Wells Fargo & Company MN raised its stake in shares of GE Vernova Inc. (NYSE:GEV - Free Report) by 10.7% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 517,163 shares of the company's stock after buying an additional 49,777 shares during the quarter. Wells Fargo & Company MN owned about 0.19% of GE Vernova worth $170,110,000 at the end of the most recent reporting period.
A number of other large investors have also recently bought and sold shares of the stock. Norges Bank acquired a new stake in shares of GE Vernova during the fourth quarter valued at $1,109,720,000. Massachusetts Financial Services Co. MA boosted its stake in shares of GE Vernova by 1,638.5% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,314,288 shares of the company's stock worth $432,309,000 after purchasing an additional 1,238,690 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of GE Vernova during the 4th quarter worth about $219,187,000. Arrowstreet Capital Limited Partnership grew its holdings in shares of GE Vernova by 555.2% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 569,738 shares of the company's stock worth $187,404,000 after buying an additional 482,787 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its position in shares of GE Vernova by 284.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 617,559 shares of the company's stock valued at $203,134,000 after buying an additional 456,879 shares during the last quarter.
GE Vernova Stock Up 13.9 %
Shares of GE Vernova stock traded up $39.85 on Wednesday, hitting $326.74. 7,477,361 shares of the company's stock traded hands, compared to its average volume of 3,433,367. The firm's 50-day moving average is $328.44 and its 200 day moving average is $326.80. The stock has a market cap of $89.31 billion and a P/E ratio of 58.77. GE Vernova Inc. has a 52-week low of $128.25 and a 52-week high of $447.50.
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 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 analyst estimates of $10.70 billion. GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. GE Vernova's quarterly revenue was up 5.1% on a year-over-year basis. Equities research analysts forecast that GE Vernova Inc. will post 6.59 EPS for the current year.
GE Vernova Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, May 16th. Shareholders of record on Friday, April 18th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 0.31%. The ex-dividend date is Thursday, April 17th. GE Vernova's dividend payout ratio is presently 17.99%.
GE Vernova announced that its Board of Directors has authorized a share buyback plan on Tuesday, December 10th that permits the company to repurchase $6.00 billion in shares. This repurchase authorization permits the company to purchase up to 6.7% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's management believes its shares are undervalued.
Wall Street Analysts Forecast Growth
Several analysts have commented on the stock. The Goldman Sachs Group lifted their target price on shares of GE Vernova from $446.00 to $500.00 and gave the stock a "buy" rating in a research note on Friday, January 24th. Guggenheim upgraded GE Vernova from a "neutral" rating to a "buy" rating and set a $380.00 target price for the company in a research note on Wednesday, March 5th. Baird R W raised GE Vernova to a "strong-buy" rating in a research note on Thursday, February 13th. Truist Financial set a $440.00 price objective on shares of GE Vernova in a report on Thursday, March 27th. Finally, Citigroup boosted their target price on shares of GE Vernova from $361.00 to $437.00 and gave the company a "neutral" rating in a report on Thursday, January 23rd. Seven equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat, GE Vernova currently has a consensus rating of "Moderate Buy" and an average target price of $349.20.
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About GE Vernova
(
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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