GE Vernova (NYSE:GEV) Stock Price Down 3.6% - Here's What Happened

GE Vernova Inc. (NYSE:GEV - Get Free Report)'s share price traded down 3.6% during mid-day trading on Tuesday . The company traded as low as $460.75 and last traded at $462.89. 1,115,547 shares were traded during mid-day trading, a decline of 66% from the average session volume of 3,280,054 shares. The stock had previously closed at $480.00.

Analyst Ratings Changes

GEV has been the topic of a number of analyst reports. Citigroup decreased 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 report on Monday, April 14th. Barclays increased their target price on GE Vernova from $500.00 to $550.00 and gave the company an "overweight" rating in a report on Monday. Guggenheim reiterated a "buy" rating and issued a $380.00 price objective on shares of GE Vernova in a research report on Thursday, April 24th. Royal Bank of Canada decreased their target price on shares of GE Vernova from $453.00 to $445.00 and set an "outperform" rating on the stock in a research note on Tuesday, March 18th. Finally, Baird R W raised shares of GE Vernova to a "strong-buy" rating in a research report on Thursday, February 13th. Seven analysts have rated the stock with a hold rating, twenty-one have given a buy rating and four have issued a strong buy rating to the company. According to MarketBeat.com, GE Vernova has a consensus rating of "Moderate Buy" and a consensus price target of $395.98.

GE Vernova Stock Up 3.7%

The firm's fifty day simple moving average is $396.05 and its 200-day simple moving average is $362.54. The firm has a market capitalization of $131.76 billion, a PE ratio of 86.82, a PEG ratio of 3.03 and a beta of 1.97.

GE Vernova (NYSE:GEV - Get Free Report) last announced its quarterly earnings results 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. GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The firm had revenue of $8.03 billion for the quarter, compared to the consensus estimate of $7.56 billion. During the same period in the prior year, the company posted ($0.47) earnings per share. The company's quarterly revenue was up 10.6% on a year-over-year basis. 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 business also recently announced a quarterly dividend, which was paid on Friday, May 16th. Investors of record on Friday, April 18th were issued a $0.25 dividend. 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 is currently 14.41%.

Institutional Investors Weigh In On GE Vernova

A number of hedge funds have recently added to or reduced their stakes in the stock. FMR LLC increased its position in GE Vernova by 3.4% during the fourth 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 last quarter. Vanguard Group Inc. increased its position in shares of GE Vernova by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 24,392,613 shares of the company's stock valued at $7,446,577,000 after purchasing an additional 432,830 shares during the last quarter. Capital International Investors lifted its stake in shares of GE Vernova by 25.3% in the 4th quarter. Capital International Investors now owns 14,854,297 shares of the company's stock worth $4,886,164,000 after purchasing an additional 2,994,660 shares during the period. Geode Capital Management LLC boosted its holdings in shares of GE Vernova by 3.5% in the fourth quarter. Geode Capital Management LLC now owns 5,790,051 shares of the company's stock worth $1,898,814,000 after buying an additional 195,828 shares during the last quarter. Finally, Norges Bank bought a new stake in GE Vernova during the fourth quarter valued at approximately $1,109,720,000.

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.