• GE Aerospace reported quarterly earnings of $2.25 per share, beating the $2.01 consensus estimate, while revenue rose 24.7% year over year to $13.29 billion.
• Analysts have a Moderate Buy consensus and an average price target of $373.45. Shares opened at $323.54; one vice president also sold 14,796 shares, reducing his stake by about 42%.

Pictet Asset Management Holding SA grew its holdings in shares of GE Aerospace (NYSE:GE - Free Report) by 12.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 597,636 shares of the company's stock after purchasing an additional 65,873 shares during the quarter. Pictet Asset Management Holding SA owned approximately 0.06% of GE Aerospace worth $186,636,000 at the end of the most recent reporting period.

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

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 firm has a market capitalization of $334.33 billion, a P/E ratio of 37.32, a PEG 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 fifty day moving average price of $314.70 and a 200-day moving average price 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 earnings per share for the quarter, beating the consensus estimate of $2.01 by $0.24. The firm had revenue of $13.29 billion for the quarter, compared to analysts' expectations of $12.88 billion. GE Aerospace had a return on equity of 44.43% and a net margin of 17.31%. The company's revenue was up 24.7% on a year-over-year basis. During the same period in the prior year, the business posted $1.66 earnings per share. As a group, equities research analysts forecast that GE Aerospace will post 8.16 EPS for the current year.

GE Aerospace Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, October 26th. Shareholders of record on Monday, October 5th were paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date was Monday, October 5th. GE Aerospace's dividend payout ratio is currently 21.68%.

Insider Buying and Selling at GE Aerospace

In related news, VP Robert Giglietti sold 14,796 shares of the company's stock in a transaction that occurred 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 transaction, the vice president directly owned 20,201 shares in the company, valued at approximately $6,717,640.54. This represents a 42.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.19% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on GE. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and set a $378.00 target price on shares of GE Aerospace in a research report on Wednesday, October 21st. BNP Paribas Exane lowered their price target on shares of GE Aerospace from $305.00 to $280.00 and set an "underperform" rating on the stock in a report on Wednesday, October 21st. TD Cowen reiterated a "buy" rating and issued a $380.00 price objective (up from $330.00) on shares of GE Aerospace in a research note on Monday, July 13th. Royal Bank Of Canada set a $376.00 price objective on GE Aerospace in a report on Friday, October 23rd. Finally, HC Wainwright set a $375.00 price objective on GE Aerospace in a report on Wednesday, October 21st. Sixteen equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $373.45.

GE Aerospace News Roundup

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 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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