Riggs Asset Managment Co. Inc. lifted its position in shares of GE Vernova Inc. (NYSE:GEV - Free Report) by 5,130.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 6,172 shares of the company's stock after purchasing an additional 6,054 shares during the period. Riggs Asset Managment Co. Inc.'s holdings in GE Vernova were worth $1,884,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank acquired a new position in shares of GE Vernova in the 4th quarter valued at $1,109,720,000. Capital International Investors increased its stake in GE Vernova by 25.3% in the fourth quarter. Capital International Investors now owns 14,854,297 shares of the company's stock valued at $4,886,164,000 after purchasing an additional 2,994,660 shares during the period. GAMMA Investing LLC increased its stake in GE Vernova by 32,984.2% in the first quarter. GAMMA Investing LLC now owns 2,141,539 shares of the company's stock valued at $653,769,000 after purchasing an additional 2,135,066 shares during the period. Massachusetts Financial Services Co. MA increased its position in GE Vernova by 1,638.5% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,314,288 shares of the company's stock valued at $432,309,000 after acquiring an additional 1,238,690 shares during the period. Finally, FMR LLC increased its position in GE Vernova by 3.4% in the 4th quarter. FMR LLC now owns 24,861,833 shares of the company's stock valued at $8,177,803,000 after acquiring an additional 814,155 shares during the period.
Analyst Upgrades and Downgrades
A number of research analysts have recently issued reports on GEV shares. JPMorgan Chase & Co. boosted their target price on GE Vernova from $430.00 to $460.00 and gave the company an "overweight" rating in a report on Friday, May 16th. Barclays boosted their price objective on shares of GE Vernova from $500.00 to $550.00 and gave the company an "overweight" rating in a research note on Monday, June 9th. Susquehanna reiterated a "positive" rating and set a $499.00 price target (up from $399.00) on shares of GE Vernova in a research note on Wednesday, May 14th. BMO Capital Markets boosted their price target on shares of GE Vernova from $381.00 to $522.00 and gave the stock an "outperform" rating in a research note on Friday, May 30th. Finally, The Goldman Sachs Group boosted their target price on GE Vernova from $500.00 to $570.00 and gave the stock a "buy" rating in a research report on Tuesday, June 10th. Seven research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $447.29.
Read Our Latest Research Report on GE Vernova
GE Vernova Price Performance
GEV stock traded up $13.79 during midday trading on Monday, hitting $530.83. The stock had a trading volume of 2,265,795 shares, compared to its average volume of 3,309,276. GE Vernova Inc. has a 12-month low of $150.01 and a 12-month high of $532.59. The company's 50-day moving average price is $461.19 and its 200 day moving average price is $383.54. The firm has a market cap of $144.88 billion, a PE ratio of 139.74, a price-to-earnings-growth ratio of 3.98 and a beta of 1.86.
GE Vernova (NYSE:GEV - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The company reported $0.91 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.37 by $0.54. The firm had revenue of $8.03 billion for the quarter, compared to analyst estimates of $7.56 billion. GE Vernova had a return on equity of 10.10% and a net margin of 5.42%. The firm's quarterly revenue was up 10.6% on a year-over-year basis. During the same period last year, the company earned ($0.47) EPS. As a group, sell-side analysts anticipate that GE Vernova Inc. will post 6.59 EPS for the current year.
GE Vernova Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Monday, August 18th. Investors of record on Monday, July 21st will be given a $0.25 dividend. The ex-dividend date of this dividend is Monday, July 21st. This represents a $1.00 annualized dividend and a dividend yield of 0.19%. GE Vernova's dividend payout ratio is presently 14.41%.
About GE Vernova
(
Free Report)
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.
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