GE Vernova Inc. (NYSE:GEV) Shares Sold by Griffin Asset Management Inc.

Griffin Asset Management Inc. cut its position in shares of GE Vernova Inc. (NYSE:GEV) by 9.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,105 shares of the company’s stock after selling 960 shares during the quarter. Griffin Asset Management Inc.’s holdings in GE Vernova were worth $2,995,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Thrivent Financial for Lutherans purchased a new position in shares of GE Vernova in the 2nd quarter worth $2,339,000. Public Sector Pension Investment Board acquired a new position in shares of GE Vernova during the second quarter worth $1,800,000. Squarepoint Ops LLC purchased a new position in GE Vernova in the 2nd quarter valued at about $5,927,000. AXA S.A. acquired a new stake in shares of GE Vernova during the second quarter valued at about $3,472,000. Finally, AQR Capital Management LLC acquired a new stake in GE Vernova during the 2nd quarter valued at approximately $22,066,000.

Wall Street Analysts Forecast Growth

GEV has been the topic of a number of research reports. Guggenheim cut shares of GE Vernova from a “buy” rating to a “neutral” rating and set a $380.00 target price on the stock. in a report on Friday. Wolfe Research began coverage on shares of GE Vernova in a research note on Wednesday, December 4th. They set an “outperform” rating and a $403.00 target price on the stock. TD Cowen initiated coverage on GE Vernova in a research note on Thursday, December 5th. They set a “buy” rating and a $400.00 target price for the company. Truist Financial boosted their target price on GE Vernova from $420.00 to $470.00 and gave the stock a “buy” rating in a research report on Thursday, January 23rd. Finally, Hsbc Global Res cut GE Vernova from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 4th. Eight equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $339.73.

GE Vernova Stock Performance

GEV stock opened at $329.63 on Tuesday. GE Vernova Inc. has a one year low of $115.00 and a one year high of $447.50. The firm has a market cap of $90.86 billion and a price-to-earnings ratio of 59.29. The firm has a 50-day simple moving average of $353.38 and a two-hundred day simple moving average of $273.64.

GE Vernova (NYSE:GEV) last issued its earnings results on Wednesday, January 22nd. The company reported $1.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.57). The firm had revenue of $10.56 billion during the quarter, compared to analysts’ expectations 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 for the quarter was up 5.1% on a year-over-year basis. As a group, equities analysts predict that GE Vernova Inc. will post 6.61 earnings per share for the current fiscal year.

GE Vernova declared that its Board of Directors has initiated a share repurchase program 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 stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

GE Vernova Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 20th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 0.30%. The ex-dividend date of this dividend is Friday, December 20th. GE Vernova’s dividend payout ratio (DPR) is presently 17.99%.

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.