Hartford Investment Management Co. Sells 1,446 Shares of GE Aerospace (NYSE:GE)

Key Points

• Hartford Investment Management Co. reduced its stake in GE Aerospace by 2.2%, now holding 65,499 shares valued at approximately $13.11 million.
• GE Aerospace reported a 21.2% increase in revenue year-over-year, reaching $10.15 billion, and beat analysts' EPS expectations by $0.23.
• Multiple analysts have upgraded GE Aerospace's rating, with target prices reaching as high as $321, reflecting a consensus outlook of a "Moderate Buy" for the stock.

Hartford Investment Management Co. lessened its stake in shares of GE Aerospace (NYSE:GE - Free Report) by 2.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 65,499 shares of the company's stock after selling 1,446 shares during the quarter. Hartford Investment Management Co.'s holdings in GE Aerospace were worth $13,110,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. New Age Alpha Advisors LLC increased its stake in shares of GE Aerospace by 133.3% in the 4th quarter. New Age Alpha Advisors LLC now owns 147 shares of the company's stock valued at $25,000 after buying an additional 84 shares during the period. Sumitomo Mitsui Financial Group Inc. acquired a new stake in GE Aerospace in the fourth quarter worth about $28,000. Putney Financial Group LLC acquired a new stake in GE Aerospace in the fourth quarter worth about $28,000. IMA Advisory Services Inc. bought a new stake in GE Aerospace during the 1st quarter worth about $28,000. Finally, Copia Wealth Management raised its holdings in GE Aerospace by 14,200.0% during the 1st quarter. Copia Wealth Management now owns 143 shares of the company's stock worth $29,000 after purchasing an additional 142 shares during the last quarter. Institutional investors own 74.77% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on GE shares. Northcoast Research cut GE Aerospace from a "buy" rating to a "neutral" rating in a report on Monday, May 19th. Barclays boosted their price objective on GE Aerospace from $230.00 to $295.00 and gave the stock an "overweight" rating in a report on Wednesday, July 23rd. Citigroup reissued a "buy" rating and set a $296.00 price objective (up from $227.00) on shares of GE Aerospace in a report on Monday, July 14th. Wells Fargo & Company raised their price target on GE Aerospace from $34.00 to $38.00 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 report on Friday, July 18th. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $232.92.

GE Aerospace Trading Down 0.6%

GE stock traded down $1.59 during midday trading on Friday, hitting $269.49. 4,380,267 shares of the company's stock were exchanged, compared to its average volume of 6,337,291. The company has a market cap of $285.78 billion, a PE ratio of 37.59, a price-to-earnings-growth ratio of 2.92 and a beta of 1.44. The stock's fifty day moving average price is $252.13 and its 200-day moving average price is $218.37. GE Aerospace has a one year low of $150.20 and a one year high of $274.94. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.73 and a current ratio of 1.04.

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

GE Aerospace Announces Dividend

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

About GE Aerospace

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.