Sumitomo Mitsui Trust Group Inc. Buys 52,631 Shares of GE Vernova Inc. (NYSE:GEV)

Sumitomo Mitsui Trust Group Inc. raised its stake in shares of GE Vernova Inc. (NYSE:GEV) by 8.5% during the 4th quarter, Holdings Channel reports. The fund owned 669,940 shares of the company’s stock after purchasing an additional 52,631 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in GE Vernova were worth $220,363,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. FMR LLC boosted its position in GE Vernova by 2.5% during the 3rd quarter. FMR LLC now owns 24,047,678 shares of the company’s stock valued at $6,131,677,000 after acquiring an additional 584,208 shares in the last quarter. State Street Corp boosted its position in GE Vernova by 1.1% during the 3rd quarter. State Street Corp now owns 10,434,917 shares of the company’s stock valued at $2,660,695,000 after acquiring an additional 118,184 shares in the last quarter. Mountaineer Partners Management LLC purchased a new stake in shares of GE Vernova during the 3rd quarter valued at $2,507,296,000. Geode Capital Management LLC lifted its holdings in shares of GE Vernova by 1.5% during the 3rd quarter. Geode Capital Management LLC now owns 5,594,223 shares of the company’s stock valued at $1,420,763,000 after purchasing an additional 80,479 shares during the last quarter. Finally, WCM Investment Management LLC lifted its holdings in shares of GE Vernova by 83.1% during the 3rd quarter. WCM Investment Management LLC now owns 2,560,248 shares of the company’s stock valued at $639,704,000 after purchasing an additional 1,161,901 shares during the last quarter.

GE Vernova Stock Up 0.8 %

Shares of GE Vernova stock opened at $377.99 on Friday. GE Vernova Inc. has a twelve month low of $115.00 and a twelve month high of $447.50. The business has a 50-day moving average price of $357.71 and a 200 day moving average price of $284.04. The firm has a market cap of $104.19 billion and a PE ratio of 67.98.

GE Vernova (NYSE:GEV) last announced its quarterly earnings results on Wednesday, January 22nd. The company reported $1.73 earnings per share for the quarter, missing the consensus estimate of $2.30 by ($0.57). GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. The business had revenue of $10.56 billion during the quarter, compared to analysts’ expectations of $10.70 billion. The business’s revenue was up 5.1% on a year-over-year basis. On average, sell-side analysts expect that GE Vernova Inc. will post 6.33 EPS for the current year.

GE Vernova announced that its board has approved a stock buyback program on Tuesday, December 10th that permits the company to buyback $6.00 billion in shares. This buyback authorization permits the company to repurchase up to 6.7% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.

GE Vernova Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 28th. Shareholders of record on Friday, December 20th were paid a dividend of $0.25 per share. The ex-dividend date was Friday, December 20th. This represents a $1.00 annualized dividend and a yield of 0.26%. GE Vernova’s dividend payout ratio (DPR) is currently 17.99%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on GEV shares. Citigroup increased their price objective on GE Vernova from $361.00 to $437.00 and gave the company a “neutral” rating in a report on Thursday, January 23rd. Marathon Capitl upgraded GE Vernova to a “strong-buy” rating in a report on Friday, January 31st. William Blair reiterated an “outperform” rating on shares of GE Vernova in a report on Thursday, January 23rd. Barclays increased their price objective on GE Vernova from $420.00 to $487.00 and gave the company an “overweight” rating in a report on Thursday, January 23rd. Finally, Jefferies Financial Group increased their price objective on GE Vernova from $348.00 to $391.00 and gave the company a “buy” rating in a report on Friday, December 13th. Eight investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $346.22.

GE Vernova Company Profile

GE Vernova LLC, an energy business company, generates electricity. It operates under three segments: Power, Wind, and Electrification. The Power segments generates and sells electricity through hydro, gas, nuclear, and steam power. Wind segment engages in the manufacturing and sale of wind turbine blades; and Electrification segment provides grid solutions, power conversion, solar, and storage solutions.