Penobscot Investment Management Company Inc. Raises Stock Position in GE Aerospace (NYSE:GE)

Penobscot Investment Management Company Inc. grew its holdings in GE Aerospace (NYSE:GE) by 7.1% during the first quarter, HoldingsChannel.com reports. The fund owned 7,898 shares of the company’s stock after purchasing an additional 526 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in GE Aerospace were worth $1,581,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the business. Oak Hill Wealth Advisors LLC raised its stake in shares of GE Aerospace by 26.2% in the 1st quarter. Oak Hill Wealth Advisors LLC now owns 1,806 shares of the company’s stock valued at $361,000 after acquiring an additional 375 shares during the period. Western Wealth Management LLC raised its stake in shares of GE Aerospace by 4.0% in the 1st quarter. Western Wealth Management LLC now owns 13,357 shares of the company’s stock valued at $2,673,000 after acquiring an additional 513 shares during the period. Nvest Financial LLC purchased a new position in shares of GE Aerospace in the 1st quarter valued at $210,000. Creative Financial Designs Inc. ADV raised its stake in shares of GE Aerospace by 5.2% in the 1st quarter. Creative Financial Designs Inc. ADV now owns 1,464 shares of the company’s stock valued at $293,000 after acquiring an additional 73 shares during the period. Finally, Sequoia Financial Advisors LLC raised its stake in shares of GE Aerospace by 10.3% in the 1st quarter. Sequoia Financial Advisors LLC now owns 73,560 shares of the company’s stock valued at $14,723,000 after acquiring an additional 6,882 shares during the period. Hedge funds and other institutional investors own 74.77% of the company’s stock.

Wall Street Analysts Forecast Growth

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

GE Aerospace Stock Up 0.4%

GE stock opened at $249.86 on Thursday. GE Aerospace has a 52 week low of $150.20 and a 52 week high of $257.47. The company has a market capitalization of $266.45 billion, a price-to-earnings ratio of 38.86, a price-to-earnings-growth ratio of 3.00 and a beta of 1.38. The firm’s 50-day moving average is $225.79 and its two-hundred day moving average is $201.64. The company has a current ratio of 1.08, a quick ratio of 0.77 and a debt-to-equity ratio of 0.90.

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

Insider Transactions at GE Aerospace

In other news, 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 value of $807,379.92. Following the transaction, the vice president now owns 11,540 shares of the company’s stock, valued at $2,270,264.20. The trade was a 26.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 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 completion of the transaction, the senior vice president now directly owns 8,805 shares in the company, valued at $1,766,899.35. This represents a 15.39% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.21% of the company’s stock.

GE Aerospace Profile

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.