King Luther Capital Management Corp Cuts Holdings in GE Aerospace (NYSE:GE)

Key Points

• King Luther Capital Management Corp has reduced its stake in GE Aerospace by 62.2%, holding 16,437 shares worth $3.29 million after selling 27,064 shares in the first quarter.
• Several research firms have recently upgraded their ratings on GE Aerospace, with Citigroup setting a target price of $296.00, up from $227.00.
• GE Aerospace reported earnings of $1.66 per share for the quarter, exceeding estimates, with revenue reaching $10.15 billion, up 21.2% year-over-year.

King Luther Capital Management Corp trimmed its stake in shares of GE Aerospace (NYSE:GE - Free Report) by 62.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,437 shares of the company's stock after selling 27,064 shares during the quarter. King Luther Capital Management Corp's holdings in GE Aerospace were worth $3,290,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of GE. GAMMA Investing LLC boosted its position in shares of GE Aerospace by 23,611.7% during the 1st quarter. GAMMA Investing LLC now owns 5,065,997 shares of the company's stock worth $1,013,959,000 after acquiring an additional 5,044,632 shares in the last quarter. Janus Henderson Group PLC raised its stake in GE Aerospace by 87.7% during the 4th 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. Nuveen Asset Management LLC raised its stake in 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 acquiring an additional 838,954 shares during the last quarter. Canada Pension Plan Investment Board raised its stake in 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 during the last quarter. Finally, Vanguard Group Inc. raised its stake in GE Aerospace by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 90,507,442 shares of the company's stock valued at $18,115,065,000 after acquiring an additional 692,124 shares during the last quarter. 74.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on GE. Wall Street Zen upgraded GE Aerospace from a "hold" rating to a "buy" rating in a research report on Friday, July 18th. Citigroup reiterated a "buy" rating and set a $296.00 target price (up previously from $227.00) on shares of GE Aerospace in a research report on Monday, July 14th. Royal Bank Of Canada boosted 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. Barclays boosted 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. Finally, Sanford C. Bernstein restated an "outperform" rating on shares of GE Aerospace in a report on Friday. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, GE Aerospace presently has a consensus rating of "Moderate Buy" and a consensus target price of $232.92.

GE Aerospace Trading Down 0.9%

Shares of GE Aerospace stock traded down $2.35 during trading hours on Friday, reaching $267.35. 2,033,475 shares of the company's stock were exchanged, compared to its average volume of 6,056,510. GE Aerospace has a 52-week low of $159.36 and a 52-week high of $281.50. The firm has a market capitalization of $283.51 billion, a price-to-earnings ratio of 37.24, a price-to-earnings-growth ratio of 2.89 and a beta of 1.44. The company has a fifty day moving average of $257.20 and a 200-day moving average of $223.67. The company has a current ratio of 1.04, a quick ratio of 0.73 and a debt-to-equity ratio of 0.88.

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 for the quarter, topping analysts' consensus estimates of $1.43 by $0.23. GE Aerospace had a return on equity of 31.32% and a net margin of 18.64%. The company had revenue of $10.15 billion for the quarter, compared to analyst estimates of $9.49 billion. During the same quarter in the prior year, the company posted $1.20 EPS. The business's revenue for the quarter was up 21.2% compared to the same quarter last year. Sell-side analysts forecast that GE Aerospace will post 5.4 EPS for the current fiscal year.

GE Aerospace Dividend Announcement

The firm also recently declared 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 dividend on an annualized basis and a dividend yield of 0.5%. GE Aerospace's dividend payout ratio is presently 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.