GE Vernova Inc. (NYSE:GEV) Stock Position Cut by Essex LLC

Essex LLC decreased its stake in shares of GE Vernova Inc. (NYSE:GEV) by 8.4% during the 4th quarter, Holdings Channel reports. The institutional investor owned 4,367 shares of the company’s stock after selling 403 shares during the period. Essex LLC’s holdings in GE Vernova were worth $1,436,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the stock. Cedar Mountain Advisors LLC increased its stake in shares of GE Vernova by 102.6% during the fourth quarter. Cedar Mountain Advisors LLC now owns 77 shares of the company’s stock valued at $25,000 after acquiring an additional 39 shares during the period. Castleview Partners LLC bought a new stake in shares of GE Vernova in the 3rd quarter worth $28,000. Riggs Asset Managment Co. Inc. lifted its holdings in shares of GE Vernova by 93.4% in the fourth quarter. Riggs Asset Managment Co. Inc. now owns 118 shares of the company’s stock valued at $39,000 after buying an additional 57 shares during the period. Covestor Ltd boosted its stake in GE Vernova by 61.3% during the third quarter. Covestor Ltd now owns 121 shares of the company’s stock valued at $31,000 after buying an additional 46 shares in the last quarter. Finally, Darwin Wealth Management LLC acquired a new position in GE Vernova during the third quarter worth about $31,000.

GE Vernova Stock Performance

Shares of GEV opened at $377.99 on Friday. The company has a 50-day simple moving average of $358.59 and a 200-day simple moving average of $285.51. GE Vernova Inc. has a 52 week low of $115.00 and a 52 week high of $447.50. The firm has a market capitalization of $104.19 billion and a P/E ratio of 67.98.

GE Vernova (NYSE:GEV) last released its quarterly earnings data on Wednesday, January 22nd. The company reported $1.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.57). GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. The firm had revenue of $10.56 billion for the quarter, compared to the consensus estimate of $10.70 billion. The business’s revenue was up 5.1% compared to the same quarter last year. As a group, equities analysts forecast that GE Vernova Inc. will post 6.59 earnings per share for the current year.

GE Vernova declared that its board has initiated a stock repurchase program on Tuesday, December 10th that authorizes the company to buyback $6.00 billion in shares. This buyback authorization authorizes the company to repurchase up to 6.7% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.

GE Vernova Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 28th. Investors of record on Friday, December 20th were paid a $0.25 dividend. The ex-dividend date of this dividend was Friday, December 20th. This represents a $1.00 dividend on an annualized basis and a yield of 0.26%. GE Vernova’s payout ratio is currently 17.99%.

Analysts Set New Price Targets

GEV has been the subject of several research reports. TD Cowen began coverage on shares of GE Vernova in a research report on Thursday, December 5th. They set a “buy” rating and a $400.00 price objective for the company. BMO Capital Markets raised their price objective on GE Vernova from $360.00 to $420.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 21st. JPMorgan Chase & Co. upped their target price on GE Vernova from $374.00 to $436.00 and gave the company an “overweight” rating in a report on Thursday, January 23rd. Guggenheim downgraded GE Vernova from a “buy” rating to a “neutral” rating and set a $380.00 price objective on the stock. in a report on Friday, January 24th. Finally, Morgan Stanley boosted their price target on shares of GE Vernova from $301.00 to $367.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Eight equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and three have given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $346.22.

About GE Vernova

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.