OFI Invest Asset Management Buys New Position in GE Vernova Inc. (NYSE:GEV)

OFI Invest Asset Management bought a new position in shares of GE Vernova Inc. (NYSE:GEV) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 7,451 shares of the company’s stock, valued at approximately $2,367,000.

Other institutional investors have also modified their holdings of the company. FMR LLC lifted its position in shares of GE Vernova by 2.5% during the 3rd quarter. FMR LLC now owns 24,047,678 shares of the company’s stock valued at $6,131,677,000 after acquiring an additional 584,208 shares during the period. State Street Corp boosted its stake in GE Vernova by 1.1% in the 3rd quarter. State Street Corp now owns 10,434,917 shares of the company’s stock worth $2,660,695,000 after buying an additional 118,184 shares during the last quarter. Mountaineer Partners Management LLC acquired a new stake in shares of GE Vernova during the 3rd quarter worth $2,507,296,000. Geode Capital Management LLC raised its holdings in GE Vernova by 1.5% in the third quarter. Geode Capital Management LLC now owns 5,594,223 shares of the company’s stock valued at $1,420,763,000 after buying an additional 80,479 shares during the period. Finally, WCM Investment Management LLC raised its position in GE Vernova by 83.1% in the third quarter. WCM Investment Management LLC now owns 2,560,248 shares of the company’s stock valued at $639,704,000 after purchasing an additional 1,161,901 shares during the period.

GE Vernova Stock Down 1.5 %

GEV opened at $288.90 on Friday. The company’s 50-day moving average price is $360.05 and its two-hundred day moving average price is $309.70. GE Vernova Inc. has a twelve month low of $115.00 and a twelve month high of $447.50. The stock has a market cap of $79.71 billion and a price-to-earnings ratio of 51.96.

GE Vernova (NYSE:GEV) last issued its earnings results on Wednesday, January 22nd. The company reported $1.73 EPS for the quarter, missing the consensus estimate of $2.30 by ($0.57). The company had revenue of $10.56 billion during the quarter, compared to the consensus estimate of $10.70 billion. GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The business’s quarterly revenue was up 5.1% on a year-over-year basis. As a group, sell-side analysts anticipate that GE Vernova Inc. will post 6.59 earnings per share for the current year.

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

GE Vernova Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 28th. Stockholders of record on Friday, December 20th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.35%. The ex-dividend date was Friday, December 20th. GE Vernova’s payout ratio is currently 17.99%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on GEV shares. CICC Research assumed coverage on GE Vernova in a research report on Wednesday, February 19th. They issued an “outperform” rating on the stock. Marathon Capitl raised shares of GE Vernova to a “strong-buy” rating in a report on Friday, January 31st. Wolfe Research assumed coverage on GE Vernova in a research report on Wednesday, December 4th. They set an “outperform” rating and a $403.00 price target for the company. BMO Capital Markets cut their target price on shares of GE Vernova from $471.00 to $420.00 and set an “outperform” rating for the company in a research note on Monday, March 3rd. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $453.00 price target on shares of GE Vernova in a research report on Tuesday, January 28th. Seven investment analysts have rated the stock with a hold rating, twenty-two have given a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat, GE Vernova has an average rating of “Moderate Buy” and an average price target of $347.83.

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.