Pettee Investors Inc. Sells 801 Shares of GE Vernova Inc. (NYSE:GEV)

Pettee Investors Inc. trimmed its holdings in shares of GE Vernova Inc. (NYSE:GEV - Free Report) by 41.4% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,133 shares of the company's stock after selling 801 shares during the quarter. Pettee Investors Inc.'s holdings in GE Vernova were worth $346,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also made changes to their positions in GEV. MRP Capital Investments LLC acquired a new stake in GE Vernova in the 4th quarter valued at approximately $25,000. Navigoe LLC acquired a new stake in shares of GE Vernova in the fourth quarter valued at approximately $27,000. Clarity Asset Management Inc. bought a new stake in shares of GE Vernova in the fourth quarter worth $28,000. Orion Capital Management LLC acquired a new position in GE Vernova during the fourth quarter worth $30,000. Finally, EQ Wealth Advisors LLC bought a new position in GE Vernova in the first quarter valued at $27,000.

GE Vernova Stock Up 0.9%

Shares of GEV traded up $4.85 during midday trading on Friday, reaching $575.02. 2,051,713 shares of the stock were exchanged, compared to its average volume of 3,296,429. The stock's 50 day simple moving average is $493.30 and its 200 day simple moving average is $397.42. GE Vernova Inc. has a twelve month low of $150.01 and a twelve month high of $581.27. The company has a market cap of $156.94 billion, a P/E ratio of 82.86, a PEG ratio of 4.29 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, beating the consensus estimate of $0.37 by $0.54. GE Vernova had a return on equity of 10.10% and a net margin of 5.42%. The business had revenue of $8.03 billion during the quarter, compared to analysts' expectations of $7.56 billion. During the same period in the previous year, the company posted ($0.47) earnings per share. The firm's revenue for the quarter was up 10.6% compared to the same quarter last year. As a group, analysts predict that GE Vernova Inc. will post 6.59 earnings per share for the current year.

GE Vernova Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, August 18th. Stockholders of record on Monday, July 21st will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.17%. The ex-dividend date of this dividend is Monday, July 21st. GE Vernova's dividend payout ratio (DPR) is presently 14.41%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. UBS Group initiated coverage on shares of GE Vernova in a research note on Monday, July 7th. They set a "buy" rating and a $614.00 price objective for the company. Susquehanna reissued a "positive" rating and set a $499.00 price target (up from $399.00) on shares of GE Vernova in a research report on Wednesday, May 14th. The Goldman Sachs Group raised their price target on GE Vernova from $500.00 to $570.00 and gave the company a "buy" rating in a research note on Tuesday, June 10th. Seaport Res Ptn upgraded GE Vernova to a "strong-buy" rating in a research note on Thursday, July 10th. Finally, Wall Street Zen raised GE Vernova from a "hold" rating to a "buy" rating in a report on Saturday, July 5th. Seven equities research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and four have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $468.88.

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.