Goldman Sachs Group Inc. Purchases 211,270 Shares of GE Aerospace (NYSE:GE)

Key Points

• Goldman Sachs Group Inc. increased its stake in GE Aerospace by 3.2%, now holding 6,828,702 shares valued at approximately $1.37 billion.
• GE Aerospace reported a quarterly earnings per share of $1.66, exceeding estimates by $0.23, with revenue of $10.15 billion, up 21.2% from the previous year.
• The company recently declared a quarterly dividend of $0.36, resulting in an annualized dividend yield of 0.5% with a payout ratio of 20.08%.

Goldman Sachs Group Inc. grew its stake in shares of GE Aerospace (NYSE:GE - Free Report) by 3.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,828,702 shares of the company's stock after acquiring an additional 211,270 shares during the quarter. Goldman Sachs Group Inc. owned about 0.64% of GE Aerospace worth $1,366,765,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Rainey & Randall Wealth Advisors Inc. bought a new position in GE Aerospace during the 1st quarter valued at about $203,000. Sendero Wealth Management LLC raised its holdings in shares of GE Aerospace by 526.6% during the first quarter. Sendero Wealth Management LLC now owns 15,008 shares of the company's stock valued at $3,004,000 after purchasing an additional 12,613 shares during the last quarter. Concurrent Investment Advisors LLC lifted its position in GE Aerospace by 25.1% during the first quarter. Concurrent Investment Advisors LLC now owns 41,039 shares of the company's stock valued at $8,065,000 after purchasing an additional 8,245 shares during the period. Global Assets Advisory LLC boosted its holdings in GE Aerospace by 186.7% in the first quarter. Global Assets Advisory LLC now owns 14,710 shares of the company's stock worth $2,751,000 after purchasing an additional 9,580 shares during the last quarter. Finally, Leisure Capital Management bought a new stake in GE Aerospace in the 1st quarter worth approximately $222,000. 74.77% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on GE shares. UBS Group increased their price target on GE Aerospace from $300.00 to $321.00 and gave the company a "buy" rating in a report on Friday, July 18th. Citigroup reaffirmed a "buy" rating and set a $296.00 target price (up from $227.00) on shares of GE Aerospace in a report on Monday, July 14th. Northcoast Research downgraded shares of GE Aerospace from a "buy" rating to a "neutral" rating in a research report on Monday, May 19th. Barclays boosted their price objective 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 upgraded GE Aerospace from a "hold" rating to a "buy" rating in a research note on Friday, July 18th. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $232.92.

GE Aerospace Price Performance

Shares of GE traded up $2.93 during trading hours on Friday, reaching $274.95. 4,378,663 shares of the stock traded hands, compared to its average volume of 6,157,504. The company has a current ratio of 1.04, a quick ratio of 0.73 and a debt-to-equity ratio of 0.88. The company's 50-day moving average price is $255.31 and its two-hundred day moving average price is $221.50. The company has a market cap of $291.57 billion, a P/E ratio of 38.35, a price-to-earnings-growth ratio of 2.93 and a beta of 1.44. GE Aerospace has a 52-week low of $159.36 and a 52-week high of $277.18.

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

GE Aerospace Announces Dividend

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

GE Aerospace Company 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.