GE Aerospace (NYSE:GE) Stock Price Up 1.3% - Here's What Happened

Key Points

• GE Aerospace's stock rose 1.3% during trading, reaching a high of $272.62 before closing at $271.43, with trading volume significantly down by 83% from average levels.
• Several analysts have raised their price targets for GE Aerospace, with Barclays setting a new target of $295.00 and Royal Bank of Canada raising theirs to $300.00, indicating a bullish outlook on the stock.
• The company reported earnings of $1.66 per share, surpassing estimates by $0.23 and marking a 21.2% increase in revenue year-over-year.
• GE Aerospace declared a quarterly dividend of $0.36 per share, resulting in an annualized dividend of $1.44 and a yield of 0.53%.

Shares of GE Aerospace (NYSE:GE - Get Free Report) rose 1.3% during trading on Friday . The company traded as high as $272.62 and last traded at $271.43. Approximately 1,088,037 shares were traded during trading, a decline of 83% from the average daily volume of 6,232,063 shares. The stock had previously closed at $268.01.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on GE. Barclays upped their target price on shares of GE Aerospace from $230.00 to $295.00 and gave the stock an "overweight" rating in a research note on Wednesday. Wells Fargo & Company upped their target price on shares of GE Aerospace from $34.00 to $38.00 in a research note on Wednesday. Royal Bank Of Canada boosted their price target on shares of GE Aerospace from $275.00 to $300.00 and gave the stock an "outperform" rating in a report on Friday, July 18th. Wall Street Zen raised shares of GE Aerospace from a "hold" rating to a "buy" rating in a report on Friday, July 18th. Finally, Citigroup reissued a "buy" rating and issued a $296.00 price target (up from $227.00) on shares of GE Aerospace in a report on Monday, July 14th. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $232.92.

GE Aerospace Stock Performance

The firm has a market capitalization of $288.76 billion, a PE ratio of 38.01, a P/E/G ratio of 3.01 and a beta of 1.37. 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's fifty day simple moving average is $247.59 and its 200 day simple moving average is $214.32.

GE Aerospace (NYSE:GE - Get Free Report) last announced its quarterly earnings results on Thursday, July 17th. The company reported $1.66 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.43 by $0.23. GE Aerospace had a net margin of 18.64% and a return on equity of 31.32%. The firm had revenue of $10.15 billion for the quarter, compared to the consensus estimate of $9.49 billion. During the same period in the prior year, the firm posted $1.20 earnings per share. The company's revenue for the quarter was up 21.2% on a year-over-year basis. As a group, equities research analysts expect that GE Aerospace will post 5.4 EPS for the current fiscal year.

GE Aerospace Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, July 25th. Stockholders of record on Monday, July 7th will be issued a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 0.53%. GE Aerospace's payout ratio is 20.08%.

Insider Activity

In other news, SVP Mohamed Ali sold 1,602 shares of the stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $200.67, for a total value of $321,473.34. Following the sale, the senior vice president directly owned 8,805 shares of the company's stock, valued at approximately $1,766,899.35. This represents a 15.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.21% of the company's stock.

Institutional Investors Weigh In On GE Aerospace

A number of institutional investors and hedge funds have recently modified their holdings of the company. Brighton Jones LLC increased its position in shares of GE Aerospace by 25.3% in the fourth quarter. Brighton Jones LLC now owns 12,008 shares of the company's stock worth $2,003,000 after purchasing an additional 2,421 shares during the last quarter. Revolve Wealth Partners LLC increased its position in shares of GE Aerospace by 7.1% in the fourth quarter. Revolve Wealth Partners LLC now owns 2,251 shares of the company's stock worth $375,000 after purchasing an additional 150 shares during the last quarter. American Century Companies Inc. increased its position in shares of GE Aerospace by 51.8% in the fourth quarter. American Century Companies Inc. now owns 299,935 shares of the company's stock worth $50,026,000 after purchasing an additional 102,319 shares during the last quarter. Congress Wealth Management LLC DE grew its position in GE Aerospace by 7.2% during the fourth quarter. Congress Wealth Management LLC DE now owns 8,826 shares of the company's stock valued at $1,472,000 after acquiring an additional 591 shares during the last quarter. Finally, Modern Wealth Management LLC grew its position in GE Aerospace by 25.6% during the fourth quarter. Modern Wealth Management LLC now owns 7,456 shares of the company's stock valued at $1,244,000 after acquiring an additional 1,522 shares during the last quarter. 74.77% of the stock is owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.