Renaissance Technologies LLC Boosts Position in GE Vernova Inc. (NYSE:GEV)

Renaissance Technologies LLC increased its holdings in shares of GE Vernova Inc. (NYSE:GEV - Free Report) by 159.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 321,702 shares of the company's stock after purchasing an additional 197,502 shares during the period. Renaissance Technologies LLC owned approximately 0.12% of GE Vernova worth $105,817,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. FMR LLC grew its stake in shares of GE Vernova by 3.4% during the 4th quarter. FMR LLC now owns 24,861,833 shares of the company's stock worth $8,177,803,000 after purchasing an additional 814,155 shares during the period. Geode Capital Management LLC grew its position in GE Vernova by 3.5% during the fourth quarter. Geode Capital Management LLC now owns 5,790,051 shares of the company's stock valued at $1,898,814,000 after buying an additional 195,828 shares during the period. Norges Bank purchased a new position in GE Vernova in the fourth quarter valued at $1,109,720,000. Franklin Resources Inc. raised its position in shares of GE Vernova by 3.7% in the third quarter. Franklin Resources Inc. now owns 1,978,691 shares of the company's stock worth $533,257,000 after acquiring an additional 71,067 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of GE Vernova by 3.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,679,396 shares of the company's stock worth $552,404,000 after acquiring an additional 49,821 shares in the last quarter.

Remove Ads

Analysts Set New Price Targets

A number of research firms have recently commented on GEV. Bank of America boosted their price objective on GE Vernova from $380.00 to $415.00 and gave the company a "buy" rating in a research report on Tuesday, January 14th. Citigroup boosted their price target on shares of GE Vernova from $361.00 to $437.00 and gave the stock a "neutral" rating in a report on Thursday, January 23rd. Guggenheim upgraded shares of GE Vernova from a "neutral" rating to a "buy" rating and set a $380.00 price objective for the company in a research report on Wednesday, March 5th. Susquehanna initiated coverage on shares of GE Vernova in a research report on Wednesday, April 2nd. They issued a "positive" rating and a $370.00 target price on the stock. Finally, Baird R W raised shares of GE Vernova to a "strong-buy" rating in a research note on Thursday, February 13th. Seven investment analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat.com, GE Vernova has an average rating of "Moderate Buy" and an average target price of $348.80.

GE Vernova Stock Performance

Shares of GEV traded up $11.04 during midday trading on Friday, hitting $320.99. 2,799,595 shares of the stock were exchanged, compared to its average volume of 3,406,207. GE Vernova Inc. has a 52-week low of $128.25 and a 52-week high of $447.50. The stock has a fifty day simple moving average of $326.73 and a 200 day simple moving average of $328.18. The firm has a market cap of $87.74 billion and a P/E ratio of 57.73.

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

GE Vernova Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 16th. Shareholders of record on Friday, April 18th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.31%. The ex-dividend date of this dividend is Thursday, April 17th. GE Vernova's dividend payout ratio is presently 17.99%.

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.