Gateway Investment Advisers LLC Increases Holdings in GE Vernova Inc. (NYSE:GEV)

Gateway Investment Advisers LLC boosted its position in shares of GE Vernova Inc. (NYSE:GEV) by 6.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,575 shares of the company’s stock after acquiring an additional 1,061 shares during the period. Gateway Investment Advisers LLC’s holdings in GE Vernova were worth $5,452,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Waverton Investment Management Ltd raised its position in shares of GE Vernova by 10.0% during the 3rd quarter. Waverton Investment Management Ltd now owns 727,704 shares of the company’s stock valued at $185,459,000 after buying an additional 66,455 shares in the last quarter. Hanlon Investment Management Inc. bought a new position in GE Vernova in the third quarter worth about $1,101,000. Atria Investments Inc lifted its stake in shares of GE Vernova by 127.0% in the 3rd quarter. Atria Investments Inc now owns 5,088 shares of the company’s stock valued at $1,297,000 after purchasing an additional 2,847 shares during the period. Fractal Investments LLC purchased a new position in GE Vernova during the third quarter valued at $1,530,000. Finally, Legal & General Group Plc bought a new stake in GE Vernova during the second quarter worth about $293,699,000.

Wall Street Analyst Weigh In

GEV has been the topic of several analyst reports. Barclays boosted their target price on GE Vernova from $320.00 to $420.00 and gave the stock an “overweight” rating in a report on Thursday, December 5th. JPMorgan Chase & Co. raised their target price on shares of GE Vernova from $367.00 to $374.00 and gave the stock an “overweight” rating in a report on Tuesday. Citigroup boosted their price target on GE Vernova from $292.00 to $361.00 and gave the company a “neutral” rating in a research note on Monday, December 9th. Evercore ISI upped their price objective on GE Vernova from $385.00 to $390.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 11th. Finally, Truist Financial raised their target price on shares of GE Vernova from $400.00 to $420.00 and gave the stock a “buy” rating in a research note on Thursday. 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. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $321.35.

GE Vernova Stock Up 2.8 %

NYSE GEV opened at $401.84 on Friday. GE Vernova Inc. has a 52 week low of $115.00 and a 52 week high of $404.13. The company has a fifty day moving average of $343.37 and a two-hundred day moving average of $262.08.

GE Vernova Dividend Announcement

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

GE Vernova announced that its board has authorized a stock repurchase 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 an indication that the company’s management believes its shares are undervalued.

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.