Breakwater Investment Management Takes Position in GE Vernova Inc. (NYSE:GEV)

Breakwater Investment Management bought a new position in shares of GE Vernova Inc. (NYSE:GEV) during the 4th quarter, HoldingsChannel reports. The institutional investor bought 600 shares of the company’s stock, valued at approximately $197,000.

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

GE Vernova Stock Up 2.8 %

GEV opened at $401.84 on Tuesday. GE Vernova Inc. has a 52 week low of $115.00 and a 52 week high of $404.13. The business’s 50 day moving average is $344.59 and its two-hundred day moving average is $265.01.

GE Vernova Dividend Announcement

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

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

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Oppenheimer started coverage on GE Vernova in a research report on Thursday, September 26th. They set a “market perform” rating on the stock. Morgan Stanley upped their price target on GE Vernova from $301.00 to $367.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Evercore ISI lifted their price objective on GE Vernova from $385.00 to $390.00 and gave the company an “outperform” rating in a research note on Wednesday, December 11th. Truist Financial upped 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, January 16th. Finally, TD Cowen started coverage on shares of GE Vernova in a research note on Thursday, December 5th. They issued a “buy” rating and a $400.00 price target for the company. Seven equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, GE Vernova currently has a consensus 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.