HB Wealth Management LLC Grows Position in GE Aerospace (NYSE:GE)

Key Points

• HB Wealth Management LLC increased its stake in GE Aerospace by 53.0%, owning a total of 33,120 shares worth approximately $6.63 million.
• GE Aerospace reported strong quarterly earnings, with $1.66 per share, exceeding estimates, and revenue of $10.15 billion, which was up 21.2% year-over-year.
• The company announced a quarterly dividend of $0.36 per share, resulting in an annualized dividend yield of 0.53%.

HB Wealth Management LLC boosted its holdings in shares of GE Aerospace (NYSE:GE - Free Report) by 53.0% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 33,120 shares of the company's stock after acquiring an additional 11,468 shares during the quarter. HB Wealth Management LLC's holdings in GE Aerospace were worth $6,629,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in GE. Rainey & Randall Wealth Advisors Inc. purchased a new stake in shares of GE Aerospace in the 1st quarter worth $203,000. Sendero Wealth Management LLC lifted its stake in GE Aerospace by 526.6% in the first 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 lifted its stake in GE Aerospace by 25.1% in the first 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 lifted its stake in GE Aerospace by 2.9% in the fourth 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 position in shares of GE Aerospace by 186.7% in the 1st 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 period. 74.77% of the stock is owned by hedge funds and other institutional investors.

GE Aerospace Price Performance

Shares of GE Aerospace stock traded up $0.34 on Wednesday, reaching $270.65. The company's stock had a trading volume of 1,373,338 shares, compared to its average volume of 6,200,279. The company has a market capitalization of $287.01 billion, a P/E ratio of 37.75, a PEG ratio of 3.04 and a beta of 1.37. The stock has a 50-day moving average price of $249.79 and a 200-day moving average price of $216.66. The company has a quick ratio of 0.73, a current ratio of 1.04 and a debt-to-equity ratio of 0.88. GE Aerospace has a 52-week low of $150.20 and a 52-week high of $273.80.

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, topping the consensus estimate of $1.43 by $0.23. The company had revenue of $10.15 billion during the quarter, compared to analyst estimates of $9.49 billion. GE Aerospace had a net margin of 18.64% and a return on equity of 31.32%. The firm's revenue was up 21.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.20 EPS. Analysts expect that GE Aerospace will post 5.4 EPS for the current year.

GE Aerospace Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 25th. Shareholders 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 0.53%. GE Aerospace's dividend payout ratio (DPR) is currently 20.08%.

Wall Street Analyst Weigh In

GE has been the subject of several analyst reports. Barclays increased their price objective on GE Aerospace from $230.00 to $295.00 and gave the company an "overweight" rating in a report on Wednesday, July 23rd. Wall Street Zen upgraded GE Aerospace from a "hold" rating to a "buy" rating in a research note on Friday, July 18th. Northcoast Research lowered shares of GE Aerospace from a "buy" rating to a "neutral" rating in a research report on Monday, May 19th. Citigroup reaffirmed a "buy" rating and issued a $296.00 price objective (up from $227.00) on shares of GE Aerospace in a research report on Monday, July 14th. Finally, Wells Fargo & Company raised their price target on shares of GE Aerospace from $34.00 to $38.00 in a report on Wednesday, July 23rd. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the stock presently has an average 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.