King Luther Capital Management Corp Lowers Position 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 reduced its stake in GE Aerospace (NYSE:GE - Free Report) by 62.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund 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 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Putney Financial Group LLC purchased a new stake in shares of GE Aerospace during the 4th quarter valued at $28,000. IMA Advisory Services Inc. purchased a new stake in shares of GE Aerospace during the 1st quarter valued at $28,000. Copia Wealth Management increased its position in shares of GE Aerospace by 14,200.0% during the 1st quarter. Copia Wealth Management now owns 143 shares of the company's stock valued at $29,000 after purchasing an additional 142 shares during the last quarter. First Pacific Financial increased its position in shares of GE Aerospace by 46.0% during the 1st quarter. First Pacific Financial now owns 165 shares of the company's stock valued at $33,000 after purchasing an additional 52 shares during the last quarter. Finally, O Brien Wealth Partners LLC purchased a new stake in shares of GE Aerospace during the 1st quarter valued at $33,000. 74.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

GE has been the subject of several research analyst reports. Citigroup reaffirmed a "buy" rating and set a $296.00 target price (up from $227.00) on shares of GE Aerospace in a research report on Monday, July 14th. Barclays lifted 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. UBS Group lifted their price objective on GE Aerospace from $300.00 to $321.00 and gave the stock a "buy" rating in a report on Friday, July 18th. Wall Street Zen raised GE Aerospace from a "hold" rating to a "buy" rating in a report on Friday, July 18th. Finally, Royal Bank Of Canada lifted their price target on GE Aerospace from $275.00 to $300.00 and gave the company an "outperform" rating in a research report on Friday, July 18th. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, GE Aerospace currently has an average rating of "Moderate Buy" and a consensus target price of $232.92.

GE Aerospace Price Performance

GE opened at $275.25 on Tuesday. 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 has a 52-week low of $159.36 and a 52-week high of $277.18. The stock has a market capitalization of $291.89 billion, a PE ratio of 38.39, a price-to-earnings-growth ratio of 2.96 and a beta of 1.44. The stock's 50 day moving average price is $255.87 and its 200-day moving average price is $222.43.

GE Aerospace (NYSE:GE - Get Free Report) last posted its earnings results on Thursday, July 17th. The company reported $1.66 earnings per share (EPS) 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 firm had revenue of $10.15 billion for the quarter, compared to analysts' expectations of $9.49 billion. During the same period in the previous year, the firm earned $1.20 earnings per share. The business's revenue was up 21.2% compared to the same quarter last year. On average, equities research analysts predict that GE Aerospace will post 5.4 EPS for the current year.

GE Aerospace Dividend Announcement

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

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