Herbst Group LLC Buys Shares of 8,065 GE Vernova Inc. (NYSE:GEV)

Herbst Group LLC bought a new position in shares of GE Vernova Inc. (NYSE:GEV - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 8,065 shares of the company's stock, valued at approximately $2,653,000.

Several other institutional investors and hedge funds have also bought and sold shares of GEV. Mountaineer Partners Management LLC purchased a new position in shares of GE Vernova during the third quarter worth about $2,507,296,000. Marshall Wace LLP purchased a new position in GE Vernova in the 2nd quarter worth approximately $399,770,000. Legal & General Group Plc bought a new position in shares of GE Vernova in the 2nd quarter worth $293,699,000. Electron Capital Partners LLC raised its position in shares of GE Vernova by 1,641.3% during the 2nd quarter. Electron Capital Partners LLC now owns 1,694,296 shares of the company's stock valued at $290,589,000 after buying an additional 1,596,996 shares in the last quarter. Finally, Lone Pine Capital LLC purchased a new stake in shares of GE Vernova during the 2nd quarter valued at $253,322,000.

Analysts Set New Price Targets

Several brokerages recently issued reports on GEV. The Goldman Sachs Group upped their target price on shares of GE Vernova from $400.00 to $446.00 and gave the stock a "buy" rating in a research report on Thursday. 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. TD Cowen assumed coverage on GE Vernova in a report on Thursday, December 5th. They set a "buy" rating and a $400.00 price objective on the stock. Wolfe Research assumed coverage on GE Vernova in a research note on Wednesday, December 4th. They issued an "outperform" rating and a $403.00 target price for the company. Finally, Royal Bank of Canada reiterated an "outperform" rating and set a $376.00 price target on shares of GE Vernova in a research report on Wednesday, December 11th. Seven analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $321.35.

GE Vernova Price Performance

Shares of GEV stock traded up $10.84 during trading hours on Friday, hitting $401.84. 2,360,990 shares of the company's stock traded hands, compared to its average volume of 2,430,212. The stock's fifty day simple moving average is $344.59 and its two-hundred day simple moving average is $264.36. GE Vernova Inc. has a 12-month low of $115.00 and a 12-month high of $404.13.

GE Vernova Announces Dividend

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

GE Vernova declared that its board has initiated a stock repurchase program on Tuesday, December 10th that authorizes the company to repurchase $6.00 billion in shares. This repurchase authorization authorizes the company to buy up to 6.7% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's board of directors believes its shares are undervalued.

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.