GE Aerospace (NYSE:GE) Trading Up 2.6% After Earnings Beat

GE Aerospace (NYSE:GE - Get Free Report) rose 2.6% on Friday following a stronger than expected earnings report. The company traded as high as $269.70 and last traded at $267.08. Approximately 3,095,061 shares traded hands during mid-day trading, a decline of 51% from the average daily volume of 6,265,504 shares. The stock had previously closed at $260.28.

The company reported $1.66 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.43 by $0.23. The firm had revenue of $10.15 billion during the quarter, compared to analysts' expectations of $9.49 billion. GE Aerospace had a net margin of 18.64% and a return on equity of 31.32%. The company's revenue for the quarter was up 21.2% compared to the same quarter last year. During the same period in the prior year, the company posted $1.20 earnings per share.

GE Aerospace Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, July 25th. Investors of record on Monday, July 7th will be given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 0.55%. GE Aerospace's dividend payout ratio is 22.40%.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Wells Fargo & Company increased their price objective on shares of GE Aerospace from $212.00 to $222.00 and gave the company an "overweight" rating in a research report on Thursday, April 24th. Citigroup reissued a "buy" rating and issued a $296.00 target price (up previously from $227.00) on shares of GE Aerospace in a research note on Monday, July 14th. Royal Bank Of Canada increased their target price on shares of GE Aerospace from $275.00 to $300.00 and gave the company an "outperform" rating in a research note on Friday. Wall Street Zen raised shares of GE Aerospace from a "hold" rating to a "buy" rating in a research note on Friday. Finally, UBS Group increased their target price on shares of GE Aerospace from $300.00 to $321.00 and gave the company a "buy" rating in a research note on Friday. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $240.33.

Insider Buying and Selling

In related news, VP Robert M. Giglietti sold 4,104 shares of GE Aerospace stock in a transaction that occurred 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 sale, the vice president directly owned 11,540 shares in the company, valued at $2,270,264.20. This trade represents a 26.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 transaction of $321,473.34. Following the sale, the senior vice president 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 ownership of the stock. The disclosure for this sale can be found here. 0.21% of the stock is owned by company insiders.

Institutional Trading of GE Aerospace

A number of hedge funds have recently added to or reduced their stakes in GE. Brighton Jones LLC raised its position in GE Aerospace by 25.3% during the fourth quarter. Brighton Jones LLC now owns 12,008 shares of the company's stock worth $2,003,000 after acquiring an additional 2,421 shares during the period. Revolve Wealth Partners LLC raised its position in GE Aerospace by 7.1% during the fourth quarter. Revolve Wealth Partners LLC now owns 2,251 shares of the company's stock worth $375,000 after acquiring an additional 150 shares during the period. Proficio Capital Partners LLC raised its position in GE Aerospace by 62.2% during the fourth quarter. Proficio Capital Partners LLC now owns 3,327 shares of the company's stock worth $555,000 after acquiring an additional 1,276 shares during the period. Connor Clark & Lunn Investment Management Ltd. acquired a new position in GE Aerospace during the fourth quarter worth $849,000. Finally, Advisors Asset Management Inc. raised its position in GE Aerospace by 13.7% during the fourth quarter. Advisors Asset Management Inc. now owns 21,264 shares of the company's stock worth $3,547,000 after acquiring an additional 2,558 shares during the period. 74.77% of the stock is owned by hedge funds and other institutional investors.

GE Aerospace Price Performance

The company has a quick ratio of 0.77, a current ratio of 1.04 and a debt-to-equity ratio of 0.88. The stock's 50-day simple moving average is $244.37 and its two-hundred day simple moving average is $211.75. The company has a market capitalization of $280.98 billion, a price-to-earnings ratio of 36.75, a PEG ratio of 3.05 and a beta of 1.37.

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.