Novem Group Invests $230,000 in GE Vernova Inc. (NYSE:GEV)

Novem Group purchased a new stake in shares of GE Vernova Inc. (NYSE:GEV - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 698 shares of the company's stock, valued at approximately $230,000.

Other hedge funds have also recently made changes to their positions in the company. Norges Bank acquired a new position in shares of GE Vernova in the fourth quarter worth approximately $1,109,720,000. Capital International Investors lifted 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 buying an additional 2,994,660 shares during the period. Massachusetts Financial Services Co. MA lifted its stake in GE Vernova by 1,638.5% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,314,288 shares of the company's stock valued at $432,309,000 after buying an additional 1,238,690 shares during the period. FMR LLC lifted its stake in GE Vernova by 3.4% in the fourth quarter. FMR LLC now owns 24,861,833 shares of the company's stock valued at $8,177,803,000 after buying an additional 814,155 shares during the period. Finally, Jacobs Levy Equity Management Inc. lifted its stake in GE Vernova by 148.6% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 1,155,183 shares of the company's stock valued at $379,974,000 after buying an additional 690,513 shares during the period.

Analyst Ratings Changes

GEV has been the topic of several recent analyst reports. BMO Capital Markets dropped their price target on GE Vernova from $471.00 to $420.00 and set an "outperform" rating on the stock in a research note on Monday, March 3rd. TD Cowen dropped their price target on GE Vernova from $405.00 to $390.00 and set a "buy" rating on the stock in a research note on Thursday, April 24th. Truist Financial set a $440.00 price target on GE Vernova in a research note on Thursday, March 27th. JPMorgan Chase & Co. boosted their price objective on GE Vernova from $430.00 to $460.00 and gave the company an "overweight" rating in a report on Friday, May 16th. Finally, New Street Research set a $380.00 price objective on GE Vernova in a report on Wednesday, March 5th. Seven investment analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and four have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $378.78.

GE Vernova Stock Performance

NYSE:GEV traded down $8.24 during trading on Thursday, reaching $476.77. The company's stock had a trading volume of 2,686,758 shares, compared to its average volume of 3,331,240. The firm has a market cap of $130.13 billion and a price-to-earnings ratio of 85.70. The firm has a 50 day moving average of $366.57 and a 200-day moving average of $353.37. GE Vernova Inc. has a 12 month low of $150.01 and a 12 month high of $502.03.

GE Vernova (NYSE:GEV - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The company reported $0.91 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.37 by $0.54. The firm had revenue of $8.03 billion during the quarter, compared to the consensus estimate of $7.56 billion. GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The business's revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.47) EPS. Equities research analysts forecast that GE Vernova Inc. will post 6.59 earnings per share for the current fiscal year.

GE Vernova Announces Dividend

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

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.