Patten & Patten Inc. TN Raises Stock Position in GE Aerospace $GE

Key Points

• Patten & Patten Inc. TN increased its stake in GE Aerospace by 12.4%, now holding 14,610 shares worth approximately $3.76 million.
• GE Aerospace reported $1.66 earnings per share for the most recent quarter, exceeding analysts' estimates of $1.43, with a revenue increase of 21.2% year-over-year.
• The company declared a quarterly dividend of $0.36 per share, which will be payable on October 27th, representing an annual yield of 0.5%.

Patten & Patten Inc. TN grew its position in GE Aerospace (NYSE:GE - Free Report) by 12.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,610 shares of the company's stock after buying an additional 1,610 shares during the period. Patten & Patten Inc. TN's holdings in GE Aerospace were worth $3,760,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in GE. GQG Partners LLC purchased a new stake in GE Aerospace in the first quarter valued at $1,606,840,000. Nuveen LLC acquired a new stake in shares of GE Aerospace during the 1st quarter worth about $777,075,000. Amundi raised its holdings in GE Aerospace by 124.0% in the 1st quarter. Amundi now owns 3,200,479 shares of the company's stock valued at $600,506,000 after buying an additional 1,771,944 shares during the period. Price T Rowe Associates Inc. MD lifted its position in GE Aerospace by 6.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 25,131,285 shares of the company's stock valued at $5,030,028,000 after buying an additional 1,492,486 shares during the last quarter. Finally, 1832 Asset Management L.P. boosted its stake in GE Aerospace by 7,406.4% during the first quarter. 1832 Asset Management L.P. now owns 1,212,209 shares of the company's stock worth $242,624,000 after buying an additional 1,196,060 shares during the period. Hedge funds and other institutional investors own 74.77% of the company's stock.

GE Aerospace Stock Performance

Shares of GE stock opened at $300.49 on Thursday. The firm has a 50 day moving average of $285.00 and a two-hundred day moving average of $249.07. The stock has a market capitalization of $318.65 billion, a PE ratio of 41.91, a P/E/G ratio of 3.23 and a beta of 1.49. The company has a quick ratio of 0.73, a current ratio of 1.04 and a debt-to-equity ratio of 0.88. GE Aerospace has a 52 week low of $159.36 and a 52 week high of $307.25.

GE Aerospace (NYSE:GE - Get Free Report) last posted its quarterly earnings data 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. The business had revenue of $10.15 billion for the quarter, compared to analyst estimates of $9.49 billion. GE Aerospace had a return on equity of 31.32% and a net margin of 18.64%.The company's revenue was up 21.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.20 earnings per share. On average, research 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 will be paid on Monday, October 27th. Shareholders of record on Monday, September 29th will be issued a dividend of $0.36 per share. The ex-dividend date is Monday, September 29th. This represents a $1.44 annualized dividend and a yield of 0.5%. GE Aerospace's dividend payout ratio is 20.08%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Royal Bank Of Canada boosted their price target on shares of GE Aerospace from $275.00 to $300.00 and gave the company an "outperform" rating in a research note on Friday, July 18th. The Goldman Sachs Group lifted their target price on shares of GE Aerospace from $271.00 to $305.00 and gave the company a "buy" rating in a report on Friday, October 10th. Sanford C. Bernstein restated an "outperform" rating on shares of GE Aerospace in a research note on Friday, August 15th. Barclays raised their price target 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, Zacks Research cut GE Aerospace from a "strong-buy" rating to a "hold" rating in a research note on Friday, September 26th. Fifteen analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, GE Aerospace currently has a consensus rating of "Moderate Buy" and an average price target of $267.13.

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.

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