GE Vernova Inc. $GEV Shares Sold by October Effect Ltd

October Effect Ltd reduced its position in shares of GE Vernova Inc. (NYSE:GEV) by 24.8% during the third quarter, Holdings Channel.com reports. The fund owned 4,064 shares of the company’s stock after selling 1,337 shares during the quarter. GE Vernova accounts for approximately 2.8% of October Effect Ltd’s investment portfolio, making the stock its 8th largest position. October Effect Ltd’s holdings in GE Vernova were worth $2,499,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. WFA Asset Management Corp bought a new position in shares of GE Vernova during the 2nd quarter valued at about $29,000. Howard Hughes Medical Institute bought a new stake in shares of GE Vernova in the 2nd quarter worth approximately $31,000. Bay Harbor Wealth Management LLC lifted its stake in GE Vernova by 537.5% during the third quarter. Bay Harbor Wealth Management LLC now owns 51 shares of the company’s stock valued at $31,000 after purchasing an additional 43 shares during the last quarter. Monetary Management Group Inc. bought a new stake in GE Vernova during the second quarter worth approximately $32,000. Finally, Elevation Wealth Partners LLC boosted its holdings in GE Vernova by 47.2% during the third quarter. Elevation Wealth Partners LLC now owns 53 shares of the company’s stock worth $33,000 after buying an additional 17 shares in the last quarter.

Analyst Upgrades and Downgrades

Several research firms have issued reports on GEV. Rothschild Redb cut GE Vernova from a “hold” rating to a “strong sell” rating in a report on Wednesday, October 15th. Wells Fargo & Company lifted their target price on GE Vernova from $717.00 to $831.00 and gave the stock an “overweight” rating in a report on Tuesday, December 16th. Robert W. Baird reaffirmed a “neutral” rating and set a $649.00 target price (down from $816.00) on shares of GE Vernova in a report on Friday, January 9th. Citigroup increased their price target on GE Vernova from $658.00 to $708.00 and gave the company a “neutral” rating in a research report on Monday, January 12th. Finally, BMO Capital Markets lifted their price target on GE Vernova from $710.00 to $780.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 10th. Three investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $701.62.

GE Vernova Stock Down 0.7%

Shares of GE Vernova stock opened at $657.26 on Friday. GE Vernova Inc. has a 12 month low of $252.25 and a 12 month high of $731.00. The stock has a market cap of $178.33 billion, a PE ratio of 107.05, a price-to-earnings-growth ratio of 2.79 and a beta of 1.67. The business has a fifty day simple moving average of $639.17 and a 200-day simple moving average of $617.23.

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

GE Vernova Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, February 2nd. Stockholders of record on Monday, January 5th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.3%. This is a positive change from GE Vernova’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Monday, January 5th. GE Vernova’s payout ratio is currently 32.57%.

GE Vernova Company Profile

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.