Resona Asset Management Co. Ltd. Invests $26.20 Million in GE Vernova Inc. (NYSE:GEV)

Resona Asset Management Co. Ltd. acquired a new stake in shares of GE Vernova Inc. (NYSE:GEV - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 79,470 shares of the company's stock, valued at approximately $26,198,000.

Several other institutional investors also recently bought and sold shares of the stock. Geode Capital Management LLC increased its holdings in GE Vernova by 3.5% during the 4th quarter. Geode Capital Management LLC now owns 5,790,051 shares of the company's stock valued at $1,898,814,000 after purchasing an additional 195,828 shares during the period. Norges Bank purchased a new position in shares of GE Vernova during the fourth quarter valued at approximately $1,109,720,000. Franklin Resources Inc. raised its holdings in shares of GE Vernova by 3.7% during the third quarter. Franklin Resources Inc. now owns 1,978,691 shares of the company's stock valued at $533,257,000 after acquiring an additional 71,067 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in GE Vernova by 3.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,679,396 shares of the company's stock valued at $552,404,000 after acquiring an additional 49,821 shares in the last quarter. Finally, Schroder Investment Management Group increased its position in GE Vernova by 5.7% during the 4th quarter. Schroder Investment Management Group now owns 1,465,804 shares of the company's stock valued at $482,147,000 after purchasing an additional 78,650 shares during the period.

GE Vernova Price Performance

Shares of NYSE:GEV traded up $39.85 during midday trading on Wednesday, hitting $326.74. The company had a trading volume of 7,477,361 shares, compared to its average volume of 3,433,367. GE Vernova Inc. has a 12-month low of $128.25 and a 12-month high of $447.50. The company has a fifty day moving average of $328.44 and a two-hundred day moving average of $326.80. The company has a market cap of $89.31 billion and a price-to-earnings ratio of 58.77.

GE Vernova (NYSE:GEV - Get Free Report) last posted its quarterly earnings data on Wednesday, January 22nd. The company reported $1.73 EPS for the quarter, missing the consensus estimate 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 the consensus estimate of $10.70 billion. The firm's quarterly revenue was up 5.1% compared to the same quarter last year. Research analysts expect that GE Vernova Inc. will post 6.59 earnings per share for the current fiscal year.

GE Vernova announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, December 10th that allows the company to buyback $6.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 6.7% of its shares through open market purchases. Shares buyback plans are often a sign that the company's management believes its shares are undervalued.

GE Vernova Announces Dividend

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

Analysts Set New Price Targets

Several analysts have commented on the stock. Susquehanna began coverage on shares of GE Vernova in a report on Wednesday, April 2nd. They issued a "positive" rating and a $370.00 price objective for the company. Johnson Rice began coverage on GE Vernova in a research report on Friday, February 7th. They set a "buy" rating and a $425.00 price target on the stock. Baird R W raised GE Vernova to a "strong-buy" rating in a research report on Thursday, February 13th. Evercore ISI upped their target price on shares of GE Vernova from $385.00 to $390.00 and gave the stock an "outperform" rating in a research report on Wednesday, December 11th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of GE Vernova from $374.00 to $436.00 and gave the stock an "overweight" rating in a research note on Thursday, January 23rd. Seven equities research 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 company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $349.20.

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.