Chevy Chase Trust Holdings LLC Cuts Stake in GE Vernova Inc. (NYSE:GEV)

Chevy Chase Trust Holdings LLC reduced its stake in GE Vernova Inc. (NYSE:GEV) by 1.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 146,695 shares of the company’s stock after selling 2,640 shares during the period. Chevy Chase Trust Holdings LLC owned approximately 0.05% of GE Vernova worth $48,252,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Cedar Mountain Advisors LLC grew its stake in shares of GE Vernova by 102.6% in the fourth quarter. Cedar Mountain Advisors LLC now owns 77 shares of the company’s stock worth $25,000 after acquiring an additional 39 shares during the last quarter. Pineridge Advisors LLC boosted its position in shares of GE Vernova by 530.8% during the fourth quarter. Pineridge Advisors LLC now owns 82 shares of the company’s stock valued at $27,000 after buying an additional 69 shares during the last quarter. Castleview Partners LLC purchased a new stake in shares of GE Vernova during the third quarter valued at $28,000. Covestor Ltd boosted its position in shares of 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 during the last quarter. Finally, Darwin Wealth Management LLC purchased a new stake in shares of GE Vernova during the third quarter valued at $31,000.

GE Vernova Stock Down 0.8 %

GEV stock opened at $367.43 on Friday. GE Vernova Inc. has a twelve month low of $115.00 and a twelve month high of $447.50. The stock has a market cap of $101.28 billion and a P/E ratio of 66.08. The business’s 50-day moving average price is $361.32 and its 200-day moving average price is $291.28.

GE Vernova (NYSE:GEV) last posted its quarterly earnings results on Wednesday, January 22nd. The company reported $1.73 EPS for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.57). GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The business had revenue of $10.56 billion during the quarter, compared to analysts’ expectations of $10.70 billion. GE Vernova’s revenue was up 5.1% on a year-over-year basis. On average, equities research analysts expect that GE Vernova Inc. will post 6.59 earnings per share for the current fiscal year.

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

GE Vernova Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 28th. Investors of record on Friday, December 20th were issued 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 0.27%. GE Vernova’s dividend payout ratio is presently 17.99%.

Analyst Ratings Changes

GEV has been the topic of several recent analyst reports. The Goldman Sachs Group increased their price objective on GE Vernova from $446.00 to $500.00 and gave the company a “buy” rating in a research report on Friday, January 24th. 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 research report on Friday, December 13th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $453.00 price objective on shares of GE Vernova in a research report on Tuesday, January 28th. Wells Fargo & Company increased their price objective on GE Vernova from $385.00 to $411.00 and gave the company an “overweight” rating in a research report on Friday, December 13th. Finally, Bank of America raised their target price on GE Vernova from $380.00 to $415.00 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. Eight analysts have rated the stock with a hold rating, twenty have assigned a buy rating and four have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, GE Vernova has a consensus rating of “Moderate Buy” and a consensus target price of $350.13.

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.