Grimes & Company Inc. Trims Holdings in GE Vernova Inc. (NYSE:GEV)

Grimes & Company Inc. trimmed its position in GE Vernova Inc. (NYSE:GEV) by 8.8% in the 4th quarter, HoldingsChannel reports. The fund owned 3,488 shares of the company’s stock after selling 337 shares during the quarter. Grimes & Company Inc.’s holdings in GE Vernova were worth $1,147,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Waverton Investment Management Ltd boosted its stake in GE Vernova by 10.0% in the 3rd quarter. Waverton Investment Management Ltd now owns 727,704 shares of the company’s stock worth $185,459,000 after purchasing an additional 66,455 shares during the period. Hanlon Investment Management Inc. bought a new position in GE Vernova in the 3rd quarter worth approximately $1,101,000. Atria Investments Inc boosted its stake in GE Vernova by 127.0% in the 3rd quarter. Atria Investments Inc now owns 5,088 shares of the company’s stock worth $1,297,000 after purchasing an additional 2,847 shares during the period. Fractal Investments LLC bought a new position in GE Vernova in the 3rd quarter worth approximately $1,530,000. Finally, Legal & General Group Plc bought a new position in GE Vernova in the 2nd quarter worth approximately $293,699,000.

Analysts Set New Price Targets

Several research analysts have weighed in on GEV shares. Wells Fargo & Company upped their price target on GE Vernova from $385.00 to $411.00 and gave the stock an “overweight” rating in a research note on Friday, December 13th. Wolfe Research started coverage on GE Vernova in a research note on Wednesday, December 4th. They issued an “outperform” rating and a $403.00 price target for the company. Raymond James downgraded GE Vernova from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 2nd. HSBC reiterated a “hold” rating and set a $255.00 target price (up from $240.00) on shares of GE Vernova in a research report on Friday, October 4th. Finally, Guggenheim downgraded GE Vernova from a “buy” rating to a “neutral” rating and set a $380.00 target price for the company. in a research report on Friday. Eight analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, GE Vernova has a consensus rating of “Moderate Buy” and a consensus target price of $339.73.

GE Vernova Price Performance

GEV stock opened at $419.27 on Friday. GE Vernova Inc. has a 12 month low of $115.00 and a 12 month high of $447.50. The firm’s 50-day moving average is $353.38 and its 200 day moving average is $272.29. The company has a market capitalization of $115.57 billion and a PE ratio of 75.41.

GE Vernova (NYSE:GEV) last issued its earnings results on Wednesday, January 22nd. The company reported $1.73 EPS for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.57). The company 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 6.70% and a net margin of 4.44%. The firm’s revenue was up 5.1% compared to the same quarter last year. Sell-side analysts forecast that GE Vernova Inc. will post 6.61 EPS for the current fiscal year.

GE Vernova Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Shareholders of record on Friday, December 20th will be issued a dividend of $0.25 per share. The ex-dividend date is Friday, December 20th. This represents a $1.00 annualized dividend and a yield of 0.24%. GE Vernova’s payout ratio is currently 17.99%.

GE Vernova declared that its board has approved a stock repurchase program on Tuesday, December 10th that permits the company to buyback $6.00 billion in outstanding shares. This buyback authorization permits the company to purchase up to 6.7% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its stock is undervalued.

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.