Chatham Capital Group Inc. Lowers Stake in GE Vernova Inc. (NYSE:GEV)

Chatham Capital Group Inc. lowered its stake in shares of GE Vernova Inc. (NYSE:GEV) by 0.8% in the fourth quarter, Holdings Channel reports. The institutional investor owned 26,243 shares of the company’s stock after selling 219 shares during the period. GE Vernova accounts for 1.4% of Chatham Capital Group Inc.’s holdings, making the stock its 16th biggest position. Chatham Capital Group Inc.’s holdings in GE Vernova were worth $8,632,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of GEV. Howard Capital Management Group LLC purchased a new stake in GE Vernova during the third quarter worth $213,000. Janney Montgomery Scott LLC lifted its holdings in GE Vernova by 16.6% during the third quarter. Janney Montgomery Scott LLC now owns 38,389 shares of the company’s stock worth $9,789,000 after buying an additional 5,472 shares during the period. Robeco Institutional Asset Management B.V. lifted its holdings in GE Vernova by 3.2% during the third quarter. Robeco Institutional Asset Management B.V. now owns 76,832 shares of the company’s stock worth $19,591,000 after buying an additional 2,377 shares during the period. Marks Group Wealth Management Inc purchased a new stake in GE Vernova during the third quarter worth $254,000. Finally, Catalina Capital Group LLC purchased a new stake in shares of GE Vernova during the 3rd quarter valued at $202,000.

GE Vernova Stock Down 7.6 %

NYSE:GEV opened at $292.60 on Friday. GE Vernova Inc. has a 52 week low of $115.00 and a 52 week high of $447.50. The stock has a market capitalization of $80.73 billion and a PE ratio of 52.63. The stock’s 50-day moving average price is $360.94 and its 200-day moving average price is $308.11.

GE Vernova (NYSE:GEV) last posted 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). GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. The business had revenue of $10.56 billion for the quarter, compared to analyst estimates of $10.70 billion. The business’s revenue was up 5.1% on a year-over-year basis. Sell-side analysts expect that GE Vernova Inc. will post 6.59 earnings per share for the current fiscal year.

GE Vernova announced that its board has initiated a stock buyback program on Tuesday, December 10th that permits the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization permits the company to repurchase up to 6.7% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its stock is undervalued.

GE Vernova Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 28th. Investors of record on Friday, December 20th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.34%. The ex-dividend date of this dividend was Friday, December 20th. GE Vernova’s payout ratio is 17.99%.

Analyst Ratings Changes

Several brokerages have recently commented on GEV. BMO Capital Markets decreased their price objective on GE Vernova from $471.00 to $420.00 and set an “outperform” rating for the company in a report on Monday. Marathon Capitl upgraded GE Vernova to a “strong-buy” rating in a report on Friday, January 31st. Wolfe Research began coverage on GE Vernova in a report on Wednesday, December 4th. They set an “outperform” rating and a $403.00 price objective for the company. Citigroup increased their price objective on GE Vernova from $361.00 to $437.00 and gave the company a “neutral” rating in a report on Thursday, January 23rd. Finally, Barclays decreased their price objective on GE Vernova from $487.00 to $427.00 and set an “overweight” rating for the company in a report on Monday. Seven research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $347.83.

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.