Lord Abbett & CO. LLC Takes $25.12 Million Position in GE Vernova Inc. (NYSE:GEV)

Lord Abbett & CO. LLC bought a new position in shares of GE Vernova Inc. (NYSE:GEV - Free Report) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 98,500 shares of the company's stock, valued at approximately $25,116,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Waverton Investment Management Ltd increased its holdings in GE Vernova by 10.0% during the 3rd quarter. Waverton Investment Management Ltd now owns 727,704 shares of the company's stock worth $185,459,000 after purchasing an additional 66,455 shares during the period. Hanlon Investment Management Inc. purchased a new position in shares of GE Vernova during the third quarter valued at $1,101,000. Atria Investments Inc raised its holdings in shares of GE Vernova by 127.0% in the third 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. Fractal Investments LLC bought a new stake in shares of GE Vernova in the third quarter valued at about $1,530,000. Finally, Legal & General Group Plc purchased a new stake in GE Vernova in the second quarter worth about $293,699,000.

Analyst Ratings Changes

GEV has been the subject of several recent research reports. Citigroup boosted their price target on shares of GE Vernova from $292.00 to $361.00 and gave the company a "neutral" rating in a report on Monday, December 9th. Jefferies Financial Group boosted their price objective on shares of GE Vernova from $348.00 to $391.00 and gave the stock a "buy" rating in a research note on Friday. Hsbc Global Res cut GE Vernova from a "strong-buy" rating to a "hold" rating in a research report on Friday, October 4th. William Blair reiterated an "outperform" rating on shares of GE Vernova in a report on Wednesday, December 11th. Finally, Guggenheim decreased their price objective on GE Vernova from $400.00 to $380.00 and set a "buy" rating for the company in a research note on Wednesday, December 11th. Seven research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, GE Vernova has a consensus rating of "Moderate Buy" and a consensus price target of $314.35.

GE Vernova Price Performance

NYSE GEV traded up $5.76 during trading hours on Monday, reaching $337.77. The stock had a trading volume of 4,229,015 shares, compared to its average volume of 3,454,495. GE Vernova Inc. has a 52-week low of $115.00 and a 52-week high of $357.09. The stock has a fifty day moving average of $312.53 and a 200 day moving average of $233.23.

GE Vernova Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Stockholders of record on Friday, December 20th will be paid a $0.25 dividend. The ex-dividend date is Friday, December 20th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.30%.

GE Vernova announced that its Board of Directors has authorized a stock repurchase program on Tuesday, December 10th that authorizes the company to buyback $6.00 billion in outstanding shares. This buyback authorization authorizes the company to repurchase 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 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.