Principle Wealth Partners LLC Trims Stock Position in GE Vernova Inc. (NYSE:GEV)

Principle Wealth Partners LLC reduced its stake in GE Vernova Inc. (NYSE:GEV - Free Report) by 59.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,005 shares of the company's stock after selling 2,997 shares during the period. Principle Wealth Partners LLC's holdings in GE Vernova were worth $612,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Navigoe LLC purchased a new stake in GE Vernova during the fourth quarter valued at approximately $27,000. EQ Wealth Advisors LLC purchased a new stake in GE Vernova during the first quarter valued at approximately $27,000. IMA Advisory Services Inc. purchased a new stake in GE Vernova during the first quarter valued at approximately $27,000. Clarity Asset Management Inc. purchased a new position in shares of GE Vernova in the fourth quarter worth $28,000. Finally, Pinpoint Asset Management Ltd purchased a new position in shares of GE Vernova in the fourth quarter worth $30,000.

GE Vernova Price Performance

Shares of GEV stock traded up $20.63 during trading hours on Friday, hitting $644.60. The company had a trading volume of 3,598,352 shares, compared to its average volume of 3,205,434. The company's fifty day moving average is $510.80 and its 200 day moving average is $406.08. GE Vernova Inc. has a fifty-two week low of $150.01 and a fifty-two week high of $651.22. The stock has a market capitalization of $175.93 billion, a PE ratio of 155.33, a price-to-earnings-growth ratio of 4.66 and a beta of 1.86.

GE Vernova (NYSE:GEV - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The company reported $1.86 EPS for the quarter, topping the consensus estimate of $1.63 by $0.23. GE Vernova had a net margin of 3.16% and a return on equity of 13.23%. The firm had revenue of $9.11 billion for the quarter, compared to analyst estimates of $8.78 billion. During the same period in the prior year, the business posted $4.65 EPS. The business's revenue for the quarter was up 11.1% compared to the same quarter last year. Equities analysts forecast that GE Vernova Inc. will post 6.59 earnings per share for the current year.

GE Vernova Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 18th. Shareholders of record on Monday, July 21st will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.16%. The ex-dividend date is Monday, July 21st. GE Vernova's dividend payout ratio is presently 24.10%.

Wall Street Analysts Forecast Growth

GEV has been the subject of a number of research analyst reports. Seaport Res Ptn raised shares of GE Vernova to a "strong-buy" rating in a report on Thursday, July 10th. Wells Fargo & Company raised their target price on shares of GE Vernova from $474.00 to $697.00 and gave the stock an "overweight" rating in a report on Thursday. Citigroup raised their target price on shares of GE Vernova from $544.00 to $670.00 and gave the stock a "neutral" rating in a report on Thursday. Barclays lifted their price objective on shares of GE Vernova from $580.00 to $706.00 and gave the company an "overweight" rating in a report on Thursday. Finally, Truist Financial set a $440.00 price target on shares of GE Vernova in a report on Thursday, March 27th. Seven equities 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's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $540.96.

GE Vernova Company Profile

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.