Gateway Investment Advisers LLC Increases Stock Position in GE Vernova Inc. (NYSE:GEV)

Gateway Investment Advisers LLC lifted its holdings in shares of GE Vernova Inc. (NYSE:GEV) by 181.8% in the first quarter, HoldingsChannel reports. The firm owned 46,710 shares of the company’s stock after acquiring an additional 30,135 shares during the period. Gateway Investment Advisers LLC’s holdings in GE Vernova were worth $14,260,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. FMR LLC grew its holdings in GE Vernova by 3.4% during the 4th quarter. FMR LLC now owns 24,861,833 shares of the company’s stock valued at $8,177,803,000 after buying an additional 814,155 shares during the last quarter. Capital International Investors raised its holdings in shares of GE Vernova by 25.3% in the fourth quarter. Capital International Investors now owns 14,854,297 shares of the company’s stock worth $4,886,164,000 after acquiring an additional 2,994,660 shares during the last quarter. Geode Capital Management LLC lifted its position 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 valued at $1,898,814,000 after acquiring an additional 195,828 shares in the last quarter. Norges Bank acquired a new stake in shares of GE Vernova during the fourth quarter valued at $1,109,720,000. Finally, Northern Trust Corp boosted its stake in shares of GE Vernova by 15.0% during the fourth quarter. Northern Trust Corp now owns 2,630,122 shares of the company’s stock valued at $865,126,000 after acquiring an additional 343,837 shares during the last quarter.

GE Vernova Price Performance

NYSE:GEV opened at $487.06 on Friday. The firm has a market capitalization of $132.94 billion, a PE ratio of 87.60, a price-to-earnings-growth ratio of 3.03 and a beta of 1.97. GE Vernova Inc. has a 12 month low of $150.01 and a 12 month high of $500.72. The business’s 50-day moving average is $389.72 and its two-hundred day moving average is $360.64.

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

GE Vernova Dividend Announcement

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

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Barclays boosted their target price on shares of GE Vernova from $427.00 to $500.00 and gave the company an “overweight” rating in a research note on Friday, May 30th. Morgan Stanley reissued an “overweight” rating and set a $422.00 price objective (up previously from $400.00) on shares of GE Vernova in a research note on Thursday, April 24th. 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. Robert W. Baird boosted their price target on GE Vernova from $387.00 to $405.00 and gave the company an “outperform” rating in a report on Thursday, April 24th. Finally, CICC Research began coverage on GE Vernova in a research note on Wednesday, February 19th. They set an “outperform” rating on the stock. Seven investment 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 company. Based on data from MarketBeat, GE Vernova currently has an average rating of “Moderate Buy” and an average target price of $385.78.

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.