Newport Trust Company LLC Sells 21,622 Shares of GE Vernova Inc. $GEV

Newport Trust Company LLC trimmed its holdings in GE Vernova Inc. (NYSE:GEV) by 1.3% in the third quarter, Holdings Channel reports. The institutional investor owned 1,691,076 shares of the company’s stock after selling 21,622 shares during the quarter. GE Vernova accounts for approximately 2.4% of Newport Trust Company LLC’s investment portfolio, making the stock its 11th biggest holding. Newport Trust Company LLC’s holdings in GE Vernova were worth $1,039,843,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Bay Harbor Wealth Management LLC grew its position in shares of GE Vernova by 537.5% in 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 in the last quarter. Elevation Wealth Partners LLC boosted its stake in GE Vernova by 47.2% in the 3rd quarter. Elevation Wealth Partners LLC now owns 53 shares of the company’s stock worth $33,000 after purchasing an additional 17 shares during the period. Deseret Mutual Benefit Administrators boosted its stake in GE Vernova by 112.0% in the 3rd quarter. Deseret Mutual Benefit Administrators now owns 53 shares of the company’s stock worth $33,000 after purchasing an additional 28 shares during the period. WFA Asset Management Corp purchased a new position in GE Vernova during the 2nd quarter valued at about $29,000. Finally, Howard Hughes Medical Institute bought a new stake in shares of GE Vernova during the second quarter valued at about $31,000.

GE Vernova Price Performance

GEV stock opened at $657.26 on Friday. The firm has a 50 day simple moving average of $639.17 and a two-hundred day simple moving average of $617.23. The stock has a market cap of $178.33 billion, a PE ratio of 107.05, a P/E/G ratio of 2.79 and a beta of 1.67. GE Vernova Inc. has a one year low of $252.25 and a one year high of $731.00.

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 the consensus estimate of $1.72 by ($0.08). GE Vernova had a net margin of 4.52% and a return on equity of 17.07%. The company had revenue of $9.97 billion for the quarter, compared to analysts’ expectations of $9.15 billion. During the same quarter last year, the business posted ($0.35) EPS. The business’s quarterly revenue was up 11.8% compared to the same quarter last year. On average, research analysts expect that GE Vernova Inc. will post 6.59 EPS 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. Shareholders of record on Monday, January 5th will be given a dividend of $0.50 per share. The ex-dividend date is Monday, January 5th. This is a positive change from GE Vernova’s previous quarterly dividend of $0.25. This represents a $2.00 dividend on an annualized basis and a yield of 0.3%. GE Vernova’s dividend payout ratio (DPR) is 32.57%.

Analysts Set New Price Targets

GEV has been the topic of a number of recent analyst reports. Morgan Stanley increased their price target on shares of GE Vernova from $710.00 to $822.00 and gave the stock an “overweight” rating in a report on Tuesday, December 16th. JPMorgan Chase & Co. reaffirmed an “overweight” rating on shares of GE Vernova in a report on Wednesday, December 10th. Bank of America increased their target price on shares of GE Vernova from $725.00 to $804.00 and gave the stock a “buy” rating in a research note on Wednesday, December 10th. BMO Capital Markets boosted their price target 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. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $761.00 price target on shares of GE Vernova in a report on Monday, December 22nd. Three research 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 assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, GE Vernova has an average rating of “Moderate Buy” and an average target price of $701.62.

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.