Raymond James Financial Inc. bought a new position in shares of GE Vernova Inc. (NYSE:GEV - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 666,363 shares of the company's stock, valued at approximately $219,187,000. Raymond James Financial Inc. owned approximately 0.24% of GE Vernova at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Waverton Investment Management Ltd lifted its stake 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 acquiring an additional 66,455 shares in the last quarter. Register Financial Advisors LLC acquired a new stake in GE Vernova in the 4th quarter valued at about $206,000. Atria Investments Inc raised its position in GE Vernova by 127.0% in the 3rd quarter. Atria Investments Inc now owns 5,088 shares of the company's stock valued at $1,297,000 after purchasing an additional 2,847 shares in the last quarter. GPS Wealth Strategies Group LLC raised its position in GE Vernova by 1,126.0% in the 4th quarter. GPS Wealth Strategies Group LLC now owns 895 shares of the company's stock valued at $294,000 after purchasing an additional 822 shares in the last quarter. Finally, Assetmark Inc. raised its position in GE Vernova by 1,280.4% in the 3rd quarter. Assetmark Inc. now owns 7,689 shares of the company's stock valued at $1,961,000 after purchasing an additional 7,132 shares in the last quarter.
GE Vernova Price Performance
Shares of GEV stock traded down $4.32 during midday trading on Friday, hitting $288.90. The company had a trading volume of 7,396,699 shares, compared to its average volume of 4,199,504. The company's 50 day simple moving average is $360.05 and its 200 day simple moving average is $310.59. GE Vernova Inc. has a 52-week low of $115.00 and a 52-week high of $447.50. The stock has a market cap of $79.71 billion and a price-to-earnings ratio of 51.96.
GE Vernova (NYSE:GEV - Get Free Report) last announced its earnings results on Wednesday, January 22nd. The company reported $1.73 earnings per share for the quarter, missing the consensus estimate of $2.30 by ($0.57). The company had revenue of $10.56 billion during the quarter, compared to analysts' expectations of $10.70 billion. GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. The company's quarterly revenue was up 5.1% on a year-over-year basis. Analysts anticipate that GE Vernova Inc. will post 6.59 EPS for the current year.
GE Vernova Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 28th. Stockholders of record on Friday, December 20th were issued a $0.25 dividend. The ex-dividend date of this dividend was Friday, December 20th. This represents a $1.00 annualized dividend and a dividend yield of 0.35%. GE Vernova's dividend payout ratio is currently 17.99%.
GE Vernova announced that its board has approved a stock repurchase plan on Tuesday, December 10th that allows the company to repurchase $6.00 billion in shares. This repurchase authorization allows the company to repurchase up to 6.7% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board of directors believes its shares are undervalued.
Wall Street Analysts Forecast Growth
A number of equities research analysts have issued reports on GEV shares. Evercore ISI increased their price target on GE Vernova from $385.00 to $390.00 and gave the company an "outperform" rating in a research report on Wednesday, December 11th. BMO Capital Markets reduced their price target on GE Vernova from $471.00 to $420.00 and set an "outperform" rating on the stock in a research report on Monday, March 3rd. Wells Fargo & Company increased their price target on GE Vernova from $385.00 to $411.00 and gave the company an "overweight" rating in a research report on Friday, December 13th. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $453.00 price target on shares of GE Vernova in a research report on Tuesday, January 28th. Finally, Bank of America increased their price objective on GE Vernova from $380.00 to $415.00 and gave the company a "buy" rating in a report on Tuesday, January 14th. Seven equities research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and four have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $347.83.
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About GE Vernova
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Free Report)
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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