GE Vernova (NYSE:GEV) Hits New 52-Week High - Here's What Happened

Shares of GE Vernova Inc. (NYSE:GEV - Get Free Report) hit a new 52-week high on Wednesday . The stock traded as high as $476.01 and last traded at $470.88, with a volume of 2939615 shares changing hands. The stock had previously closed at $464.39.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on GEV shares. Baird R W upgraded GE Vernova to a "strong-buy" rating in a report on Thursday, February 13th. Johnson Rice initiated coverage on GE Vernova in a research note on Friday, February 7th. They set a "buy" rating and a $425.00 price objective on the stock. Morgan Stanley restated an "overweight" rating and set a $422.00 target price (up previously from $400.00) on shares of GE Vernova in a report on Thursday, April 24th. CICC Research assumed coverage on GE Vernova in a research report on Wednesday, February 19th. They issued an "outperform" rating on the stock. Finally, Citigroup lowered their target price on shares of GE Vernova from $437.00 to $354.00 and set a "neutral" rating on the stock in a research note on Monday, April 14th. Seven equities research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $385.78.

GE Vernova Stock Performance

The company has a market cap of $128.71 billion and a PE ratio of 84.81. The company's 50-day simple moving average is $371.84 and its 200 day simple moving average is $355.59.

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

GE Vernova Announces Dividend

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

Hedge Funds Weigh In On GE Vernova

Institutional investors and hedge funds have recently bought and sold shares of the stock. GPS Wealth Strategies Group LLC increased its position in GE Vernova by 1,126.0% during the fourth quarter. GPS Wealth Strategies Group LLC now owns 895 shares of the company's stock worth $294,000 after purchasing an additional 822 shares during the last quarter. CENTRAL TRUST Co increased its position in shares of GE Vernova by 16.6% in the fourth quarter. CENTRAL TRUST Co now owns 9,872 shares of the company's stock worth $3,247,000 after acquiring an additional 1,408 shares in the last quarter. Principal Securities Inc. raised its stake in shares of GE Vernova by 29.0% in the 4th quarter. Principal Securities Inc. now owns 1,892 shares of the company's stock valued at $622,000 after acquiring an additional 425 shares during the period. New York State Teachers Retirement System raised its stake in shares of GE Vernova by 3.1% in the 4th quarter. New York State Teachers Retirement System now owns 242,128 shares of the company's stock valued at $79,643,000 after acquiring an additional 7,373 shares during the period. Finally, Entropy Technologies LP purchased a new position in shares of GE Vernova in the 4th quarter valued at $4,964,000.

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.