Nuveen LLC Takes $777.08 Million Position in GE Aerospace (NYSE:GE)

Key Points

• Nuveen LLC acquired 3,882,465 shares of GE Aerospace, valued at approximately $777 million, representing about 0.36% ownership as disclosed in the latest SEC filing.
• GE Aerospace reported $1.66 earnings per share for the recent quarter, surpassing analysts' expectations of $1.43, with revenue reaching $10.15 billion.
• The company announced a quarterly dividend of $0.36 per share, resulting in an annualized dividend yield of 0.5% and a payout ratio of 20.08%.

Nuveen LLC acquired a new position in GE Aerospace (NYSE:GE - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 3,882,465 shares of the company's stock, valued at approximately $777,075,000. Nuveen LLC owned about 0.36% of GE Aerospace at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of GE Aerospace by 0.8% in the first quarter. Vanguard Group Inc. now owns 90,507,442 shares of the company's stock valued at $18,115,065,000 after buying an additional 692,124 shares during the last quarter. Northern Trust Corp increased its holdings in GE Aerospace by 5.8% in the fourth quarter. Northern Trust Corp now owns 10,046,867 shares of the company's stock valued at $1,675,717,000 after buying an additional 553,104 shares in the last quarter. Invesco Ltd. increased its holdings in GE Aerospace by 0.6% in the first quarter. Invesco Ltd. now owns 9,599,522 shares of the company's stock valued at $1,921,344,000 after buying an additional 54,765 shares in the last quarter. Canada Pension Plan Investment Board increased its stake in shares of 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 worth $1,259,438,000 after purchasing an additional 781,574 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of GE Aerospace by 9.6% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,184,973 shares of the company's stock worth $1,198,382,000 after purchasing an additional 628,458 shares in the last quarter. 74.77% of the stock is currently owned by institutional investors and hedge funds.

GE Aerospace Stock Up 0.1%

Shares of NYSE:GE traded up $0.24 on Monday, hitting $275.25. 3,358,594 shares of the company traded hands, compared to its average volume of 5,987,507. GE Aerospace has a 52 week low of $159.36 and a 52 week high of $277.18. The company has a quick ratio of 0.73, a current ratio of 1.04 and a debt-to-equity ratio of 0.88. The company has a market cap of $291.89 billion, a PE ratio of 38.39, a PEG ratio of 2.96 and a beta of 1.44. The stock has a 50 day simple moving average of $255.87 and a 200-day simple moving average of $222.43.

GE Aerospace (NYSE:GE - Get Free Report) last released its quarterly earnings results on Thursday, July 17th. The company reported $1.66 EPS for the quarter, beating 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 during the quarter, compared to analysts' expectations of $9.49 billion. During the same period last year, the business posted $1.20 earnings per share. The firm's revenue was up 21.2% compared to the same quarter last year. As a group, research analysts expect that GE Aerospace will post 5.4 earnings per share for the current year.

GE Aerospace Dividend Announcement

The business also recently declared 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%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Citigroup reiterated a "buy" rating and issued a $296.00 price target (up previously from $227.00) on shares of GE Aerospace in a report on Monday, July 14th. Royal Bank Of Canada boosted their price objective 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. Barclays upped their target price on shares of GE Aerospace from $230.00 to $295.00 and gave the company an "overweight" rating in a research note on Wednesday, July 23rd. Wall Street Zen raised shares of GE Aerospace from a "hold" rating to a "buy" rating in a research report on Friday, July 18th. Finally, Northcoast Research downgraded shares of GE Aerospace from a "buy" rating to a "neutral" rating in a research report on Monday, May 19th. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target 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.