Wells Fargo & Company Forecasts Strong Price Appreciation for GE Aerospace (NYSE:GE) Stock

GE Aerospace (NYSE:GE - Get Free Report) had its price target raised by analysts at Wells Fargo & Company from $34.00 to $38.00 in a note issued to investors on Wednesday,BayStreet.CA reports. Wells Fargo & Company's price objective indicates a potential downside of 85.57% from the company's previous close.

A number of other analysts also recently weighed in on the stock. 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 report on Wednesday. UBS Group lifted their price target on GE Aerospace from $300.00 to $321.00 and gave the stock a "buy" rating in a research report on Friday, July 18th. Citigroup reaffirmed a "buy" rating and issued a $296.00 price target (up previously from $227.00) on shares of GE Aerospace in a research report on Monday, July 14th. Wall Street Zen raised GE Aerospace from a "hold" rating to a "buy" rating in a research report on Friday, July 18th. Finally, Royal Bank Of Canada lifted their price target on GE Aerospace from $275.00 to $300.00 and gave the stock an "outperform" rating in a research report on Friday, July 18th. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, GE Aerospace currently has an average rating of "Moderate Buy" and a consensus target price of $232.92.

GE Aerospace Stock Performance

GE traded up $4.27 during trading hours on Wednesday, hitting $263.27. The stock had a trading volume of 2,538,087 shares, compared to its average volume of 5,628,257. The company's fifty day simple moving average is $244.37 and its 200 day simple moving average is $212.37. GE Aerospace has a 1 year low of $150.20 and a 1 year high of $272.80. The stock has a market cap of $280.74 billion, a PE ratio of 36.73, a price-to-earnings-growth ratio of 3.05 and a beta of 1.37. The company has a quick ratio of 0.73, a current ratio of 1.04 and a debt-to-equity ratio of 0.88.

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

Insider Transactions at GE Aerospace

In related news, SVP Mohamed Ali sold 1,602 shares of GE Aerospace stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $200.67, for a total transaction of $321,473.34. Following the completion of the sale, the senior vice president owned 8,805 shares in the company, valued at $1,766,899.35. This trade represents a 15.39% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Robert M. Giglietti sold 4,104 shares of the 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 in the company, valued at approximately $2,270,264.20. The trade was a 26.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.21% of the company's stock.

Hedge Funds Weigh In On GE Aerospace

Large investors have recently added to or reduced their stakes in the company. Brighton Jones LLC boosted its holdings in 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 acquiring an additional 2,421 shares in the last quarter. Revolve Wealth Partners LLC boosted its holdings in 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 acquiring an additional 150 shares in the last quarter. American Century Companies Inc. boosted its holdings in 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 acquiring an additional 102,319 shares in the last quarter. Congress Wealth Management LLC DE increased its holdings in shares of GE Aerospace by 7.2% in the fourth quarter. Congress Wealth Management LLC DE now owns 8,826 shares of the company's stock valued at $1,472,000 after purchasing an additional 591 shares during the period. Finally, EntryPoint Capital LLC increased its holdings in shares of GE Aerospace by 138.6% in the fourth quarter. EntryPoint Capital LLC now owns 2,691 shares of the company's stock valued at $449,000 after purchasing an additional 1,563 shares during the period. 74.77% of the stock is currently owned by institutional investors.

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.

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