Hedges Asset Management LLC Has $1.90 Million Stock Position in GE Vernova Inc. (NYSE:GEV)

Hedges Asset Management LLC reduced its position in shares of GE Vernova Inc. (NYSE:GEV) by 22.7% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 5,775 shares of the company’s stock after selling 1,700 shares during the quarter. GE Vernova makes up 1.3% of Hedges Asset Management LLC’s investment portfolio, making the stock its 26th largest holding. Hedges Asset Management LLC’s holdings in GE Vernova were worth $1,900,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. American Century Companies Inc. bought a new stake in GE Vernova during the second quarter valued at about $4,940,000. XTX Topco Ltd acquired a new position in shares of GE Vernova during the 2nd quarter worth about $383,000. Intech Investment Management LLC acquired a new position in shares of GE Vernova during the 2nd quarter worth about $970,000. Benjamin F. Edwards & Company Inc. acquired a new stake in GE Vernova in the 2nd quarter valued at approximately $368,000. Finally, Sei Investments Co. bought a new position in GE Vernova in the 2nd quarter worth approximately $14,126,000.

Analyst Upgrades and Downgrades

GEV has been the subject of several research reports. Barclays increased their price objective on GE Vernova from $420.00 to $487.00 and gave the company an “overweight” rating in a research report on Thursday. TD Cowen started coverage on shares of GE Vernova in a research report on Thursday, December 5th. They issued a “buy” rating and a $400.00 price target on the stock. Guggenheim cut their price objective on shares of GE Vernova from $400.00 to $380.00 and set a “buy” rating for the company in a research report on Wednesday, December 11th. Morgan Stanley lifted their target price on GE Vernova from $301.00 to $367.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Finally, BMO Capital Markets upped their price target on GE Vernova from $360.00 to $420.00 and gave the company an “outperform” rating in a report on Tuesday. Seven analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $337.48.

GE Vernova Stock Up 2.4 %

GEV stock opened at $437.37 on Friday. The business has a fifty day moving average price of $349.37 and a 200 day moving average price of $269.42. GE Vernova Inc. has a fifty-two week low of $115.00 and a fifty-two week high of $447.50.

GE Vernova (NYSE:GEV) last issued its quarterly earnings data 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 return on equity of 4.22% and a net margin of 3.67%. The company had revenue of $10.56 billion for the quarter, compared to the consensus estimate of $10.70 billion. GE Vernova’s quarterly revenue was up 5.1% on a year-over-year basis. Equities analysts anticipate that GE Vernova Inc. will post 1.96 EPS for the current year.

GE Vernova Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 20th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.23%. The ex-dividend date is Friday, December 20th.

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

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.