Swedbank AB Boosts Stock Position in GE Vernova Inc. (NYSE:GEV)

Swedbank AB increased its stake in shares of GE Vernova Inc. (NYSE:GEV) by 280.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 137,687 shares of the company’s stock after purchasing an additional 101,473 shares during the quarter. Swedbank AB’s holdings in GE Vernova were worth $45,289,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in GEV. Mackenzie Financial Corp purchased a new stake in GE Vernova during the 2nd quarter worth about $4,004,000. Ascent Group LLC purchased a new stake in GE Vernova in the 2nd quarter valued at about $327,000. Creative Planning purchased a new stake in GE Vernova in the 2nd quarter valued at about $8,105,000. Northwestern Mutual Wealth Management Co. purchased a new stake in GE Vernova in the 2nd quarter valued at about $2,511,000. Finally, NewEdge Advisors LLC purchased a new stake in GE Vernova in the 2nd quarter valued at about $1,851,000.

GE Vernova Stock Down 0.4 %

Shares of GEV opened at $353.65 on Thursday. The business’s 50 day moving average is $353.77 and its two-hundred day moving average is $275.94. GE Vernova Inc. has a 52-week low of $115.00 and a 52-week high of $447.50. The firm has a market cap of $97.48 billion and a price-to-earnings ratio of 63.61.

GE Vernova (NYSE:GEV) last announced its earnings results on Wednesday, January 22nd. The company reported $1.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.57). GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. The business had revenue of $10.56 billion during the quarter, compared to analyst estimates of $10.70 billion. The firm’s revenue for the quarter was up 5.1% on a year-over-year basis. On average, equities analysts expect that GE Vernova Inc. will post 6.61 earnings per share for the current fiscal year.

GE Vernova Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 28th. Shareholders of record on Friday, December 20th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.28%. The ex-dividend date of this dividend was Friday, December 20th. GE Vernova’s payout ratio is 17.99%.

GE Vernova announced that its board has initiated a stock buyback plan on Tuesday, December 10th that permits the company to buyback $6.00 billion in outstanding shares. This buyback authorization permits the company to purchase up to 6.7% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research firms have commented on GEV. The Goldman Sachs Group lifted their price target on GE Vernova from $446.00 to $500.00 and gave the company a “buy” rating in a report on Friday, January 24th. Citigroup lifted their price target on GE Vernova from $361.00 to $437.00 and gave the company a “neutral” rating in a report on Thursday, January 23rd. Deutsche Bank Aktiengesellschaft began coverage on GE Vernova in a report on Monday, October 21st. They set a “buy” rating and a $354.00 target price for the company. Evercore ISI boosted their target price on GE Vernova from $385.00 to $390.00 and gave the stock an “outperform” rating in a report on Wednesday, December 11th. Finally, Bank of America boosted their target price on GE Vernova from $380.00 to $415.00 and gave the stock a “buy” rating in a report on Tuesday, January 14th. Eight equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, GE Vernova has an average rating of “Moderate Buy” and a consensus target price of $342.94.

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.