PNC Financial Services Group Inc. Sells 3,450 Shares of GE Aerospace (NYSE:GE)

Key Points

• PNC Financial Services Group Inc. reduced its stake in GE Aerospace by 0.4%, owning 819,165 shares valued at approximately $163.96 million after selling 3,450 shares in the first quarter.
• Several hedge funds, including FMR LLC and Northern Trust Corp, have increased their holdings in GE Aerospace, reflecting a general trend of institutional interest in the company.
• GE Aerospace reported quarterly earnings that surpassed analysts' expectations, with a net margin of 18.64% and revenue of $10.15 billion, indicating a year-over-year increase of 21.2%.

PNC Financial Services Group Inc. lowered its stake in GE Aerospace (NYSE:GE - Free Report) by 0.4% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 819,165 shares of the company's stock after selling 3,450 shares during the quarter. PNC Financial Services Group Inc. owned 0.08% of GE Aerospace worth $163,956,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of GE. FMR LLC increased its stake in GE Aerospace by 1.5% during the 4th quarter. FMR LLC now owns 66,823,968 shares of the company's stock valued at $11,145,570,000 after purchasing an additional 965,012 shares in the last quarter. Northern Trust Corp increased its stake in GE Aerospace by 5.8% during the 4th quarter. Northern Trust Corp now owns 10,046,867 shares of the company's stock valued at $1,675,717,000 after purchasing an additional 553,104 shares in the last quarter. Invesco Ltd. increased its stake in GE Aerospace by 14.4% during the 4th quarter. Invesco Ltd. now owns 9,544,757 shares of the company's stock valued at $1,591,970,000 after purchasing an additional 1,204,910 shares in the last quarter. Canada Pension Plan Investment Board increased its stake in 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 valued at $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 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 valued at $1,198,382,000 after purchasing an additional 628,458 shares in the last quarter. Institutional investors own 74.77% of the company's stock.

GE Aerospace Price Performance

GE opened at $269.49 on Friday. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.04 and a quick ratio of 0.73. The company has a market capitalization of $285.78 billion, a price-to-earnings ratio of 37.59, a P/E/G ratio of 2.90 and a beta of 1.44. The firm's fifty day moving average price is $252.13 and its two-hundred day moving average price is $218.64. GE Aerospace has a 1 year low of $150.20 and a 1 year high of $274.94.

GE Aerospace (NYSE:GE - Get Free Report) last issued its quarterly earnings results 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 company had revenue of $10.15 billion for the quarter, compared to the consensus estimate of $9.49 billion. GE Aerospace had a net margin of 18.64% and a return on equity of 31.32%. The firm's quarterly revenue was up 21.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.20 EPS. As a group, analysts anticipate that GE Aerospace will post 5.4 earnings per share for the current fiscal year.

GE Aerospace Dividend Announcement

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

Analyst Ratings Changes

GE has been the subject of a number of recent research reports. 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. Wall Street Zen upgraded shares of GE Aerospace from a "hold" rating to a "buy" rating in a research note on Friday, July 18th. UBS Group boosted their price target on shares of GE Aerospace from $300.00 to $321.00 and gave the company a "buy" rating in a research note on Friday, July 18th. Northcoast Research lowered shares of GE Aerospace from a "buy" rating to a "neutral" rating in a research note on Monday, May 19th. Finally, Citigroup reaffirmed a "buy" rating and set a $296.00 price objective (up from $227.00) on shares of GE Aerospace in a report on Monday, July 14th. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, GE Aerospace currently has a consensus rating of "Moderate Buy" and a consensus target price 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.

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