Resona Asset Management Co. Ltd. Grows Position in GE Aerospace (NYSE:GE)

Key Points

• Resona Asset Management Co. Ltd. increased its stake in GE Aerospace by 7.7% in Q1, holding 349,797 shares valued at approximately $70 million.
• Multiple analysts have raised their price targets for GE Aerospace, with UBS Group and Citigroup now targeting $321.00 and $296.00 respectively, indicating strong investor confidence.
• GE Aerospace reported $1.66 EPS for the last quarter, exceeding estimates and marking a 21.2% year-over-year revenue growth to $10.15 billion.

Resona Asset Management Co. Ltd. boosted its position in shares of GE Aerospace (NYSE:GE - Free Report) by 7.7% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 349,797 shares of the company's stock after buying an additional 24,912 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in GE Aerospace were worth $69,997,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Putney Financial Group LLC purchased a new stake in shares of GE Aerospace in the 4th quarter worth about $28,000. IMA Advisory Services Inc. purchased a new stake in GE Aerospace during the 1st quarter valued at about $28,000. Copia Wealth Management boosted its holdings 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 boosted its holdings in shares of GE Aerospace by 46.0% during the 1st quarter. First Pacific Financial now owns 165 shares of the company's stock valued at $33,000 after acquiring an additional 52 shares during the last quarter. Finally, O Brien Wealth Partners LLC purchased a new stake in shares of GE Aerospace during the 1st quarter valued at about $33,000. 74.77% of the stock is currently owned by institutional investors.

GE Aerospace Stock Down 3.8%

Shares of GE stock traded down $10.54 on Wednesday, hitting $269.09. The stock had a trading volume of 7,591,990 shares, compared to its average volume of 5,492,342. 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 business has a 50 day moving average price of $256.84 and a 200 day moving average price of $223.15. The company has a market cap of $285.35 billion, a PE ratio of 37.53, a P/E/G ratio of 3.01 and a beta of 1.44. GE Aerospace has a one year low of $159.36 and a one year high of $281.50.

GE Aerospace (NYSE:GE - Get Free Report) last announced its 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 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 revenue was up 21.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.20 earnings per share. Research analysts anticipate that GE Aerospace will post 5.4 earnings per share for the current fiscal year.

GE Aerospace Dividend Announcement

The firm 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 annualized dividend and a yield of 0.5%. GE Aerospace's dividend payout ratio (DPR) is presently 20.08%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Northcoast Research downgraded shares of GE Aerospace from a "buy" rating to a "neutral" rating in a report on Monday, May 19th. Royal Bank Of Canada lifted their price objective on shares of GE Aerospace from $275.00 to $300.00 and gave the company an "outperform" rating in a research report on Friday, July 18th. 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. Wells Fargo & Company lifted their price objective on shares of GE Aerospace from $34.00 to $38.00 in a research note on Wednesday, July 23rd. Finally, Citigroup reaffirmed a "buy" rating and set a $296.00 price objective (up from $227.00) on shares of GE Aerospace in a research note on Monday, July 14th. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. According to data from MarketBeat, the company 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.