Pinebridge Investments L.P. Buys New Position in GE Vernova Inc. (NYSE:GEV)

Pinebridge Investments L.P. acquired a new position in shares of GE Vernova Inc. (NYSE:GEV - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 18,363 shares of the company's stock, valued at approximately $6,040,000.

Several other large investors also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in GE Vernova during the fourth quarter valued at $1,109,720,000. Capital International Investors grew its stake in GE Vernova by 25.3% during the 4th quarter. Capital International Investors now owns 14,854,297 shares of the company's stock valued at $4,886,164,000 after acquiring an additional 2,994,660 shares in the last quarter. Massachusetts Financial Services Co. MA increased its holdings in shares of GE Vernova by 1,638.5% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,314,288 shares of the company's stock valued at $432,309,000 after purchasing an additional 1,238,690 shares during the period. FMR LLC boosted its holdings in shares of GE Vernova by 3.4% during the fourth quarter. FMR LLC now owns 24,861,833 shares of the company's stock worth $8,177,803,000 after purchasing an additional 814,155 shares during the period. Finally, Raymond James Financial Inc. purchased a new position in shares of GE Vernova during the 4th quarter valued at $219,187,000.

Analysts Set New Price Targets

GEV has been the subject of several recent research reports. BMO Capital Markets decreased their target price on shares of GE Vernova from $471.00 to $420.00 and set an "outperform" rating for the company in a research report on Monday, March 3rd. CICC Research started coverage on GE Vernova in a research report on Wednesday, February 19th. They issued an "outperform" rating for the company. The Goldman Sachs Group upped their target price on GE Vernova from $446.00 to $500.00 and gave the company a "buy" rating in a research note on Friday, January 24th. Citigroup cut their price objective on GE Vernova from $437.00 to $354.00 and set a "neutral" rating for the company in a report on Monday, April 14th. Finally, William Blair restated an "outperform" rating on shares of GE Vernova in a report on Thursday, January 23rd. Six analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $369.22.

GE Vernova Stock Down 0.9 %

GE Vernova stock traded down $3.51 during mid-day trading on Wednesday, hitting $367.68. 951,566 shares of the company's stock were exchanged, compared to its average volume of 3,330,728. The company's 50 day simple moving average is $319.02 and its 200-day simple moving average is $334.35. The firm has a market capitalization of $100.35 billion and a P/E ratio of 66.13. GE Vernova Inc. has a fifty-two week low of $149.42 and a fifty-two week high of $447.50.

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

GE Vernova Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 16th. Stockholders of record on Friday, April 18th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 0.27%. The ex-dividend date is Thursday, April 17th. GE Vernova's dividend 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.