Franklin Resources Inc. Grows Holdings in GE Vernova Inc. (NYSE:GEV)

Franklin Resources Inc. raised its stake in shares of GE Vernova Inc. (NYSE:GEV - Free Report) by 3.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,978,691 shares of the company's stock after purchasing an additional 71,067 shares during the period. Franklin Resources Inc. owned 0.72% of GE Vernova worth $533,257,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of GEV. Deseret Mutual Benefit Administrators acquired a new stake in GE Vernova in the 2nd quarter worth about $25,000. Trifecta Capital Advisors LLC acquired a new stake in shares of GE Vernova in the second quarter worth approximately $25,000. Meeder Asset Management Inc. purchased a new stake in shares of GE Vernova during the second quarter worth approximately $25,000. Gradient Investments LLC acquired a new position in GE Vernova in the 2nd quarter valued at $27,000. Finally, Spectrum Wealth Counsel LLC purchased a new position in GE Vernova in the 2nd quarter valued at $27,000.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on GEV shares. The Goldman Sachs Group raised their price target on shares of GE Vernova from $324.00 to $400.00 and gave the stock a "buy" rating in a research note on Thursday. Bank of America upped their price target on GE Vernova from $300.00 to $320.00 and gave the company a "buy" rating in a research report on Thursday, October 24th. Wells Fargo & Company lifted their price objective on GE Vernova from $385.00 to $411.00 and gave the stock an "overweight" rating in a research report on Friday. Jefferies Financial Group increased their price objective on GE Vernova from $348.00 to $391.00 and gave the stock a "buy" rating in a research report on Friday. Finally, Morgan Stanley boosted their price objective 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. Seven equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $314.35.

GE Vernova Stock Performance

GE Vernova stock traded up $2.10 during mid-day trading on Friday, hitting $332.01. The company had a trading volume of 2,972,926 shares, compared to its average volume of 3,450,213. GE Vernova Inc. has a 1 year low of $115.00 and a 1 year high of $357.09. The business has a fifty day moving average of $312.53 and a 200 day moving average of $232.46.

GE Vernova Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 20th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, December 20th. This represents a $1.00 annualized dividend and a yield of 0.30%.

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

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.