GE Aerospace (NYSE:GE) Stock Price Up 1.1% – Still a Buy?

Shares of GE Aerospace (NYSE:GE) traded up 1.1% during mid-day trading on Monday. The stock traded as high as $290.69 and last traded at $288.6990. 6,673,315 shares changed hands during mid-day trading, an increase of 30% from the average session volume of 5,124,966 shares. The stock had previously closed at $285.64.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Susquehanna cut their target price on shares of GE Aerospace from $430.00 to $400.00 and set a “positive” rating for the company in a research report on Wednesday, October 21st. Citigroup reissued a “buy” rating and set a $431.00 price target (up from $353.00) on shares of GE Aerospace in a report on Wednesday, July 1st. TD Cowen restated a “buy” rating and issued a $380.00 price target (up from $330.00) on shares of GE Aerospace in a research note on Monday, July 13th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $378.00 price objective on shares of GE Aerospace in a report on Wednesday, October 21st. Finally, HC Wainwright set a $375.00 price objective on GE Aerospace in a report on Wednesday, October 21st. Seventeen analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $373.05.

GE Aerospace Stock Up 1.1%

The company has a current ratio of 0.98, a quick ratio of 0.68 and a debt-to-equity ratio of 0.96. The stock has a market cap of $298.33 billion, a P/E ratio of 33.30, a PEG ratio of 1.95 and a beta of 1.38. The company’s 50 day moving average price is $322.95 and its two-hundred day moving average price is $329.02.

GE Aerospace (NYSE:GE) last announced its earnings results on Tuesday, October 20th. The company reported $2.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.01 by $0.24. GE Aerospace had a net margin of 17.31% and a return on equity of 44.43%. The company had revenue of $13.29 billion during the quarter, compared to analyst estimates of $12.88 billion. During the same period in the previous year, the business posted $1.66 earnings per share. The firm’s quarterly revenue was up 24.7% compared to the same quarter last year. Equities analysts forecast that GE Aerospace will post 8.15 earnings per share for the current year.

GE Aerospace Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 26th. Stockholders of record on Monday, October 5th will be given a dividend of $0.47 per share. The ex-dividend date of this dividend is Monday, October 5th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 0.7%. GE Aerospace’s payout ratio is presently 21.68%.

Institutional Investors Weigh In On GE Aerospace

Several hedge funds and other institutional investors have recently modified their holdings of the stock. State Street Corp raised its stake in shares of GE Aerospace by 2.6% in the second quarter. State Street Corp now owns 46,497,628 shares of the company’s stock worth $17,377,559,000 after buying an additional 1,160,584 shares during the period. Jennison Associates LLC grew its stake in shares of GE Aerospace by 37.7% during the 1st quarter. Jennison Associates LLC now owns 11,026,006 shares of the company’s stock valued at $3,128,850,000 after acquiring an additional 3,017,937 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of GE Aerospace by 6.3% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,251,603 shares of the company’s stock valued at $2,710,142,000 after acquiring an additional 427,820 shares during the period. Wellington Management Group LLP grew its stake in shares of GE Aerospace by 97.3% during the 2nd quarter. Wellington Management Group LLP now owns 6,797,935 shares of the company’s stock valued at $2,540,592,000 after acquiring an additional 3,352,432 shares during the period. Finally, Bank of America Corp DE increased its holdings in GE Aerospace by 10.0% in the 1st quarter. Bank of America Corp DE now owns 7,664,679 shares of the company’s stock worth $2,175,006,000 after acquiring an additional 695,731 shares in the last quarter. 74.77% of the stock is currently owned by hedge funds and other institutional investors.

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.