Maryland State Retirement & Pension System Cuts Stake in GE Aerospace (NYSE:GE)

Key Points

• Maryland State Retirement & Pension System reduced its stake in GE Aerospace by 13.3%, now owning 50,334 shares valued at approximately $10.07 million.
• Institutional investors have significantly increased their positions in GE Aerospace, with GAMMA Investing LLC raising its stake by 23,611.7% during the first quarter.
• Wall Street analysts are optimistic about GE Aerospace, with eleven analysts issuing a "buy" rating and the company's consensus price target set at $232.92.

Maryland State Retirement & Pension System trimmed its position in GE Aerospace (NYSE:GE - Free Report) by 13.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 50,334 shares of the company's stock after selling 7,706 shares during the period. Maryland State Retirement & Pension System's holdings in GE Aerospace were worth $10,074,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Putney Financial Group LLC bought a new stake in GE Aerospace in the fourth quarter worth $28,000. IMA Advisory Services Inc. bought a new stake in GE Aerospace in the first quarter worth $28,000. Copia Wealth Management boosted its holdings in GE Aerospace by 14,200.0% in the first quarter. Copia Wealth Management now owns 143 shares of the company's stock worth $29,000 after acquiring an additional 142 shares in the last quarter. First Pacific Financial boosted its holdings in GE Aerospace by 46.0% in the first quarter. First Pacific Financial now owns 165 shares of the company's stock worth $33,000 after acquiring an additional 52 shares in the last quarter. Finally, O Brien Wealth Partners LLC bought a new stake in GE Aerospace in the first quarter worth $33,000. 74.77% of the stock is owned by hedge funds and other institutional investors.

GE Aerospace Stock Performance

GE Aerospace stock traded up $2.93 during mid-day trading on Friday, reaching $274.95. 4,378,663 shares of the stock traded hands, compared to its average volume of 6,157,504. The stock has a market capitalization of $291.57 billion, a PE ratio of 38.35, a price-to-earnings-growth ratio of 2.96 and a beta of 1.44. 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 has a 12-month low of $159.36 and a 12-month high of $277.18. The business's 50-day moving average is $255.31 and its 200-day moving average is $221.73.

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 analysts' consensus estimates of $1.43 by $0.23. The business had revenue of $10.15 billion during the quarter, compared to analysts' expectations of $9.49 billion. GE Aerospace had a return on equity of 31.32% and a net margin of 18.64%. The business's quarterly revenue was up 21.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.20 earnings per share. As a group, sell-side analysts predict that GE Aerospace will post 5.4 EPS for the current fiscal year.

GE Aerospace Announces Dividend

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

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Wells Fargo & Company boosted their target price on GE Aerospace from $34.00 to $38.00 in a report on Wednesday, July 23rd. Barclays upped their price target on GE Aerospace from $230.00 to $295.00 and gave the company an "overweight" rating in a report on Wednesday, July 23rd. Royal Bank Of Canada upped their price target on GE Aerospace from $275.00 to $300.00 and gave the company an "outperform" rating in a report on Friday, July 18th. UBS Group upped their price target on GE Aerospace from $300.00 to $321.00 and gave the company a "buy" rating in a report on Friday, July 18th. Finally, Northcoast Research downgraded GE Aerospace from a "buy" rating to a "neutral" rating in a report on Monday, May 19th. One equities research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus 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.