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

Hedges Asset Management LLC reduced its stake in GE Vernova Inc. (NYSE:GEV) by 22.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,775 shares of the company’s stock after selling 1,700 shares during the period. GE Vernova accounts for approximately 1.3% of Hedges Asset Management LLC’s holdings, making the stock its 26th biggest position. Hedges Asset Management LLC’s holdings in GE Vernova were worth $1,900,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. American Century Companies Inc. acquired a new stake in GE Vernova in the second quarter worth approximately $4,940,000. XTX Topco Ltd bought a new stake in shares of GE Vernova in the 2nd quarter worth $383,000. Intech Investment Management LLC acquired a new stake in shares of GE Vernova in the second quarter valued at $970,000. Benjamin F. Edwards & Company Inc. bought a new position in GE Vernova during the second quarter valued at about $368,000. Finally, Sei Investments Co. acquired a new position in GE Vernova during the second quarter worth about $14,126,000.

Analyst Ratings Changes

A number of brokerages have weighed in on GEV. Deutsche Bank Aktiengesellschaft began coverage on shares of GE Vernova in a report on Monday, October 21st. They issued a “buy” rating and a $354.00 price target for the company. JPMorgan Chase & Co. increased their target price on shares of GE Vernova from $374.00 to $436.00 and gave the company an “overweight” rating in a research note on Thursday. Evercore ISI lifted their price target 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. Hsbc Global Res downgraded GE Vernova from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 4th. Finally, Citigroup lifted their target price on GE Vernova from $361.00 to $437.00 and gave the stock a “neutral” rating in a report on Thursday. Seven research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $337.48.

GE Vernova Trading Up 2.4 %

Shares of NYSE:GEV opened at $437.37 on Friday. GE Vernova Inc. has a 1 year low of $115.00 and a 1 year high of $447.50. The business has a fifty day simple moving average of $349.37 and a 200 day simple moving average of $269.42.

GE Vernova (NYSE:GEV) last posted its quarterly earnings results on Wednesday, January 22nd. The company reported $1.73 earnings per share for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.57). The firm had revenue of $10.56 billion for the quarter, compared to analysts’ expectations of $10.70 billion. GE Vernova had a return on equity of 4.22% and a net margin of 3.67%. The firm’s revenue was up 5.1% on a year-over-year basis. Analysts expect that GE Vernova Inc. will post 1.96 earnings per share for the current fiscal year.

GE Vernova Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 28th. Shareholders of record on Friday, December 20th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 0.23%. The ex-dividend date of this dividend is Friday, December 20th.

GE Vernova declared that its board has authorized a stock buyback plan on Tuesday, December 10th that authorizes the company to buyback $6.00 billion in outstanding shares. This buyback authorization authorizes the company to repurchase up to 6.7% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.

About GE Vernova

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.