Empirical Asset Management LLC bought a new position in shares of GE Vernova Inc. (NYSE:GEV - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 1,896 shares of the company's stock, valued at approximately $624,000.
Several other hedge funds and other institutional investors have also recently modified their holdings of GEV. Castleview Partners LLC bought a new position in GE Vernova in the third quarter valued at $28,000. Covestor Ltd increased its position in shares of GE Vernova by 61.3% in the third quarter. Covestor Ltd now owns 121 shares of the company's stock valued at $31,000 after acquiring an additional 46 shares during the last quarter. Darwin Wealth Management LLC bought a new stake in GE Vernova during the third quarter worth about $31,000. Prestige Wealth Management Group LLC boosted its position in GE Vernova by 175.0% during the third quarter. Prestige Wealth Management Group LLC now owns 121 shares of the company's stock valued at $31,000 after purchasing an additional 77 shares during the last quarter. Finally, Planning Capital Management Corp grew its stake in GE Vernova by 1,000.0% in the third quarter. Planning Capital Management Corp now owns 143 shares of the company's stock valued at $36,000 after purchasing an additional 130 shares in the last quarter.
GE Vernova Price Performance
GEV stock traded up $10.84 during mid-day trading on Friday, hitting $401.84. The stock had a trading volume of 2,360,990 shares, compared to its average volume of 2,430,212. The firm has a fifty day simple moving average of $344.59 and a 200 day simple moving average of $264.36. GE Vernova Inc. has a 52 week low of $115.00 and a 52 week high of $404.13.
GE Vernova announced that its Board of Directors has authorized a share buyback plan on Tuesday, December 10th that allows the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization allows the company to buy up to 6.7% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board believes its stock is undervalued.
GE Vernova Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Shareholders of record on Friday, December 20th will be given a dividend of $0.25 per share. The ex-dividend date is Friday, December 20th. This represents a $1.00 annualized dividend and a yield of 0.25%.
Analysts Set New Price Targets
Several research firms recently weighed in on GEV. Wolfe Research initiated coverage on shares of GE Vernova in a research note on Wednesday, December 4th. They issued an "outperform" rating and a $403.00 target price for the company. William Blair reaffirmed an "outperform" rating on shares of GE Vernova in a report on Wednesday, December 11th. Royal Bank of Canada reiterated an "outperform" rating and set a $376.00 price target on shares of GE Vernova in a report on Wednesday, December 11th. Guggenheim cut their price objective on GE Vernova from $400.00 to $380.00 and set a "buy" rating for the company in a research report on Wednesday, December 11th. Finally, HSBC reiterated a "hold" rating and set a $255.00 target price (up from $240.00) on shares of GE Vernova in a research note on Friday, October 4th. Seven equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, GE Vernova has an average rating of "Moderate Buy" and an average price target of $321.35.
Check Out Our Latest Stock Analysis on GE Vernova
GE Vernova Profile
(
Free Report)
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.
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