Bank of New York Mellon Corp Cuts Position in GE Vernova Inc. (NYSE:GEV)

Bank of New York Mellon Corp trimmed its stake in GE Vernova Inc. (NYSE:GEV) by 19.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,925,881 shares of the company’s stock after selling 960,783 shares during the period. Bank of New York Mellon Corp owned 1.42% of GE Vernova worth $1,291,340,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in GEV. Pine Valley Investments Ltd Liability Co raised its holdings in GE Vernova by 9.8% in the fourth quarter. Pine Valley Investments Ltd Liability Co now owns 4,970 shares of the company’s stock worth $1,635,000 after purchasing an additional 443 shares in the last quarter. Rothschild Investment LLC boosted its holdings in shares of GE Vernova by 2.8% in the 4th quarter. Rothschild Investment LLC now owns 1,932 shares of the company’s stock valued at $635,000 after buying an additional 53 shares in the last quarter. Wealthstream Advisors Inc. grew its position in shares of GE Vernova by 19.4% in the 4th quarter. Wealthstream Advisors Inc. now owns 1,535 shares of the company’s stock worth $505,000 after buying an additional 249 shares during the last quarter. IFP Advisors Inc raised its stake in shares of GE Vernova by 16.2% during the 4th quarter. IFP Advisors Inc now owns 4,835 shares of the company’s stock worth $1,590,000 after acquiring an additional 675 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new stake in GE Vernova during the fourth quarter valued at approximately $1,073,000.

GE Vernova Stock Down 3.7 %

GEV stock opened at $315.74 on Tuesday. GE Vernova Inc. has a 52-week low of $115.00 and a 52-week high of $447.50. The firm has a market cap of $87.11 billion and a P/E ratio of 56.79. The company’s 50-day simple moving average is $363.97 and its 200-day simple moving average is $302.17.

GE Vernova (NYSE:GEV) last issued its quarterly earnings results on Wednesday, January 22nd. The company reported $1.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.57). The business had revenue of $10.56 billion for the quarter, compared to analysts’ expectations of $10.70 billion. GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The company’s quarterly revenue was up 5.1% compared to the same quarter last year. On average, analysts anticipate that GE Vernova Inc. will post 6.59 earnings per share for the current fiscal year.

GE Vernova Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, January 28th. Investors of record on Friday, December 20th were paid a $0.25 dividend. The ex-dividend date of this dividend was Friday, December 20th. This represents a $1.00 dividend on an annualized basis and a yield of 0.32%. GE Vernova’s dividend payout ratio is currently 17.99%.

GE Vernova declared that its board has authorized a share buyback program on Tuesday, December 10th that authorizes the company to buyback $6.00 billion in shares. This buyback authorization authorizes the company to purchase up to 6.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

Several equities analysts have issued reports on GEV shares. Baird R W raised shares of GE Vernova to a “strong-buy” rating in a report on Thursday, February 13th. Robert W. Baird began coverage on GE Vernova in a research note on Thursday, February 13th. They set an “outperform” rating and a $448.00 target price on the stock. William Blair reaffirmed an “outperform” rating on shares of GE Vernova in a research report on Thursday, January 23rd. Barclays raised their price target on GE Vernova from $420.00 to $487.00 and gave the stock an “overweight” rating in a report on Thursday, January 23rd. Finally, CICC Research assumed coverage on shares of GE Vernova in a report on Wednesday, February 19th. They set an “outperform” rating on the stock. Eight equities research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and four have given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $350.13.

GE Vernova 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.