GE Aerospace (NYSE:GE) Stock Price Up 1.3% – Here’s Why

Shares of GE Aerospace (NYSE:GE) were up 1.3% during mid-day trading on Wednesday. The stock traded as high as $342.90 and last traded at $342.2770. Approximately 3,368,195 shares were traded during trading, a decline of 34% from the average daily volume of 5,134,626 shares. The stock had previously closed at $337.91.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Royal Bank Of Canada set a $376.00 price target on GE Aerospace in a research report on Friday, October 23rd. Wells Fargo & Company cut their target price on shares of GE Aerospace from $390.00 to $380.00 and set an “overweight” rating on the stock in a research note on Wednesday, September 30th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of GE Aerospace in a research report on Thursday, October 15th. UBS Group reissued a “buy” rating and issued a $380.00 target price (up from $377.00) on shares of GE Aerospace in a research note on Wednesday, October 21st. Finally, Deutsche Bank reaffirmed a “buy” rating and issued a $378.00 price objective on shares of GE Aerospace in a research report on Wednesday, October 21st. Sixteen investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, GE Aerospace has a consensus rating of “Moderate Buy” and an average price target of $373.45.

GE Aerospace Stock Up 1.3%

The company has a fifty day simple moving average of $314.60 and a 200-day simple moving average of $323.43. The company has a quick ratio of 0.68, a current ratio of 0.98 and a debt-to-equity ratio of 0.96. The firm has a market cap of $353.69 billion, a P/E ratio of 39.48, a price-to-earnings-growth ratio of 2.28 and a beta of 1.43.

GE Aerospace (NYSE:GE) last released its earnings results on Tuesday, October 20th. The company reported $2.25 earnings per share for the quarter, beating analysts’ consensus estimates of $2.01 by $0.24. The company had revenue of $13.29 billion for the quarter, compared to analysts’ expectations of $12.88 billion. GE Aerospace had a net margin of 17.31% and a return on equity of 44.43%. GE Aerospace’s revenue for the quarter was up 24.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.66 EPS. On average, equities analysts anticipate that GE Aerospace will post 8.16 earnings per share for the current year.

GE Aerospace Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, October 26th. Investors of record on Monday, October 5th were issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 0.5%. The ex-dividend date was Monday, October 5th. GE Aerospace’s dividend payout ratio is presently 21.68%.

Insider Activity

In other news, VP Robert Giglietti sold 14,796 shares of the company’s stock in a transaction dated Wednesday, November 4th. The shares were sold at an average price of $332.54, for a total value of $4,920,261.84. Following the transaction, the vice president directly owned 20,201 shares in the company, valued at approximately $6,717,640.54. This represents a 42.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.19% of the stock is owned by company insiders.

Hedge Funds Weigh In On GE Aerospace

Large investors have recently bought and sold shares of the business. GK Wealth Management LLC purchased a new position in shares of GE Aerospace in the 3rd quarter worth approximately $25,000. Clark Wealth Partners lifted its holdings in GE Aerospace by 70.1% in the third quarter. Clark Wealth Partners now owns 114 shares of the company’s stock valued at $36,000 after acquiring an additional 47 shares during the period. Paladin Partners LLC acquired a new stake in shares of GE Aerospace during the 2nd quarter valued at about $38,000. Parvin Asset Management LLC acquired a new stake in GE Aerospace in the 2nd quarter valued at $41,000. Finally, Markowski Investments purchased a new stake in shares of GE Aerospace during the second quarter worth about $46,000. Institutional investors own 74.77% of the company’s stock.

About GE Aerospace

GE Aerospace (NYSE: GE) designs, manufactures and services engines and related systems for commercial and military aircraft. Its offerings include aircraft engines, components, avionics and other integrated systems, along with maintenance, repair and overhaul services and digital solutions that support aircraft operations. The company serves airlines, aircraft manufacturers, governments and defense organizations around the world. Its business combines original equipment production with long-term aftermarket support, including parts and technical services for engines already in operation.