GE Aerospace $GE Stock Sold by Carnegie Lake Advisors LLC

Key Points

• Carnegie Lake Advisors cut its GE Aerospace stake by 75.2% in the third quarter, selling 3,791 shares and retaining 1,248 shares valued at about $390,000.
• GE Aerospace reported quarterly earnings of $2.25 per share, beating estimates of $2.01; revenue rose 24.7% year over year to $13.29 billion, also topping forecasts.
• Vice President Robert Giglietti sold 14,796 shares, reducing his reported stake by about 42%. Analysts’ average rating was “Moderate Buy,” with an average price target of $373.45, while commentary also flagged valuation concerns despite a roughly $170 billion services backlog.

Carnegie Lake Advisors LLC lessened its holdings in GE Aerospace (NYSE:GE - Free Report) by 75.2% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,248 shares of the company's stock after selling 3,791 shares during the period. Carnegie Lake Advisors LLC's holdings in GE Aerospace were worth $390,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Burkett Financial Services LLC lifted its position in shares of GE Aerospace by 28.9% during the 2nd quarter. Burkett Financial Services LLC now owns 125 shares of the company's stock worth $47,000 after buying an additional 28 shares during the period. BOK Financial Private Wealth Inc. boosted its stake in GE Aerospace by 3.2% in the 2nd quarter. BOK Financial Private Wealth Inc. now owns 960 shares of the company's stock valued at $359,000 after buying an additional 30 shares in the last quarter. Gradient Investments LLC boosted its stake in GE Aerospace by 4.4% in the 2nd quarter. Gradient Investments LLC now owns 765 shares of the company's stock valued at $286,000 after buying an additional 32 shares in the last quarter. Kinloch Capital LLC boosted its stake in GE Aerospace by 3.1% in the 2nd quarter. Kinloch Capital LLC now owns 1,079 shares of the company's stock valued at $403,000 after buying an additional 32 shares in the last quarter. Finally, United Community Bank grew its position in GE Aerospace by 10.1% in the second quarter. United Community Bank now owns 361 shares of the company's stock valued at $135,000 after acquiring an additional 33 shares during the period. Institutional investors own 74.77% of the company's stock.

Insider Buying and Selling at GE Aerospace

In other news, VP Robert Giglietti sold 14,796 shares of the firm's stock in a transaction on Wednesday, November 4th. The stock was sold at an average price of $332.54, for a total value of $4,920,261.84. Following the completion of the sale, the vice president directly owned 20,201 shares in the company, valued at approximately $6,717,640.54. This trade represents a 42.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Company insiders own 0.19% of the company's stock.

Trending Headlines about 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 Stock Up 0.1%

Shares of GE opened at $323.54 on Monday. The company 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. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.98 and a quick ratio of 0.68. GE Aerospace has a one year low of $268.91 and a one year high of $388.84. The business's 50 day simple moving average is $314.70 and its 200-day simple moving average is $323.12.

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

GE Aerospace Announces Dividend

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

Analyst Ratings Changes

GE has been the subject of several recent analyst reports. Royal Bank Of Canada set a $376.00 price objective on GE Aerospace in a research note on Friday, October 23rd. Deutsche Bank Aktiengesellschaft restated a "buy" rating and issued a $378.00 target price on shares of GE Aerospace in a research note on Wednesday, October 21st. TD Cowen reaffirmed a "buy" rating and issued a $380.00 target price (up from $330.00) on shares of GE Aerospace in a report on Monday, July 13th. Guggenheim set a $380.00 target price on shares of GE Aerospace in a research report on Wednesday, October 21st. Finally, Wells Fargo & Company dropped their target price on shares of GE Aerospace from $390.00 to $380.00 and set an "overweight" rating for the company in a research report on Wednesday, September 30th. Sixteen research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, GE Aerospace has an average rating of "Moderate Buy" and an average price target of $373.45.

About GE Aerospace

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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