Gabelli Funds LLC Boosts Position in GE Vernova Inc. $GEV

Gabelli Funds LLC boosted its holdings in GE Vernova Inc. (NYSE:GEV) by 4.5% in the second quarter, HoldingsChannel.com reports. The firm owned 84,431 shares of the company’s stock after buying an additional 3,616 shares during the quarter. Gabelli Funds LLC’s holdings in GE Vernova were worth $44,677,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. GABELLI & Co INVESTMENT ADVISERS INC. purchased a new stake in shares of GE Vernova during the 2nd quarter worth approximately $317,000. Gamco Investors INC. ET AL grew its position in shares of GE Vernova by 8.3% in the 2nd quarter. Gamco Investors INC. ET AL now owns 14,889 shares of the company’s stock valued at $7,879,000 after buying an additional 1,146 shares during the last quarter. Jump Financial LLC acquired a new stake in GE Vernova during the 2nd quarter worth $258,000. Per Stirling Capital Management LLC. purchased a new stake in GE Vernova in the second quarter valued at $325,000. Finally, Cary Street Partners Investment Advisory LLC boosted its stake in GE Vernova by 24.2% in the second quarter. Cary Street Partners Investment Advisory LLC now owns 267 shares of the company’s stock valued at $141,000 after acquiring an additional 52 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Rothschild & Co Redburn reiterated a “sell” rating and set a $475.00 target price on shares of GE Vernova in a research report on Wednesday, October 15th. Barclays lifted their price target on GE Vernova from $710.00 to $720.00 and gave the stock an “overweight” rating in a research report on Thursday. Susquehanna boosted their price objective on GE Vernova from $740.00 to $750.00 and gave the company a “positive” rating in a research note on Thursday, October 23rd. Wells Fargo & Company raised their target price on shares of GE Vernova from $697.00 to $717.00 and gave the stock an “overweight” rating in a research report on Friday, October 24th. Finally, Rothschild Redb downgraded shares of GE Vernova from a “hold” rating to a “strong sell” rating in a research report on Wednesday, October 15th. Four investment analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $616.08.

GE Vernova Price Performance

GE Vernova stock opened at $630.70 on Friday. The business has a 50 day simple moving average of $590.63 and a 200-day simple moving average of $575.61. GE Vernova Inc. has a 12 month low of $252.25 and a 12 month high of $677.29. The stock has a market capitalization of $171.12 billion, a PE ratio of 102.72, a price-to-earnings-growth ratio of 4.70 and a beta of 1.71.

GE Vernova (NYSE:GEV) last posted 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 net margin of 4.52% and a return on equity of 17.07%. The business’s quarterly revenue was up 11.8% on a year-over-year basis. During the same quarter last year, the business earned ($0.35) earnings per share. As a group, equities research analysts anticipate that GE Vernova Inc. will post 6.59 EPS for the current year.

GE Vernova Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, November 17th. Stockholders of record on Monday, October 20th were issued a $0.25 dividend. The ex-dividend date of this dividend was Monday, October 20th. This represents a $1.00 annualized dividend and a dividend yield of 0.2%. GE Vernova’s payout ratio is presently 16.29%.

About GE Vernova

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.