GE Vernova (NYSE:GEV) Stock Price Down 1.6% – Here’s What Happened

GE Vernova Inc. (NYSE:GEV)’s stock price fell 1.6% on Monday . The stock traded as low as $353.01 and last traded at $361.40. 969,861 shares changed hands during trading, a decline of 61% from the average session volume of 2,479,354 shares. The stock had previously closed at $367.10.

Analyst Ratings Changes

Several research analysts recently commented on the company. Truist Financial raised their target price on GE Vernova from $325.00 to $400.00 and gave the stock a “buy” rating in a research report on Tuesday, December 10th. The Goldman Sachs Group lifted their target price on shares of GE Vernova from $324.00 to $400.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Citigroup upped their target price on shares of GE Vernova from $292.00 to $361.00 and gave the company a “neutral” rating in a research note on Monday, December 9th. Deutsche Bank Aktiengesellschaft started coverage on shares of GE Vernova in a research note on Monday, October 21st. They set a “buy” rating and a $354.00 price target for the company. Finally, Morgan Stanley upped their price objective on GE Vernova from $301.00 to $367.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Seven investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $314.35.

GE Vernova Stock Performance

The firm’s 50-day moving average price is $338.55 and its 200 day moving average price is $257.48.

GE Vernova Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 28th. Shareholders of record on Friday, December 20th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 0.27%. The ex-dividend date of this dividend is Friday, December 20th.

GE Vernova declared that its board has initiated a stock buyback program on Tuesday, December 10th that authorizes the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 6.7% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Institutional Investors Weigh In On GE Vernova

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Meeder Asset Management Inc. bought a new stake in shares of GE Vernova in the 2nd quarter valued at about $25,000. Spectrum Wealth Counsel LLC bought a new stake in GE Vernova in the second quarter valued at approximately $27,000. Castleview Partners LLC bought a new position in shares of GE Vernova during the third quarter worth $28,000. Pathway Financial Advisers LLC acquired a new position in shares of GE Vernova in the 2nd quarter valued at $29,000. Finally, Glass Jacobson Investment Advisors llc bought a new stake in shares of GE Vernova in the 2nd quarter valued at $30,000.

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.