Bonness Enterprises Inc. Purchases New Position in GE Vernova Inc. (NYSE:GEV)

Bonness Enterprises Inc. acquired a new position in GE Vernova Inc. (NYSE:GEV) during the fourth quarter, HoldingsChannel reports. The institutional investor acquired 620 shares of the company’s stock, valued at approximately $204,000.

Other hedge funds have also modified their holdings of the company. Castleview Partners LLC purchased a new stake in GE Vernova during the third quarter valued at $28,000. Covestor Ltd raised its position in shares of GE Vernova by 61.3% during the 3rd quarter. Covestor Ltd now owns 121 shares of the company’s stock valued at $31,000 after buying an additional 46 shares in the last quarter. Darwin Wealth Management LLC bought a new position in shares of GE Vernova in the 3rd quarter valued at about $31,000. Prestige Wealth Management Group LLC grew its position in GE Vernova by 175.0% in the third quarter. Prestige Wealth Management Group LLC now owns 121 shares of the company’s stock worth $31,000 after acquiring an additional 77 shares in the last quarter. Finally, Planning Capital Management Corp increased its stake in GE Vernova by 1,000.0% during the third quarter. Planning Capital Management Corp now owns 143 shares of the company’s stock worth $36,000 after acquiring an additional 130 shares during the last quarter.

GE Vernova Stock Up 2.8 %

Shares of GEV opened at $401.84 on Tuesday. The company has a 50 day moving average price of $344.59 and a 200-day moving average price of $265.01. GE Vernova Inc. has a fifty-two week low of $115.00 and a fifty-two week high of $404.13.

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

GE Vernova Announces Dividend

The business also recently announced 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. The ex-dividend date is Friday, December 20th. This represents a $1.00 dividend on an annualized basis and a yield of 0.25%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. William Blair reiterated an “outperform” rating on shares of GE Vernova in a report on Wednesday, December 11th. TD Cowen assumed coverage on shares of GE Vernova in a research report on Thursday, December 5th. They set a “buy” rating and a $400.00 price objective on the stock. Bank of America increased their target price on shares of GE Vernova from $380.00 to $415.00 and gave the company a “buy” rating in a research note on Tuesday, January 14th. Hsbc Global Res downgraded shares of GE Vernova from a “strong-buy” rating to a “hold” rating in a report on Friday, October 4th. Finally, Citigroup raised their price objective on shares of GE Vernova from $292.00 to $361.00 and gave the stock a “neutral” rating in a research note on Monday, December 9th. Seven research 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 company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $321.35.

GE Vernova 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.