Kentucky Retirement Systems Cuts Stock Position in GE Vernova Inc. (NYSE:GEV)

Kentucky Retirement Systems trimmed its stake in shares of GE Vernova Inc. (NYSE:GEV) by 1.4% during the 4th quarter, HoldingsChannel.com reports. The firm owned 18,884 shares of the company’s stock after selling 260 shares during the quarter. Kentucky Retirement Systems’ holdings in GE Vernova were worth $6,212,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in GEV. Howard Capital Management Group LLC acquired a new position in shares of GE Vernova during the 3rd quarter worth about $213,000. Whittier Trust Co. raised its holdings in shares of GE Vernova by 1.9% during the third quarter. Whittier Trust Co. now owns 2,106 shares of the company’s stock valued at $537,000 after acquiring an additional 40 shares during the last quarter. Signaturefd LLC lifted its position in shares of GE Vernova by 4.8% in the third quarter. Signaturefd LLC now owns 4,840 shares of the company’s stock valued at $1,234,000 after acquiring an additional 222 shares in the last quarter. Eastern Bank purchased a new stake in shares of GE Vernova during the third quarter worth approximately $612,000. Finally, Private Advisor Group LLC raised its stake in GE Vernova by 8.2% in the 3rd quarter. Private Advisor Group LLC now owns 20,098 shares of the company’s stock valued at $5,125,000 after purchasing an additional 1,531 shares during the last quarter.

GE Vernova Stock Down 4.2 %

Shares of GEV stock opened at $359.57 on Friday. The stock has a market capitalization of $99.21 billion and a PE ratio of 64.67. The firm has a 50 day moving average of $364.50 and a two-hundred day moving average of $298.16. GE Vernova Inc. has a 52 week low of $115.00 and a 52 week high of $447.50.

GE Vernova (NYSE:GEV) last issued its quarterly 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 return on equity of 6.70% and a net margin of 4.44%. The firm had revenue of $10.56 billion during the quarter, compared to analysts’ expectations of $10.70 billion. The company’s quarterly revenue was up 5.1% compared to the same quarter last year. Analysts expect that GE Vernova Inc. will post 6.59 EPS for the current fiscal year.

GE Vernova declared that its board has approved a stock repurchase plan on Tuesday, December 10th that allows the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization allows the company to buy up to 6.7% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

GE Vernova Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 28th. Stockholders of record on Friday, December 20th were given a dividend of $0.25 per share. The ex-dividend date was Friday, December 20th. This represents a $1.00 annualized dividend and a dividend yield of 0.28%. GE Vernova’s dividend payout ratio (DPR) is currently 17.99%.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on GEV. JPMorgan Chase & Co. upped their target price on shares of GE Vernova from $374.00 to $436.00 and gave the stock an “overweight” rating in a report on Thursday, January 23rd. CICC Research began coverage on shares of GE Vernova in a report on Wednesday. They issued an “outperform” rating for the company. Barclays raised their target price on shares of GE Vernova from $420.00 to $487.00 and gave the stock an “overweight” rating in a research note on Thursday, January 23rd. Baird R W upgraded GE Vernova to a “strong-buy” rating in a report on Thursday, February 13th. Finally, Guggenheim cut GE Vernova from a “buy” rating to a “neutral” rating and set a $380.00 price target for the company. in a report on Friday, January 24th. Eight investment analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and four have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $350.13.

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.