GE Vernova Inc. (NYSE:GEV) Shares Acquired by Retirement Systems of Alabama

Retirement Systems of Alabama increased its position in shares of GE Vernova Inc. (NYSE:GEV) by 2.4% during the third quarter, Holdings Channel.com reports. The fund owned 61,894 shares of the company’s stock after acquiring an additional 1,433 shares during the quarter. Retirement Systems of Alabama’s holdings in GE Vernova were worth $15,782,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. Mountaineer Partners Management LLC acquired a new position in shares of GE Vernova in the 3rd quarter worth approximately $2,507,296,000. Newport Trust Company LLC acquired a new position in GE Vernova in the second quarter worth approximately $650,140,000. Bank of New York Mellon Corp bought a new position in shares of GE Vernova in the second quarter valued at $537,674,000. Marshall Wace LLP acquired a new stake in shares of GE Vernova during the 2nd quarter valued at $399,770,000. Finally, Legal & General Group Plc bought a new stake in shares of GE Vernova during the 2nd quarter worth $293,699,000.

GE Vernova Trading Up 0.6 %

Shares of GE Vernova stock opened at $332.01 on Monday. GE Vernova Inc. has a 12-month low of $115.00 and a 12-month high of $357.09. The company has a 50-day simple moving average of $312.53 and a 200 day simple moving average of $233.23.

GE Vernova Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Shareholders of record on Friday, December 20th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 0.30%. The ex-dividend date of this dividend is Friday, December 20th.

GE Vernova announced that its board has approved a stock buyback plan on Tuesday, December 10th that authorizes the company to buyback $6.00 billion in outstanding shares. This buyback authorization authorizes the company to repurchase up to 6.7% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. BMO Capital Markets boosted their target price on GE Vernova from $245.00 to $288.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. Citigroup boosted their price objective on GE Vernova from $292.00 to $361.00 and gave the stock a “neutral” rating in a report on Monday, December 9th. Oppenheimer began coverage on shares of GE Vernova in a report on Thursday, September 26th. They issued a “market perform” rating for the company. Wells Fargo & Company boosted their price target on shares of GE Vernova from $385.00 to $411.00 and gave the company an “overweight” rating in a report on Friday. Finally, HSBC reaffirmed a “hold” rating and issued a $255.00 price objective (up previously from $240.00) on shares of GE Vernova in a research note on Friday, October 4th. Seven investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $314.35.

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.