Northeast Investment Management Trims Holdings in GE Aerospace (NYSE:GE)

Northeast Investment Management lowered its position in shares of GE Aerospace (NYSE:GE) by 16.0% in the first quarter, Holdings Channel reports. The institutional investor owned 2,276 shares of the company’s stock after selling 432 shares during the period. Northeast Investment Management’s holdings in GE Aerospace were worth $456,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of GE. Norges Bank purchased a new position in GE Aerospace during the 4th quarter worth $2,375,439,000. GAMMA Investing LLC raised its position in GE Aerospace by 23,611.7% during the 1st quarter. GAMMA Investing LLC now owns 5,065,997 shares of the company’s stock worth $1,013,959,000 after buying an additional 5,044,632 shares during the last quarter. Janus Henderson Group PLC raised its position in GE Aerospace by 87.7% during the 4th quarter. Janus Henderson Group PLC now owns 3,581,799 shares of the company’s stock worth $597,412,000 after buying an additional 1,673,365 shares during the last quarter. Invesco Ltd. raised its position in GE Aerospace by 14.4% during the 4th quarter. Invesco Ltd. now owns 9,544,757 shares of the company’s stock worth $1,591,970,000 after buying an additional 1,204,910 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new position in GE Aerospace during the 4th quarter worth $194,208,000. Hedge funds and other institutional investors own 74.77% of the company’s stock.

Insider Activity

In other news, SVP Mohamed Ali sold 1,602 shares of GE Aerospace stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $200.67, for a total transaction of $321,473.34. Following the sale, the senior vice president now owns 8,805 shares in the company, valued at $1,766,899.35. This trade represents a 15.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Robert M. Giglietti sold 4,104 shares of GE Aerospace stock in a transaction that occurred on Thursday, April 24th. The shares were sold at an average price of $196.73, for a total transaction of $807,379.92. Following the sale, the vice president now owns 11,540 shares in the company, valued at $2,270,264.20. This represents a 26.23% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.21% of the company’s stock.

GE Aerospace Trading Down 3.8%

NYSE GE opened at $241.80 on Wednesday. GE Aerospace has a one year low of $150.20 and a one year high of $257.47. The company’s 50 day moving average price is $212.06 and its 200 day moving average price is $197.14. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.81 and a current ratio of 1.09. The firm has a market capitalization of $257.85 billion, a price-to-earnings ratio of 40.37, a PEG ratio of 2.59 and a beta of 1.38.

GE Aerospace (NYSE:GE) last posted its quarterly earnings data on Tuesday, April 22nd. The company reported $1.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.29 by $0.20. The company had revenue of $9.94 billion for the quarter, compared to analyst estimates of $9.06 billion. GE Aerospace had a net margin of 14.31% and a return on equity of 22.19%. On average, sell-side analysts predict that GE Aerospace will post 5.4 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on GE. Redburn Atlantic started coverage on shares of GE Aerospace in a research report on Tuesday, February 18th. They set a “buy” rating and a $250.00 price objective for the company. Royal Bank of Canada set a $275.00 price objective on shares of GE Aerospace and gave the company an “outperform” rating in a research note on Tuesday, June 3rd. Northcoast Research cut shares of GE Aerospace from a “buy” rating to a “neutral” rating in a research note on Monday, May 19th. Citigroup lowered their price objective on shares of GE Aerospace from $235.00 to $227.00 and set a “buy” rating on the stock in a research note on Thursday, April 10th. Finally, Wells Fargo & Company increased their price objective on shares of GE Aerospace from $212.00 to $222.00 and gave the company an “overweight” rating in a research note on Thursday, April 24th. Two investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, GE Aerospace presently has an average rating of “Moderate Buy” and a consensus price target of $221.15.

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.