Spirit of America Management Corp NY Acquires 3,050 Shares of GE Vernova Inc. $GEV

Spirit of America Management Corp NY raised its holdings in GE Vernova Inc. (NYSE:GEV) by 190.6% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 4,650 shares of the company’s stock after buying an additional 3,050 shares during the quarter. Spirit of America Management Corp NY’s holdings in GE Vernova were worth $2,859,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Pines Wealth Management LLC bought a new position in shares of GE Vernova in the 2nd quarter worth approximately $408,000. Dupree Financial Group LLC bought a new stake in shares of GE Vernova during the second quarter valued at approximately $253,000. International Assets Investment Management LLC grew its stake in GE Vernova by 18.8% in the second quarter. International Assets Investment Management LLC now owns 3,903 shares of the company’s stock worth $2,065,000 after purchasing an additional 619 shares during the period. Alpha Financial Partners LLC bought a new position in GE Vernova in the second quarter worth $230,000. Finally, Aviva PLC lifted its position in GE Vernova by 6.7% during the second quarter. Aviva PLC now owns 205,086 shares of the company’s stock valued at $108,521,000 after buying an additional 12,790 shares during the period.

GE Vernova Stock Performance

Shares of NYSE GEV opened at $666.81 on Friday. The firm’s 50 day moving average price is $604.05 and its 200-day moving average price is $593.14. GE Vernova Inc. has a 52-week low of $252.25 and a 52-week high of $731.00. The company has a market cap of $180.92 billion, a PE ratio of 108.60, a P/E/G ratio of 5.09 and a beta of 1.71.

GE Vernova (NYSE:GEV) last announced its quarterly earnings data on Wednesday, October 22nd. The company reported $1.64 earnings per share for the quarter, missing analysts’ consensus estimates of $1.72 by ($0.08). The firm had revenue of $9.97 billion during the quarter, compared to analysts’ expectations of $9.15 billion. GE Vernova had a return on equity of 17.07% and a net margin of 4.52%.GE Vernova’s revenue was up 11.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.35) earnings per share. On average, analysts forecast that GE Vernova Inc. will post 6.59 earnings per share for the current fiscal year.

GE Vernova Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, February 2nd. Stockholders of record on Monday, January 5th will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Monday, January 5th. This is an increase from GE Vernova’s previous quarterly dividend of $0.25. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.3%. GE Vernova’s dividend payout ratio is currently 16.29%.

Wall Street Analyst Weigh In

GEV has been the topic of a number of recent research reports. Redburn Partners set a $475.00 target price on shares of GE Vernova in a research report on Wednesday, October 15th. BMO Capital Markets boosted their price objective on shares of GE Vernova from $710.00 to $780.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 10th. The Goldman Sachs Group raised their target price on shares of GE Vernova from $735.00 to $840.00 and gave the company a “buy” rating in a research note on Tuesday, December 16th. Jefferies Financial Group set a $830.00 target price on shares of GE Vernova in a report on Monday. Finally, JPMorgan Chase & Co. restated an “overweight” rating on shares of GE Vernova in a research note on Wednesday, December 10th. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, six have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $691.11.

About GE Vernova

GE Vernova is the energy-focused company formed from the energy businesses of General Electric and operates as a publicly listed entity on the NYSE under the ticker GEV. It is organized to design, manufacture and service equipment and systems used across the power generation and energy transition value chain, bringing together legacy capabilities in conventional power, renewables and grid technologies under a single corporate platform.

The company’s offerings span large-scale power-generation equipment such as gas and steam turbines and associated generators and controls, as well as renewable energy technologies including onshore and offshore wind platforms and hydro solutions.