Bristol Gate Capital Partners Inc. Trims Stock Position in GE Aerospace (NYSE:GE)

Key Points

• Bristol Gate Capital Partners Inc. has reduced its holdings in GE Aerospace by 7.1%, now owning 524,710 shares, which accounts for about 5.1% of its investment portfolio.
• GE Aerospace reported a quarterly earnings per share of $1.66, exceeding analyst expectations, with revenue increasing 21.2% year-over-year to $10.15 billion.
• The company also announced a quarterly dividend of $0.36 per share, reflecting a 0.53% dividend yield, with a payout ratio of 20.08%.

Bristol Gate Capital Partners Inc. trimmed its position in GE Aerospace (NYSE:GE - Free Report) by 7.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 524,710 shares of the company's stock after selling 40,187 shares during the quarter. GE Aerospace makes up approximately 5.1% of Bristol Gate Capital Partners Inc.'s holdings, making the stock its 6th largest position. Bristol Gate Capital Partners Inc.'s holdings in GE Aerospace were worth $105,021,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Rainey & Randall Wealth Advisors Inc. acquired a new position in GE Aerospace during the 1st quarter worth $203,000. Sendero Wealth Management LLC boosted its position in GE Aerospace by 526.6% during the 1st quarter. Sendero Wealth Management LLC now owns 15,008 shares of the company's stock worth $3,004,000 after acquiring an additional 12,613 shares during the period. Concurrent Investment Advisors LLC boosted its position in GE Aerospace by 25.1% during the 1st quarter. Concurrent Investment Advisors LLC now owns 41,039 shares of the company's stock worth $8,065,000 after acquiring an additional 8,245 shares during the period. National Bank of Canada FI boosted its position in GE Aerospace by 2.9% during the 4th quarter. National Bank of Canada FI now owns 1,064,417 shares of the company's stock worth $177,535,000 after acquiring an additional 29,844 shares during the period. Finally, Global Assets Advisory LLC lifted its holdings in shares of GE Aerospace by 186.7% in the first quarter. Global Assets Advisory LLC now owns 14,710 shares of the company's stock valued at $2,751,000 after buying an additional 9,580 shares during the period. 74.77% of the stock is currently owned by institutional investors.

GE Aerospace Price Performance

Shares of GE Aerospace stock traded up $2.88 during midday trading on Wednesday, hitting $273.19. 4,688,408 shares of the company were exchanged, compared to its average volume of 6,342,148. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.04 and a quick ratio of 0.73. The firm has a market cap of $289.70 billion, a P/E ratio of 38.10, a PEG ratio of 2.91 and a beta of 1.37. GE Aerospace has a 52 week low of $150.20 and a 52 week high of $273.80. The firm has a 50 day simple moving average of $250.58 and a 200-day simple moving average of $217.05.

GE Aerospace (NYSE:GE - Get Free Report) last released its quarterly earnings results on Thursday, July 17th. The company reported $1.66 earnings per share for the quarter, beating analysts' consensus estimates of $1.43 by $0.23. GE Aerospace had a return on equity of 31.32% and a net margin of 18.64%. The firm had revenue of $10.15 billion during the quarter, compared to analysts' expectations of $9.49 billion. During the same period last year, the firm posted $1.20 EPS. The business's revenue was up 21.2% on a year-over-year basis. Research analysts forecast that GE Aerospace will post 5.4 earnings per share for the current year.

GE Aerospace Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 25th. Stockholders of record on Monday, July 7th were paid a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 0.53%. GE Aerospace's dividend payout ratio (DPR) is currently 20.08%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on GE shares. Wells Fargo & Company upped their target price on GE Aerospace from $34.00 to $38.00 in a report on Wednesday, July 23rd. Barclays upped their target price on GE Aerospace from $230.00 to $295.00 and gave the company an "overweight" rating in a report on Wednesday, July 23rd. Royal Bank Of Canada upped their target price on GE Aerospace from $275.00 to $300.00 and gave the company an "outperform" rating in a report on Friday, July 18th. UBS Group upped their target price on GE Aerospace from $300.00 to $321.00 and gave the company a "buy" rating in a report on Friday, July 18th. Finally, Northcoast Research downgraded GE Aerospace from a "buy" rating to a "neutral" rating in a report on Monday, May 19th. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $232.92.

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.