Independence Financial Advisors LLC Buys New Position in GE Aerospace (NYSE:GE)

Key Points

• Independence Financial Advisors LLC acquired a new position in GE Aerospace, purchasing 1,283 shares valued at approximately $257,000 during Q1.
• Multiple hedge funds have increased their stakes in GE Aerospace, leading to institutional investors and hedge funds now owning 74.77% of the company's stock.
• Analysts have raised price targets for GE Aerospace, with Citigroup setting a new target of $296.00, reflecting a positive outlook for the company's future performance.

Independence Financial Advisors LLC bought a new position in shares of GE Aerospace (NYSE:GE - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 1,283 shares of the company's stock, valued at approximately $257,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. GAMMA Investing LLC boosted its stake in GE Aerospace by 23,611.7% in the first quarter. GAMMA Investing LLC now owns 5,065,997 shares of the company's stock valued at $1,013,959,000 after acquiring an additional 5,044,632 shares during the last quarter. Janus Henderson Group PLC boosted its stake in GE Aerospace by 87.7% in the fourth quarter. Janus Henderson Group PLC now owns 3,581,799 shares of the company's stock valued at $597,412,000 after acquiring an additional 1,673,365 shares during the last quarter. Invesco Ltd. boosted its stake in GE Aerospace by 14.4% in the fourth 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 during the last quarter. FMR LLC lifted its stake 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 buying an additional 965,012 shares in the last quarter. Finally, Nuveen Asset Management LLC lifted its stake in shares of GE Aerospace by 32.1% during the 4th quarter. Nuveen Asset Management LLC now owns 3,453,651 shares of the company's stock valued at $576,034,000 after buying an additional 838,954 shares in the last quarter. 74.77% of the stock is owned by institutional investors.

GE Aerospace Stock Down 0.6%

NYSE GE traded down $1.59 during trading hours on Friday, reaching $269.49. 4,380,218 shares of the company's stock traded hands, compared to its average volume of 6,199,671. GE Aerospace has a 52-week low of $150.20 and a 52-week high of $274.94. The firm has a market cap of $285.78 billion, a PE ratio of 37.59, a PEG ratio of 2.94 and a beta of 1.37. The firm has a 50-day simple moving average of $251.39 and a 200 day simple moving average of $217.73. 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 (NYSE:GE - Get Free Report) last issued its quarterly earnings results on Thursday, July 17th. The company reported $1.66 earnings per share (EPS) for the quarter, beating 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 company had revenue of $10.15 billion during the quarter, compared to analysts' expectations of $9.49 billion. During the same period last year, the company posted $1.20 EPS. GE Aerospace's revenue was up 21.2% on a year-over-year basis. Sell-side analysts anticipate that GE Aerospace will post 5.4 EPS for the current fiscal year.

GE Aerospace Announces Dividend

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

Analyst Ratings Changes

A number of analysts recently commented on the stock. UBS Group upped their price target on shares of GE Aerospace from $300.00 to $321.00 and gave the company a "buy" rating in a research note on Friday, July 18th. Wall Street Zen raised shares of GE Aerospace from a "hold" rating to a "buy" rating in a report on Friday, July 18th. Royal Bank Of Canada upped their target price on shares of GE Aerospace from $275.00 to $300.00 and gave the stock an "outperform" rating in a report on Friday, July 18th. Wells Fargo & Company upped their target price on shares of GE Aerospace from $34.00 to $38.00 in a report on Wednesday, July 23rd. Finally, Northcoast Research lowered shares of GE Aerospace from a "buy" rating to a "neutral" rating in a report on Monday, May 19th. One investment analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. According to MarketBeat, GE Aerospace has an average rating of "Moderate Buy" and a consensus price target of $232.92.

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.