Verdence Capital Advisors LLC Sells 4,518 Shares of GE Aerospace $GE

Key Points

• Verdence Capital Advisors reduced its GE Aerospace stake by 23% in the third quarter, selling 4,518 shares and retaining 15,137 shares valued at $4.73 million. Institutional investors collectively own 74.77% of the company.
• GE Aerospace reported quarterly earnings of $2.25 per share, beating estimates of $2.01, while revenue rose 24.7% year over year to $13.29 billion. The company also paid a quarterly dividend of $0.47 per share, implying a 0.7% yield.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $373.45, despite several firms recently lowering their targets.

Verdence Capital Advisors LLC cut its holdings in GE Aerospace (NYSE:GE - Free Report) by 23.0% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 15,137 shares of the company's stock after selling 4,518 shares during the period. Verdence Capital Advisors LLC's holdings in GE Aerospace were worth $4,727,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of GE. WealthCare Asset Management LLC acquired a new stake in GE Aerospace in the 3rd quarter valued at approximately $735,000. Flagship Harbor Advisors LLC grew its holdings in GE Aerospace by 3.5% during the 3rd quarter. Flagship Harbor Advisors LLC now owns 10,990 shares of the company's stock worth $3,432,000 after acquiring an additional 369 shares in the last quarter. Westover Capital Advisors LLC increased its holdings in GE Aerospace by 19.8% in the third quarter. Westover Capital Advisors LLC now owns 1,652 shares of the company's stock valued at $516,000 after buying an additional 273 shares during the last quarter. Peterson Wealth Services raised its position in shares of GE Aerospace by 94.7% during the 3rd quarter. Peterson Wealth Services now owns 440 shares of the company's stock worth $137,000 after acquiring an additional 214 shares in the last quarter. Finally, Leo Wealth LLC acquired a new stake in GE Aerospace during the third quarter worth approximately $324,000. Hedge funds and other institutional investors own 74.77% of the company's stock.

GE Aerospace Price Performance

Shares of NYSE:GE opened at $288.70 on Tuesday. GE Aerospace has a 52 week low of $268.91 and a 52 week high of $388.84. The business has a fifty day simple moving average of $323.58 and a 200-day simple moving average of $323.67. The company has a quick ratio of 0.68, a current ratio of 0.98 and a debt-to-equity ratio of 0.96. The company has a market cap of $298.33 billion, a P/E ratio of 33.30, a P/E/G ratio of 1.95 and a beta of 1.38.

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

GE Aerospace Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, October 26th. Stockholders of record on Monday, October 5th were issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date was Monday, October 5th. GE Aerospace's dividend payout ratio (DPR) is 21.68%.

Analysts Set New Price Targets

Several analysts have recently weighed in on GE shares. JPMorgan Chase & Co. reduced their target price on GE Aerospace from $400.00 to $375.00 and set an "overweight" rating for the company in a report on Wednesday, October 21st. Susquehanna dropped their price target on shares of GE Aerospace from $430.00 to $400.00 and set a "positive" rating on the stock in a research note on Wednesday, October 21st. Citigroup reiterated a "buy" rating and issued a $431.00 price objective (up from $353.00) on shares of GE Aerospace in a research report on Wednesday, July 1st. Guggenheim set a $380.00 price target on shares of GE Aerospace in a research report on Wednesday, October 21st. Finally, Vertical Research reaffirmed a "buy" rating and set a $400.00 price target on shares of GE Aerospace in a research note on Tuesday, October 20th. Sixteen equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, GE Aerospace presently has an average rating of "Moderate Buy" and an average price target of $373.45.

GE Aerospace 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.

Want to see what other hedge funds are holding GE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for GE Aerospace (NYSE:GE - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.