Franklin Resources Inc. Buys 71,067 Shares of GE Vernova Inc. (NYSE:GEV)

Franklin Resources Inc. raised its stake in GE Vernova Inc. (NYSE:GEV) by 3.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,978,691 shares of the company’s stock after purchasing an additional 71,067 shares during the period. Franklin Resources Inc. owned 0.72% of GE Vernova worth $533,257,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. Tidal Investments LLC grew its position in shares of GE Vernova by 5.4% in the 3rd quarter. Tidal Investments LLC now owns 7,271 shares of the company’s stock worth $1,854,000 after buying an additional 374 shares during the last quarter. Optimist Retirement Group LLC purchased a new position in GE Vernova in the third quarter worth $249,000. Blankinship & Foster LLC acquired a new position in shares of GE Vernova during the third quarter worth $204,000. Wilmington Savings Fund Society FSB boosted its position in shares of GE Vernova by 219.7% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 10,265 shares of the company’s stock worth $2,617,000 after purchasing an additional 7,054 shares in the last quarter. Finally, World Investment Advisors LLC grew its stake in GE Vernova by 41.4% during the 3rd quarter. World Investment Advisors LLC now owns 2,876 shares of the company’s stock worth $733,000 after buying an additional 842 shares during the last quarter.

GE Vernova Stock Up 0.6 %

GEV opened at $332.01 on Friday. The company has a fifty day moving average of $312.53 and a two-hundred day moving average of $232.46. GE Vernova Inc. has a fifty-two week low of $115.00 and a fifty-two week high of $357.09.

GE Vernova declared that its Board of Directors has initiated a share repurchase program on Tuesday, December 10th that allows the company to buyback $6.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 6.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

GE Vernova Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 20th will be paid a $0.25 dividend. The ex-dividend date is Friday, December 20th. This represents a $1.00 annualized dividend and a dividend yield of 0.30%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. HSBC reaffirmed a “hold” rating and issued a $255.00 price objective (up from $240.00) on shares of GE Vernova in a research report on Friday, October 4th. Evercore ISI raised their price target on shares of GE Vernova from $385.00 to $390.00 and gave the stock an “outperform” rating in a report on Wednesday. Jefferies Financial Group lifted their price objective on shares of GE Vernova from $348.00 to $391.00 and gave the stock a “buy” rating in a research note on Friday. Truist Financial upped their target price on GE Vernova from $325.00 to $400.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, JPMorgan Chase & Co. lifted their price target on GE Vernova from $356.00 to $367.00 and gave the stock an “overweight” rating in a research report on Wednesday. Seven equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $314.35.

GE Vernova Company Profile

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.