Elk River Wealth Management LLC Purchases New Shares in GE Vernova Inc. $GEV

Elk River Wealth Management LLC purchased a new position in GE Vernova Inc. (NYSE:GEV) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 5,233 shares of the company’s stock, valued at approximately $3,218,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. WFA Asset Management Corp purchased a new stake in shares of GE Vernova during the second quarter worth about $29,000. 1248 Management LLC purchased a new position in GE Vernova in the 1st quarter valued at about $31,000. Howard Hughes Medical Institute acquired a new stake in GE Vernova in the 2nd quarter worth about $31,000. Bay Harbor Wealth Management LLC boosted its holdings in GE Vernova by 537.5% in the 3rd quarter. Bay Harbor Wealth Management LLC now owns 51 shares of the company’s stock worth $31,000 after buying an additional 43 shares during the last quarter. Finally, Monetary Management Group Inc. purchased a new stake in GE Vernova during the 2nd quarter worth approximately $32,000.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on GEV shares. Wells Fargo & Company raised their target price on GE Vernova from $717.00 to $831.00 and gave the company an “overweight” rating in a research report on Tuesday, December 16th. William Blair reissued an “outperform” rating on shares of GE Vernova in a research note on Wednesday, December 10th. Oppenheimer upgraded GE Vernova from a “market perform” rating to an “outperform” rating and set a $855.00 price objective on the stock in a report on Wednesday, December 10th. Redburn Partners set a $475.00 target price on shares of GE Vernova in a report on Wednesday, October 15th. Finally, BMO Capital Markets increased their target price on shares of GE Vernova from $710.00 to $780.00 and gave the company an “outperform” rating in a research report on Wednesday, December 10th. Four investment 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 given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $695.19.

GE Vernova Stock Down 5.0%

Shares of GEV opened at $629.26 on Friday. GE Vernova Inc. has a 52-week low of $252.25 and a 52-week high of $731.00. The stock has a fifty day simple moving average of $619.83 and a two-hundred day simple moving average of $605.60. The company has a market capitalization of $170.73 billion, a PE ratio of 102.49, a price-to-earnings-growth ratio of 2.77 and a beta of 1.67.

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 analysts’ consensus estimates of $1.72 by ($0.08). GE Vernova had a net margin of 4.52% and a return on equity of 17.07%. The firm 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) EPS. The company’s revenue for the quarter was up 11.8% compared to the same quarter last year. As a group, equities analysts anticipate that GE Vernova Inc. will post 6.59 earnings per share for the current fiscal year.

GE Vernova Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, February 2nd. Stockholders of record on Monday, January 5th will be paid a $0.50 dividend. 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. This represents a $2.00 annualized dividend and a dividend yield of 0.3%. GE Vernova’s dividend payout ratio is currently 32.57%.

GE Vernova 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.