GE Aerospace (NYSE:GE) Holdings Lifted by Harvest Fund Management Co. Ltd

Key Points

• Harvest Fund Management Co. Ltd significantly increased its stake in GE Aerospace by 487.3%, acquiring a total of 52,988 shares valued at approximately $10.61 million.
• Major analysts have upgraded their ratings and price targets for GE Aerospace, with Wells Fargo increasing their target from $34 to $38, and Citigroup raising theirs from $227 to $296.
• GE Aerospace reported a 21.2% increase in revenue year-over-year, achieving earnings of $1.66 per share in its latest quarterly results, exceeding analysts' estimates.

Harvest Fund Management Co. Ltd boosted its stake in GE Aerospace (NYSE:GE - Free Report) by 487.3% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 52,988 shares of the company's stock after acquiring an additional 43,965 shares during the quarter. Harvest Fund Management Co. Ltd's holdings in GE Aerospace were worth $10,611,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. FMR LLC raised its position in shares of GE Aerospace by 1.5% during the 4th quarter. FMR LLC now owns 66,823,968 shares of the company's stock valued at $11,145,570,000 after acquiring an additional 965,012 shares in the last quarter. Geode Capital Management LLC raised its position in shares of GE Aerospace by 2.3% during the 4th quarter. Geode Capital Management LLC now owns 23,117,418 shares of the company's stock valued at $3,846,587,000 after acquiring an additional 529,457 shares in the last quarter. Northern Trust Corp raised its position in shares of GE Aerospace by 5.8% during the 4th quarter. Northern Trust Corp now owns 10,046,867 shares of the company's stock valued at $1,675,717,000 after acquiring an additional 553,104 shares in the last quarter. Invesco Ltd. raised its position in shares of GE Aerospace by 14.4% during the 4th quarter. Invesco Ltd. now owns 9,544,757 shares of the company's stock valued at $1,591,970,000 after acquiring an additional 1,204,910 shares in the last quarter. Finally, Canada Pension Plan Investment Board raised its position in shares of GE Aerospace by 11.5% during the 4th quarter. Canada Pension Plan Investment Board now owns 7,551,038 shares of the company's stock valued at $1,259,438,000 after acquiring an additional 781,574 shares in the last quarter. 74.77% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have weighed in on GE shares. Barclays increased their target price on GE Aerospace from $230.00 to $295.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 23rd. UBS Group increased their target price on GE Aerospace from $300.00 to $321.00 and gave the stock a "buy" rating in a research report on Friday, July 18th. Wells Fargo & Company increased their target price on GE Aerospace from $34.00 to $38.00 in a research report on Wednesday, July 23rd. Royal Bank Of Canada increased their target price on GE Aerospace from $275.00 to $300.00 and gave the stock an "outperform" rating in a research report on Friday, July 18th. Finally, Citigroup reaffirmed a "buy" rating and issued a $296.00 target price (up from $227.00) on shares of GE Aerospace in a research report on Monday, July 14th. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, GE Aerospace has a consensus rating of "Moderate Buy" and an average target price of $232.92.

GE Aerospace Stock Performance

Shares of NYSE:GE traded down $1.59 on Friday, hitting $269.49. The company's stock had a trading volume of 4,357,831 shares, compared to its average volume of 6,192,735. GE Aerospace has a 12 month low of $150.20 and a 12 month high of $274.94. The company has a market capitalization of $285.78 billion, a price-to-earnings ratio of 37.59, a price-to-earnings-growth ratio of 2.94 and a beta of 1.37. The stock's 50-day moving average is $251.39 and its two-hundred day moving average is $217.73. 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 announced its earnings results on Thursday, July 17th. The company reported $1.66 earnings per share for the quarter, beating the consensus estimate of $1.43 by $0.23. GE Aerospace had a return on equity of 31.32% and a net margin of 18.64%. The business had revenue of $10.15 billion during the quarter, compared to analysts' expectations of $9.49 billion. During the same quarter last year, the business posted $1.20 earnings per share. The company's quarterly revenue was up 21.2% on a year-over-year basis. On average, equities research analysts forecast that GE Aerospace will post 5.4 EPS for the current year.

GE Aerospace Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 25th. Investors of record on Monday, July 7th were paid 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 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.