GE Aerospace (NYSE:GE) Shares Climb 1.4% – Here’s What Happened

GE Aerospace (NYSE:GE) shot up 1.4% during trading on Tuesday. The company traded as high as $323.00 and last traded at $320.2710. 4,781,705 shares changed hands during trading, a decline of 7% from the average session volume of 5,131,612 shares. The stock had previously closed at $315.78.

GE Aerospace News Roundup

Here are the key news stories impacting GE Aerospace this week:

• Positive Sentiment: Delayed aircraft deliveries are keeping older planes in service longer, supporting demand for engine maintenance, replacement parts and shop visits. GE Aerospace’s commercial services backlog is reported at about $170 billion, making this a potential longer-term tailwind. GE Aerospace stock faces Boeing delays as maintenance demand rises
• Positive Sentiment: GE Aerospace is set to supply gas-turbine engines for two U.S. Navy destroyers, adding defense-related work and potential follow-on service revenue. GE Aerospace to Supply Engines for Two US Navy Flight III Destroyers
• Positive Sentiment: Technical coverage noted GE recently moved above its 200-day moving average, a signal some investors view as supportive of the longer-term trend. GE Aerospace recently broke out above the 200-day moving average
• Neutral Sentiment: CEO Larry Culp said U.S. midterm election results do not have much impact on GE Aerospace’s business, suggesting limited direct exposure to the political outcome. GE Aerospace CEO Larry Culp on midterm results
• Negative Sentiment: GE updated inspection guidance for certain GEnx-1B engines after a study identified early turbine-blade cracks. Additional inspections could complicate airline schedules and raise near-term service demands or costs; reports linked the issue to recent share weakness. GE updates engine checks after study flags early blade cracks
• Negative Sentiment: A GE Aerospace vice president sold 14,796 shares, reducing his reported stake by about 42%. Insider sales can have varied reasons, but the transaction may add to near-term caution. GE Aerospace insider transaction report
• Negative Sentiment: ETFs were reported as net sellers of GE shares, while commentary also notes the stock’s premium valuation, leaving less room for disappointment in execution or growth. ETFs are net sellers of General Electric

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. TD Cowen restated a “buy” rating and issued a $380.00 target price (up from $330.00) on shares of GE Aerospace in a report on Monday, July 13th. Melius Research set a $350.00 target price on GE Aerospace and gave the stock a “hold” rating in a research report on Monday, September 14th. Royal Bank Of Canada set a $376.00 price target on GE Aerospace in a report on Friday, October 23rd. Wells Fargo & Company dropped their price target on shares of GE Aerospace from $390.00 to $380.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 30th. Finally, UBS Group reissued a “buy” rating and issued a $380.00 price target (up from $377.00) on shares of GE Aerospace in a research report on Wednesday, October 21st. Sixteen equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, GE Aerospace has an average rating of “Moderate Buy” and a consensus price target of $373.45.

GE Aerospace Price Performance

The company has a debt-to-equity ratio of 0.96, a current ratio of 0.98 and a quick ratio of 0.68. The stock’s fifty day simple moving average is $315.07 and its 200-day simple moving average is $323.07. The company has a market capitalization of $324.73 billion, a P/E ratio of 36.25, a PEG ratio of 2.24 and a beta of 1.43.

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

GE Aerospace Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, October 26th. Shareholders of record on Monday, October 5th were given a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend was Monday, October 5th. GE Aerospace’s payout ratio is currently 21.68%.

Insider Buying and Selling

In other news, VP Robert Giglietti sold 14,796 shares of the company’s stock in a transaction that occurred on Wednesday, November 4th. The stock was sold at an average price of $332.54, for a total transaction of $4,920,261.84. Following the completion of the transaction, the vice president directly owned 20,201 shares in the company, valued at $6,717,640.54. The trade was a 42.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.19% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On GE Aerospace

Several hedge funds and other institutional investors have recently modified their holdings of GE. Smith Partners Wealth Management LLC grew its position in shares of GE Aerospace by 29.6% in the 3rd quarter. Smith Partners Wealth Management LLC now owns 1,051 shares of the company’s stock valued at $328,000 after purchasing an additional 240 shares during the period. Maryland State Retirement & Pension System raised its holdings in GE Aerospace by 13.6% during the 3rd quarter. Maryland State Retirement & Pension System now owns 63,218 shares of the company’s stock worth $19,742,000 after buying an additional 7,566 shares during the period. Cabot Wealth Management Inc. raised its holdings in GE Aerospace by 6.5% during the 3rd quarter. Cabot Wealth Management Inc. now owns 1,600 shares of the company’s stock worth $500,000 after buying an additional 98 shares during the period. UNIVEST FINANCIAL Corp raised its holdings in GE Aerospace by 11.2% during the 3rd quarter. UNIVEST FINANCIAL Corp now owns 2,932 shares of the company’s stock worth $916,000 after buying an additional 295 shares during the period. Finally, Joel Isaacson & Co. LLC lifted its stake in GE Aerospace by 4.1% in the third quarter. Joel Isaacson & Co. LLC now owns 9,047 shares of the company’s stock valued at $2,825,000 after buying an additional 359 shares in the last quarter. Institutional investors and hedge funds own 74.77% of the company’s stock.

GE Aerospace Company Profile

GE Aerospace (NYSE: GE) is a global aerospace company that designs, develops, manufactures and services aircraft engines and related systems. Its products support commercial air transport, business and general aviation, military aircraft, and other defense applications. The company also provides engine components, avionics, mechanical systems, digital solutions and maintenance, repair and overhaul services.

GE Aerospace serves airlines, aircraft operators, leasing companies, airframers and government customers worldwide.