GE Aerospace (NYSE:GE) Stock Price Up 2.6% Following Dividend Announcement

GE Aerospace (NYSE:GEGet Free Report) shares traded up 2.6% during mid-day trading on Friday following a dividend announcement from the company. The company traded as high as $256.82 and last traded at $257.57. Approximately 1,909,780 shares changed hands during mid-day trading, a decline of 65% from the average daily volume of 5,388,460 shares. The stock had previously closed at $251.00.

The newly announced 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 annualized dividend and a yield of 0.57%. GE Aerospace’s dividend payout ratio is currently 22.40%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Wells Fargo & Company lifted their price target on GE Aerospace from $212.00 to $222.00 and gave the stock an “overweight” rating in a research note on Thursday, April 24th. Northcoast Research cut GE Aerospace from a “buy” rating to a “neutral” rating in a research note on Monday, May 19th. Citigroup dropped their price target on GE Aerospace from $235.00 to $227.00 and set a “buy” rating on the stock in a research note on Thursday, April 10th. Royal Bank Of Canada set a $275.00 price objective on GE Aerospace and gave the stock an “outperform” rating in a research report on Tuesday, June 3rd. Finally, UBS Group raised their price objective on GE Aerospace from $207.00 to $216.00 and gave the company a “buy” rating in a research note on Wednesday, April 23rd. Two analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, GE Aerospace presently has an average rating of “Moderate Buy” and a consensus price target of $221.15.

Check Out Our Latest Report on GE Aerospace

GE Aerospace Price Performance

The firm has a market capitalization of $271.39 billion, a P/E ratio of 39.58, a price-to-earnings-growth ratio of 3.03 and a beta of 1.38. The business has a fifty day moving average of $228.63 and a 200-day moving average of $202.77. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.77 and a current ratio of 1.08.

GE Aerospace (NYSE:GEGet Free Report) last issued its earnings results on Tuesday, April 22nd. The company reported $1.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.29 by $0.20. GE Aerospace had a return on equity of 29.15% and a net margin of 17.63%. The business had revenue of $9.94 billion for the quarter, compared to analysts’ expectations of $9.06 billion. On average, sell-side analysts forecast that GE Aerospace will post 5.4 EPS for the current fiscal year.

Insider Activity

In other GE Aerospace news, VP Robert M. Giglietti sold 4,104 shares of the firm’s stock in a transaction dated 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 now owns 11,540 shares in the company, valued at approximately $2,270,264.20. This trade represents a 26.23% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Mohamed Ali sold 1,602 shares of GE Aerospace stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $200.67, for a total transaction of $321,473.34. Following the transaction, the senior vice president now directly owns 8,805 shares in the company, valued at $1,766,899.35. The trade was a 15.39% decrease in their position. The disclosure for this sale can be found here. 0.21% of the stock is owned by insiders.

Institutional Trading of GE Aerospace

A number of hedge funds and other institutional investors have recently made changes to their positions in GE. New Age Alpha Advisors LLC boosted its position in GE Aerospace by 133.3% during the fourth quarter. New Age Alpha Advisors LLC now owns 147 shares of the company’s stock worth $25,000 after purchasing an additional 84 shares during the period. Sumitomo Mitsui Financial Group Inc. bought a new stake in GE Aerospace in the fourth quarter valued at approximately $28,000. Putney Financial Group LLC bought a new position in shares of GE Aerospace during the 4th quarter worth approximately $28,000. IMA Advisory Services Inc. bought a new position in shares of GE Aerospace in the 1st quarter worth $28,000. Finally, CBIZ Investment Advisory Services LLC bought a new position in shares of GE Aerospace in the 4th quarter worth $29,000. 74.77% of the stock is currently owned by institutional investors and hedge funds.

About GE Aerospace

(Get Free Report)

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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