Ontario Teachers Pension Plan Board Takes Position in GE Aerospace (NYSE:GE)

Key Points

• The Ontario Teachers Pension Plan Board acquired 176,411 shares of GE Aerospace, valued at about $35.3 million, marking it as their 23rd largest position.
• GE Aerospace reported a 21.2% year-over-year revenue increase for the quarter, generating $10.15 billion, and earnings per share of $1.66, surpassing analysts' expectations.
• Several research firms have issued optimistic ratings, with UBS Group raising their price target for GE Aerospace from $300 to $321, indicating strong market confidence.

Ontario Teachers Pension Plan Board acquired a new stake in shares of GE Aerospace (NYSE:GE - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 176,411 shares of the company's stock, valued at approximately $35,309,000. GE Aerospace accounts for approximately 0.5% of Ontario Teachers Pension Plan Board's portfolio, making the stock its 23rd biggest position.

A number of other hedge funds also recently made changes to their positions in the stock. Putney Financial Group LLC bought a new position in GE Aerospace during the fourth quarter valued at approximately $28,000. IMA Advisory Services Inc. purchased a new stake in shares of GE Aerospace during the 1st quarter worth approximately $28,000. Copia Wealth Management boosted 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 acquiring an additional 142 shares during the last quarter. First Pacific Financial grew its holdings in shares of GE Aerospace by 46.0% in the first quarter. First Pacific Financial now owns 165 shares of the company's stock valued at $33,000 after purchasing an additional 52 shares in the last quarter. Finally, O Brien Wealth Partners LLC purchased a new position in shares of GE Aerospace in the first quarter valued at $33,000. 74.77% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on GE. Wall Street Zen raised shares of GE Aerospace from a "hold" rating to a "buy" rating in a report on Friday, July 18th. Barclays raised their target price on shares of GE Aerospace from $230.00 to $295.00 and gave the company an "overweight" rating in a report on Wednesday, July 23rd. Citigroup reissued a "buy" rating and issued a $296.00 target price (up from $227.00) on shares of GE Aerospace in a report on Monday, July 14th. UBS Group raised their target price on shares of GE Aerospace from $300.00 to $321.00 and gave the company a "buy" rating in a report on Friday, July 18th. Finally, Royal Bank Of Canada raised their target price on shares of GE Aerospace from $275.00 to $300.00 and gave the company an "outperform" rating in a report on Friday, July 18th. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to MarketBeat, GE Aerospace presently has an average rating of "Moderate Buy" and an average target price of $232.92.

GE Aerospace Trading Up 1.1%

Shares of GE traded up $2.93 during trading hours on Friday, reaching $274.95. 4,378,663 shares of the company traded hands, compared to its average volume of 6,157,504. The firm has a market cap of $291.57 billion, a price-to-earnings ratio of 38.35, a PEG ratio of 2.96 and a beta of 1.44. GE Aerospace has a 12-month low of $159.36 and a 12-month high of $277.18. The company has a current ratio of 1.04, a quick ratio of 0.73 and a debt-to-equity ratio of 0.88. The stock's fifty day moving average price is $255.31 and its 200 day moving average price is $221.73.

GE Aerospace (NYSE:GE - Get Free Report) last issued its 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. The firm had revenue of $10.15 billion during the quarter, compared to analyst estimates of $9.49 billion. GE Aerospace had a net margin of 18.64% and a return on equity of 31.32%. The business's revenue was up 21.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.20 earnings per share. Sell-side analysts forecast that GE Aerospace will post 5.4 earnings per share for the current year.

GE Aerospace Dividend Announcement

The business 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 dividend on an annualized basis and a dividend yield of 0.5%. GE Aerospace's dividend payout ratio is currently 20.08%.

GE Aerospace Company 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.