TCW Group Inc. Trims Holdings in GE Vernova Inc. (NYSE:GEV)

TCW Group Inc. lessened its stake in GE Vernova Inc. (NYSE:GEV) by 19.8% in the third quarter, Holdings Channel reports. The institutional investor owned 154,593 shares of the company’s stock after selling 38,094 shares during the quarter. TCW Group Inc.’s holdings in GE Vernova were worth $39,418,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. TD Private Client Wealth LLC grew its holdings in GE Vernova by 8.8% during the 3rd quarter. TD Private Client Wealth LLC now owns 740 shares of the company’s stock worth $189,000 after acquiring an additional 60 shares in the last quarter. Fortem Financial Group LLC bought a new position in shares of GE Vernova during the third quarter worth about $224,000. Toronto Dominion Bank grew its stake in GE Vernova by 1.5% in the third quarter. Toronto Dominion Bank now owns 135,938 shares of the company’s stock worth $34,661,000 after purchasing an additional 2,018 shares in the last quarter. Coldstream Capital Management Inc. grew its stake in GE Vernova by 18.5% in the third quarter. Coldstream Capital Management Inc. now owns 4,948 shares of the company’s stock worth $1,301,000 after purchasing an additional 774 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in GE Vernova by 1.5% in the third quarter. Geode Capital Management LLC now owns 5,594,223 shares of the company’s stock valued at $1,420,763,000 after buying an additional 80,479 shares during the last quarter.

GE Vernova Stock Performance

GEV stock opened at $327.41 on Wednesday. GE Vernova Inc. has a 52 week low of $115.00 and a 52 week high of $357.09. The firm’s 50-day moving average is $306.45 and its two-hundred day moving average is $228.84.

GE Vernova Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Stockholders of record on Friday, December 20th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 0.31%.

GE Vernova announced that its Board of Directors has authorized a share buyback program on Tuesday, December 10th that allows the company to buyback $6.00 billion in shares. This buyback authorization allows the company to purchase up to 6.7% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. HSBC reaffirmed a “hold” rating and set a $255.00 target price (up previously from $240.00) on shares of GE Vernova in a report on Friday, October 4th. Bank of America boosted their target price on shares of GE Vernova from $300.00 to $320.00 and gave the company a “buy” rating in a research note on Thursday, October 24th. Raymond James downgraded shares of GE Vernova from an “outperform” rating to a “market perform” rating in a research report on Wednesday, October 2nd. Barclays boosted their price objective on shares of GE Vernova from $320.00 to $420.00 and gave the company an “overweight” rating in a research report on Thursday, December 5th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of GE Vernova in a report on Monday, October 21st. They issued a “buy” rating and a $354.00 target price on the stock. Seven equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $304.73.

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.