Principal Financial Group Inc. Sells 88,778 Shares of GE Vernova Inc. (NYSE:GEV)

Principal Financial Group Inc. reduced its holdings in GE Vernova Inc. (NYSE:GEV - Free Report) by 15.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 488,506 shares of the company's stock after selling 88,778 shares during the period. Principal Financial Group Inc. owned about 0.18% of GE Vernova worth $160,684,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Cedar Mountain Advisors LLC lifted its stake in GE Vernova by 102.6% in the 4th quarter. Cedar Mountain Advisors LLC now owns 77 shares of the company's stock worth $25,000 after acquiring an additional 39 shares in the last quarter. Pineridge Advisors LLC lifted its stake in GE Vernova by 530.8% in the 4th quarter. Pineridge Advisors LLC now owns 82 shares of the company's stock worth $27,000 after acquiring an additional 69 shares in the last quarter. Castleview Partners LLC purchased a new stake in GE Vernova in the 3rd quarter worth about $28,000. Covestor Ltd lifted its stake in GE Vernova by 61.3% in the 3rd quarter. Covestor Ltd now owns 121 shares of the company's stock worth $31,000 after acquiring an additional 46 shares in the last quarter. Finally, Darwin Wealth Management LLC purchased a new stake in GE Vernova in the 3rd quarter worth about $31,000.

GE Vernova Trading Down 8.9 %

GEV traded down $32.00 during midday trading on Friday, reaching $327.68. The company's stock had a trading volume of 6,959,273 shares, compared to its average volume of 3,723,897. The stock has a market cap of $90.41 billion and a P/E ratio of 58.93. GE Vernova Inc. has a twelve month low of $115.00 and a twelve month high of $447.50. The company has a fifty day simple moving average of $364.41 and a 200 day simple moving average of $299.31.

GE Vernova (NYSE:GEV - Get Free Report) last posted its earnings results on Wednesday, January 22nd. The company reported $1.73 EPS for the quarter, missing the consensus estimate of $2.30 by ($0.57). The company had revenue of $10.56 billion for the quarter, compared to the consensus estimate of $10.70 billion. GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The business's revenue was up 5.1% on a year-over-year basis. Sell-side analysts expect that GE Vernova Inc. will post 6.59 earnings per share for the current year.

GE Vernova Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, January 28th. Investors of record on Friday, December 20th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, December 20th. This represents a $1.00 annualized dividend and a dividend yield of 0.31%. GE Vernova's dividend payout ratio (DPR) is presently 17.99%.

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

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. William Blair reissued an "outperform" rating on shares of GE Vernova in a research note on Thursday, January 23rd. Evercore ISI raised their price target on GE Vernova from $385.00 to $390.00 and gave the stock an "outperform" rating in a research note on Wednesday, December 11th. Guggenheim downgraded GE Vernova from a "buy" rating to a "neutral" rating and set a $380.00 price target for the company. in a research note on Friday, January 24th. Citigroup raised their price target 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, TD Cowen assumed coverage on GE Vernova in a research note on Thursday, December 5th. They set a "buy" rating and a $400.00 price target for the company. Eight research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat, GE Vernova has a consensus rating of "Moderate Buy" and an average price target of $350.13.

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.