US Bancorp DE Reduces Stake in GE Aerospace by Over 13,000 Shares
US Bancorp DE has decreased its holdings in GE Aerospace (NYSE: GE) by 4.1% during the first quarter of 2023, according to a recent filing with the Securities & Exchange Commission. The firm sold 13,094 shares, bringing its total ownership to 303,672 shares, valued at approximately $60.78 million at the end of the reporting period.
This move is part of a broader trend among institutional investors, many of whom have recently adjusted their stakes in the aerospace giant. Notably, New Age Alpha Advisors LLC increased its investment in GE Aerospace by an impressive 133.3% in the fourth quarter, acquiring a total of 147 shares valued at around $25,000. Sumitomo Mitsui Financial Group Inc. and Putney Financial Group LLC both initiated new positions during the same period, each investing $28,000.
In a remarkable surge, Copia Wealth Management raised its stake in GE Aerospace by an astonishing 14,200% in the first quarter, now owning 143 shares valued at $29,000. Overall, institutional investors control approximately 74.77% of GE Aerospace’s stock.
Analysts Weigh In on GE Aerospace
The stock has recently attracted attention from various analysts. On July 18, Wall Street Zen upgraded GE Aerospace from a “hold” to a “buy” rating. Following suit, UBS Group raised its price target from $300.00 to $321.00, maintaining a “buy” rating. Conversely, Northcoast Research downgraded the stock from “buy” to “neutral” on May 19.
Moreover, Royal Bank of Canada increased its price target from $275.00 to $300.00, while Barclays raised its target from $230.00 to $295.00. Presently, one analyst has rated GE Aerospace with a “hold,” while eleven have given it a “buy” rating. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” with a consensus target price of $232.92.
Stock Performance and Financial Results
As of the latest trading session, GE Aerospace’s stock opened at $269.49. The company boasts a fifty-day moving average price of $252.13 and a 200-day moving average price of $218.37. With a market capitalization of $285.78 billion, the stock has shown considerable volatility, with a fifty-two week low of $150.20 and a high of $274.94.
In its most recent earnings report released on July 17, GE Aerospace reported an earnings per share (EPS) of $1.66, surpassing analysts’ expectations of $1.43 by $0.23. The firm’s revenue for the quarter reached $10.15 billion, well above the anticipated $9.49 billion, marking a year-over-year revenue increase of 21.2%. The company also reported a return on equity of 31.32% and a net margin of 18.64%.
Additionally, GE Aerospace has recently announced a quarterly dividend, which was distributed on July 25. Shareholders on record as of July 7 received a dividend of $0.36 per share, translating to an annualized dividend of $1.44 and a dividend yield of 0.5%. The company’s dividend payout ratio is currently 20.08%.
GE Aerospace, a division of General Electric, specializes in aerospace products and services, operating through two main segments: Commercial Engines and Services, as well as Defense and Propulsion Technologies. The company is renowned for its advanced jet and turboprop engines, offering integrated systems for a range of aviation sectors including commercial, military, and general aviation.
For those interested in monitoring institutional holdings or recent trades involving GE, further details can be found on financial platforms such as HoldingsChannel.com and MarketBeat.com.
