State of Michigan Retirement System Decreases Stock Holdings in GE Aerospace (NYSE:GE)

State of Michigan Retirement System lowered its position in GE Aerospace (NYSE:GE - Free Report) by 0.9% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 291,161 shares of the company's stock after selling 2,600 shares during the period. State of Michigan Retirement System's holdings in GE Aerospace were worth $58,276,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of GE Aerospace by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 89,815,318 shares of the company's stock worth $14,980,297,000 after purchasing an additional 410,172 shares in the last quarter. FMR LLC increased its position 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 buying an additional 965,012 shares in the last quarter. Geode Capital Management LLC raised its stake in GE Aerospace by 2.3% in the fourth quarter. Geode Capital Management LLC now owns 23,117,418 shares of the company's stock valued at $3,846,587,000 after buying an additional 529,457 shares during the last quarter. Norges Bank purchased a new stake in shares of GE Aerospace during the fourth quarter worth about $2,375,439,000. Finally, Northern Trust Corp increased its holdings in shares of GE Aerospace by 5.8% during the fourth quarter. Northern Trust Corp now owns 10,046,867 shares of the company's stock valued at $1,675,717,000 after acquiring an additional 553,104 shares in the last quarter. Institutional investors own 74.77% of the company's stock.

GE Aerospace Stock Performance

Shares of GE Aerospace stock opened at $252.59 on Friday. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.08 and a quick ratio of 0.77. The stock has a market capitalization of $269.36 billion, a price-to-earnings ratio of 39.28, a price-to-earnings-growth ratio of 3.02 and a beta of 1.37. The business has a 50-day moving average of $238.22 and a 200 day moving average of $207.94. GE Aerospace has a 12 month low of $150.20 and a 12 month high of $260.55.

GE Aerospace (NYSE:GE - Get Free Report) last issued its quarterly earnings results on Tuesday, April 22nd. The company reported $1.49 earnings per share for the quarter, topping the consensus estimate of $1.29 by $0.20. GE Aerospace had a return on equity of 29.15% and a net margin of 17.63%. The company had revenue of $9.94 billion for the quarter, compared to the consensus estimate of $9.06 billion. As a group, sell-side analysts forecast that GE Aerospace will post 5.4 earnings per share for the current year.

GE Aerospace Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 25th. Shareholders of record on Monday, July 7th will be paid a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 0.57%. GE Aerospace's dividend payout ratio is currently 22.40%.

Analysts Set New Price Targets

Several research firms have weighed in on GE. Wells Fargo & Company boosted their target price on shares of GE Aerospace from $212.00 to $222.00 and gave the stock an "overweight" rating in a research report on Thursday, April 24th. Citigroup reduced their target price on GE Aerospace from $235.00 to $227.00 and set a "buy" rating for the company in a research note on Thursday, April 10th. Royal Bank Of Canada set a $275.00 price objective on GE Aerospace and gave the company an "outperform" rating in a report on Tuesday, June 3rd. UBS Group upped their target price on GE Aerospace from $207.00 to $216.00 and gave the company a "buy" rating in a research report on Wednesday, April 23rd. Finally, Northcoast Research downgraded shares of GE Aerospace from a "buy" rating to a "neutral" rating in a report on Monday, May 19th. Two research analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $223.75.

Insider Buying and Selling

In other GE Aerospace news, VP Robert M. Giglietti sold 4,104 shares of the firm's stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $196.73, for a total transaction of $807,379.92. Following the transaction, the vice president owned 11,540 shares of the company's stock, valued at approximately $2,270,264.20. This trade represents a 26.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Mohamed Ali sold 1,602 shares of the firm's stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $200.67, for a total value of $321,473.34. Following the transaction, the senior vice president owned 8,805 shares in the company, valued at $1,766,899.35. This represents a 15.39% decrease in their position. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by company insiders.

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.

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