State of Michigan Retirement System Lowers Position in GE Aerospace (NYSE:GE)

State of Michigan Retirement System reduced its holdings in GE Aerospace (NYSE:GE - Free Report) by 0.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 291,161 shares of the company's stock after selling 2,600 shares during the quarter. State of Michigan Retirement System's holdings in GE Aerospace were worth $58,276,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Norges Bank purchased a new stake in shares of GE Aerospace during the 4th quarter worth $2,375,439,000. GAMMA Investing LLC lifted its stake in shares of GE Aerospace by 23,611.7% in the first quarter. GAMMA Investing LLC now owns 5,065,997 shares of the company's stock valued at $1,013,959,000 after purchasing an additional 5,044,632 shares during the period. Janus Henderson Group PLC boosted its holdings in GE Aerospace by 87.7% during the fourth quarter. Janus Henderson Group PLC now owns 3,581,799 shares of the company's stock worth $597,412,000 after buying an additional 1,673,365 shares in the last quarter. Invesco Ltd. grew its position in GE Aerospace by 14.4% during the fourth quarter. Invesco Ltd. now owns 9,544,757 shares of the company's stock worth $1,591,970,000 after buying an additional 1,204,910 shares during the period. Finally, FMR LLC grew its position in GE Aerospace by 1.5% during the fourth quarter. FMR LLC now owns 66,823,968 shares of the company's stock worth $11,145,570,000 after buying an additional 965,012 shares during the period. 74.77% of the stock is currently owned by hedge funds and other institutional investors.

GE Aerospace Price Performance

Shares of NYSE:GE traded up $2.92 on Friday, hitting $255.49. The company had a trading volume of 7,838,134 shares, compared to its average volume of 5,549,492. The company has a current ratio of 1.08, a quick ratio of 0.77 and a debt-to-equity ratio of 0.90. The company has a market cap of $272.45 billion, a PE ratio of 39.73, a PEG ratio of 3.05 and a beta of 1.37. GE Aerospace has a 52-week low of $150.20 and a 52-week high of $260.55. The business has a 50 day moving average of $238.22 and a 200 day moving average of $207.94.

GE Aerospace (NYSE:GE - Get Free Report) last released its earnings results on Tuesday, April 22nd. The company reported $1.49 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.29 by $0.20. GE Aerospace had a net margin of 17.63% and a return on equity of 29.15%. The company had revenue of $9.94 billion for the quarter, compared to analyst estimates of $9.06 billion. As a group, equities analysts anticipate that GE Aerospace will post 5.4 earnings per share for the current fiscal year.

GE Aerospace Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 25th. Investors of record on Monday, July 7th will be paid a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 0.56%. GE Aerospace's payout ratio is 22.40%.

Insider Buying and Selling

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

Analysts Set New Price Targets

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

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.