ING Groep NV boosted its stake in shares of GE Vernova Inc. (NYSE:GEV - Free Report) by 130.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 59,408 shares of the company's stock after purchasing an additional 33,645 shares during the quarter. ING Groep NV's holdings in GE Vernova were worth $19,541,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Waverton Investment Management Ltd boosted its position in GE Vernova by 10.0% during the 3rd quarter. Waverton Investment Management Ltd now owns 727,704 shares of the company's stock valued at $185,459,000 after purchasing an additional 66,455 shares during the period. Register Financial Advisors LLC bought a new stake in GE Vernova during the 4th quarter valued at $206,000. Hanlon Investment Management Inc. bought a new stake in GE Vernova during the 3rd quarter valued at $1,101,000. Atria Investments Inc raised its stake in GE Vernova by 127.0% during the 3rd quarter. Atria Investments Inc now owns 5,088 shares of the company's stock valued at $1,297,000 after acquiring an additional 2,847 shares in the last quarter. Finally, GPS Wealth Strategies Group LLC raised its stake in GE Vernova by 1,126.0% during the 4th quarter. GPS Wealth Strategies Group LLC now owns 895 shares of the company's stock valued at $294,000 after acquiring an additional 822 shares in the last quarter.
GE Vernova Trading Down 8.9 %
NYSE GEV traded down $32.00 on Friday, reaching $327.68. The stock had a trading volume of 6,959,273 shares, compared to its average volume of 3,723,897. The business has a 50 day moving average price of $364.50 and a 200 day moving average price of $298.16. GE Vernova Inc. has a 1 year low of $115.00 and a 1 year high of $447.50. The company has a market capitalization of $90.41 billion and a price-to-earnings ratio of 58.93.
GE Vernova (NYSE:GEV - Get Free Report) last announced its quarterly earnings results on Wednesday, January 22nd. The company reported $1.73 earnings per share 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 company had revenue of $10.56 billion during the quarter, compared to analyst estimates of $10.70 billion. The firm's quarterly revenue was up 5.1% compared to the same quarter last year. On average, analysts anticipate that GE Vernova Inc. will post 6.59 earnings per share for the current fiscal year.
GE Vernova declared that its board has authorized a stock repurchase program on Tuesday, December 10th that allows the company to buyback $6.00 billion in shares. This buyback authorization allows the company to reacquire up to 6.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board believes its shares are undervalued.
GE Vernova Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Tuesday, January 28th. Shareholders of record on Friday, December 20th were given a $0.25 dividend. The ex-dividend date was Friday, December 20th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.31%. GE Vernova's dividend payout ratio is currently 17.99%.
Analyst Ratings Changes
Several analysts have weighed in on GEV shares. Wells Fargo & Company lifted their target price on GE Vernova from $385.00 to $411.00 and gave the company an "overweight" rating in a research note on Friday, December 13th. Robert W. Baird started coverage on GE Vernova in a research note on Thursday, February 13th. They set an "outperform" rating and a $448.00 target price on the stock. Truist Financial boosted their price objective on GE Vernova from $420.00 to $470.00 and gave the stock a "buy" rating in a research note on Thursday, January 23rd. Citigroup boosted their price objective on GE Vernova from $361.00 to $437.00 and gave the stock a "neutral" rating in a research note on Thursday, January 23rd. Finally, CICC Research started coverage on GE Vernova in a research note on Wednesday. They issued an "outperform" rating on the stock. Eight equities research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and four have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $350.13.
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About GE Vernova
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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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