GAMMA Investing LLC Raises Stake in GE Vernova Inc. (NYSE:GEV)

GAMMA Investing LLC increased its stake in GE Vernova Inc. (NYSE:GEV) by 32,984.2% during the first quarter, according to its most recent filing with the SEC. The fund owned 2,141,539 shares of the company’s stock after buying an additional 2,135,066 shares during the quarter. GAMMA Investing LLC’s holdings in GE Vernova were worth $653,769,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in GEV. MRP Capital Investments LLC purchased a new position in shares of GE Vernova in the 4th quarter worth about $25,000. Fairway Wealth LLC lifted its holdings in GE Vernova by 220.0% during the fourth quarter. Fairway Wealth LLC now owns 80 shares of the company’s stock valued at $26,000 after purchasing an additional 55 shares during the last quarter. Pineridge Advisors LLC lifted its holdings in GE Vernova by 530.8% during the fourth quarter. Pineridge Advisors LLC now owns 82 shares of the company’s stock valued at $27,000 after purchasing an additional 69 shares during the last quarter. Navigoe LLC purchased a new stake in GE Vernova during the fourth quarter valued at about $27,000. Finally, Clarity Asset Management Inc. purchased a new stake in GE Vernova during the fourth quarter valued at about $28,000.

GE Vernova Trading Down 2.7%

GEV stock opened at $471.92 on Friday. The company’s 50 day moving average is $369.12 and its 200 day moving average is $354.21. The stock has a market cap of $128.80 billion and a price-to-earnings ratio of 84.88. GE Vernova Inc. has a 1-year low of $150.01 and a 1-year high of $489.13.

GE Vernova (NYSE:GEV) last posted its quarterly earnings data on Wednesday, April 23rd. The company reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.54. The company had revenue of $8.03 billion for the quarter, compared to analysts’ expectations of $7.56 billion. GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. GE Vernova’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.47) earnings per share. As a group, sell-side analysts forecast that GE Vernova Inc. will post 6.59 EPS for the current fiscal year.

GE Vernova Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 16th. Shareholders of record on Friday, April 18th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 0.21%. The ex-dividend date of this dividend was Thursday, April 17th. GE Vernova’s payout ratio is currently 14.41%.

Wall Street Analyst Weigh In

Several research firms have commented on GEV. Susquehanna reaffirmed a “positive” rating and set a $499.00 price objective (up from $399.00) on shares of GE Vernova in a report on Wednesday, May 14th. Johnson Rice began coverage on shares of GE Vernova in a report on Friday, February 7th. They set a “buy” rating and a $425.00 price objective on the stock. Truist Financial set a $440.00 price objective on shares of GE Vernova in a report on Thursday, March 27th. JPMorgan Chase & Co. upped their price objective on shares of GE Vernova from $430.00 to $460.00 and gave the company an “overweight” rating in a report on Friday, May 16th. Finally, CICC Research began coverage on shares of GE Vernova in a report on Wednesday, February 19th. They set an “outperform” rating on the stock. Seven research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $378.78.

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.