LGT Group Foundation Reduces Stock Holdings in GE Aerospace (NYSE:GE)

Key Points

• LGT Group Foundation has reduced its position in GE Aerospace by 4.7%, now holding 42,739 shares worth approximately $8.55 million.
• Several institutional investors have significantly increased their stakes in GE Aerospace, with GAMMA Investing LLC growing its holdings by an extraordinary 23,611.7% in the first quarter.
• GE Aerospace reported earnings of $1.66 EPS for the last quarter, exceeding expectations and showing a revenue increase of 21.2% year-over-year.

LGT Group Foundation lowered its position in GE Aerospace (NYSE:GE - Free Report) by 4.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 42,739 shares of the company's stock after selling 2,104 shares during the quarter. LGT Group Foundation's holdings in GE Aerospace were worth $8,554,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of GE Aerospace by 0.8% in the first quarter. Vanguard Group Inc. now owns 90,507,442 shares of the company's stock valued at $18,115,065,000 after purchasing an additional 692,124 shares during the period. Northern Trust Corp grew its holdings in shares of GE Aerospace by 5.8% in the fourth quarter. Northern Trust Corp now owns 10,046,867 shares of the company's stock valued at $1,675,717,000 after purchasing an additional 553,104 shares during the period. Invesco Ltd. grew its holdings in shares of GE Aerospace by 0.6% in the first quarter. Invesco Ltd. now owns 9,599,522 shares of the company's stock valued at $1,921,344,000 after purchasing an additional 54,765 shares during the period. Canada Pension Plan Investment Board grew its holdings in shares of GE Aerospace by 11.5% in the fourth quarter. Canada Pension Plan Investment Board now owns 7,551,038 shares of the company's stock valued at $1,259,438,000 after purchasing an additional 781,574 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in GE Aerospace by 9.6% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,184,973 shares of the company's stock valued at $1,198,382,000 after buying an additional 628,458 shares during the last quarter. Hedge funds and other institutional investors own 74.77% of the company's stock.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Northcoast Research cut shares of GE Aerospace from a "buy" rating to a "neutral" rating in a research report on Monday, May 19th. Royal Bank Of Canada upped their target price on shares of GE Aerospace from $275.00 to $300.00 and gave the company an "outperform" rating in a research report on Friday, July 18th. UBS Group upped their target price on shares of GE Aerospace from $300.00 to $321.00 and gave the company a "buy" rating in a research report on Friday, July 18th. Barclays upped their target price on shares of GE Aerospace from $230.00 to $295.00 and gave the company an "overweight" rating in a research report on Wednesday, July 23rd. Finally, Wall Street Zen raised shares of GE Aerospace from a "hold" rating to a "buy" rating in a research report on Friday, July 18th. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, GE Aerospace currently has a consensus rating of "Moderate Buy" and a consensus price target of $232.92.

GE Aerospace Stock Up 0.4%

Shares of GE stock traded up $1.00 during trading hours on Thursday, reaching $269.86. 4,476,039 shares of the stock were exchanged, compared to its average volume of 6,083,259. The business's fifty day moving average is $256.84 and its two-hundred day moving average is $223.15. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.04 and a quick ratio of 0.73. GE Aerospace has a 12-month low of $159.36 and a 12-month high of $281.50. The firm has a market capitalization of $286.17 billion, a P/E ratio of 37.64, a P/E/G ratio of 3.01 and a beta of 1.44.

GE Aerospace (NYSE:GE - Get Free Report) last released its earnings results on Thursday, July 17th. The company reported $1.66 earnings per share for the quarter, topping analysts' consensus estimates 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 period in the prior year, the firm earned $1.20 earnings per share. The business's quarterly revenue was up 21.2% compared to the same quarter last year. As a group, research analysts expect that GE Aerospace will post 5.4 EPS for the current fiscal year.

GE Aerospace Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 25th. Shareholders of record on Monday, July 7th were paid a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 0.5%. GE Aerospace's dividend payout ratio is currently 20.08%.

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.