Exchange Capital Management Inc. Buys Shares of 663 GE Vernova Inc. (NYSE:GEV)

Exchange Capital Management Inc. bought a new stake in GE Vernova Inc. (NYSE:GEV) in the fourth quarter, HoldingsChannel reports. The institutional investor bought 663 shares of the company’s stock, valued at approximately $218,000.

A number of other hedge funds have also made changes to their positions in GEV. FMR LLC grew its holdings in GE Vernova by 2.5% in the 3rd quarter. FMR LLC now owns 24,047,678 shares of the company’s stock valued at $6,131,677,000 after buying an additional 584,208 shares during the period. State Street Corp increased its holdings in GE Vernova by 1.1% during the 3rd quarter. State Street Corp now owns 10,434,917 shares of the company’s stock worth $2,660,695,000 after purchasing an additional 118,184 shares during the last quarter. Mountaineer Partners Management LLC bought a new stake in shares of GE Vernova in the 3rd quarter valued at approximately $2,507,296,000. Geode Capital Management LLC increased its holdings in shares of GE Vernova by 1.5% in the 3rd quarter. Geode Capital Management LLC now owns 5,594,223 shares of the company’s stock valued at $1,420,763,000 after acquiring an additional 80,479 shares during the last quarter. Finally, WCM Investment Management LLC grew its stake in GE Vernova by 83.1% during the 3rd quarter. WCM Investment Management LLC now owns 2,560,248 shares of the company’s stock worth $639,704,000 after buying an additional 1,161,901 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on GEV shares. Morgan Stanley boosted their price target on GE Vernova from $301.00 to $367.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Citigroup boosted their price target on GE Vernova from $361.00 to $437.00 and gave the stock a “neutral” rating in a research report on Thursday, January 23rd. Marathon Capitl upgraded GE Vernova to a “strong-buy” rating in a report on Friday, January 31st. Wells Fargo & Company upped their price objective on GE Vernova from $385.00 to $411.00 and gave the company an “overweight” rating in a report on Friday, December 13th. Finally, Truist Financial upped their target price on GE Vernova from $420.00 to $470.00 and gave the company a “buy” rating in a report on Thursday, January 23rd. Eight equities research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and four have given a strong buy rating to the company’s stock. Based on data from MarketBeat, GE Vernova has an average rating of “Moderate Buy” and a consensus target price of $350.13.

GE Vernova Trading Up 0.7 %

Shares of GEV stock opened at $318.00 on Wednesday. The stock has a 50 day moving average of $363.77 and a two-hundred day moving average of $303.15. GE Vernova Inc. has a 12 month low of $115.00 and a 12 month high of $447.50. The company has a market capitalization of $87.74 billion and a P/E ratio of 57.19.

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

GE Vernova announced that its board has authorized a share buyback plan on Tuesday, December 10th that allows the company to buyback $6.00 billion in shares. This buyback authorization allows the company to repurchase up to 6.7% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

GE Vernova Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 28th. Investors of record on Friday, December 20th were issued a dividend of $0.25 per share. The ex-dividend date was Friday, December 20th. This represents a $1.00 dividend on an annualized basis and a yield of 0.31%. GE Vernova’s dividend payout ratio is 17.99%.

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.