TCW Group Inc. Reduces Stake in GE Vernova Inc. (NYSE:GEV)

TCW Group Inc. trimmed its position in shares of GE Vernova Inc. (NYSE:GEV) by 19.8% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 154,593 shares of the company’s stock after selling 38,094 shares during the quarter. TCW Group Inc. owned approximately 0.06% of GE Vernova worth $39,418,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. TD Private Client Wealth LLC raised its stake in shares of GE Vernova by 8.8% during the 3rd quarter. TD Private Client Wealth LLC now owns 740 shares of the company’s stock worth $189,000 after buying an additional 60 shares during the last quarter. Fortem Financial Group LLC purchased a new position in GE Vernova during the 3rd quarter valued at about $224,000. Toronto Dominion Bank raised its position in GE Vernova by 1.5% during the third quarter. Toronto Dominion Bank now owns 135,938 shares of the company’s stock worth $34,661,000 after acquiring an additional 2,018 shares during the last quarter. Coldstream Capital Management Inc. lifted its holdings in shares of GE Vernova by 18.5% in the third quarter. Coldstream Capital Management Inc. now owns 4,948 shares of the company’s stock valued at $1,301,000 after purchasing an additional 774 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in shares of GE Vernova by 1.5% in the third quarter. Geode Capital Management LLC now owns 5,594,223 shares of the company’s stock valued at $1,420,763,000 after purchasing an additional 80,479 shares during the last quarter.

GE Vernova Stock Down 2.3 %

Shares of NYSE GEV opened at $327.41 on Wednesday. The business has a 50-day moving average of $306.45 and a 200-day moving average of $228.84. GE Vernova Inc. has a 1-year low of $115.00 and a 1-year high of $357.09.

GE Vernova announced that its Board of Directors has initiated a share buyback program on Tuesday, December 10th that allows the company to buyback $6.00 billion in outstanding shares. This buyback authorization allows the company to purchase up to 6.7% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.

GE Vernova Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 20th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 0.31%.

Analysts Set New Price Targets

Several research analysts recently issued reports on GEV shares. Evercore ISI lifted their price objective on GE Vernova from $300.00 to $323.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Guggenheim boosted their price target on GE Vernova from $300.00 to $400.00 and gave the stock a “buy” rating in a report on Thursday, December 5th. Wells Fargo & Company started coverage on GE Vernova in a research note on Thursday, November 21st. They set an “overweight” rating and a $385.00 price objective on the stock. Royal Bank of Canada lifted their price objective on GE Vernova from $285.00 to $376.00 and gave the stock an “outperform” rating in a research report on Monday, November 25th. Finally, Oppenheimer began coverage on shares of GE Vernova in a report on Thursday, September 26th. They issued a “market perform” rating on the stock. Seven equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $304.73.

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.