GE Vernova Inc. (NYSE:GEV) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp cut its position in GE Vernova Inc. (NYSE:GEV) by 19.7% during the fourth quarter, HoldingsChannel.com reports. The fund owned 3,925,881 shares of the company’s stock after selling 960,783 shares during the period. Bank of New York Mellon Corp’s holdings in GE Vernova were worth $1,291,340,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in GEV. Armstrong Advisory Group Inc. boosted its stake in GE Vernova by 3.5% during the 4th quarter. Armstrong Advisory Group Inc. now owns 798 shares of the company’s stock worth $262,000 after purchasing an additional 27 shares during the last quarter. Hengehold Capital Management LLC lifted its stake in shares of GE Vernova by 2.4% in the fourth quarter. Hengehold Capital Management LLC now owns 1,231 shares of the company’s stock worth $405,000 after buying an additional 29 shares in the last quarter. AdvisorNet Financial Inc boosted its position in GE Vernova by 1.6% during the fourth quarter. AdvisorNet Financial Inc now owns 1,859 shares of the company’s stock worth $611,000 after acquiring an additional 30 shares during the last quarter. Mutual Advisors LLC grew its stake in GE Vernova by 1.2% during the 4th quarter. Mutual Advisors LLC now owns 2,701 shares of the company’s stock valued at $888,000 after acquiring an additional 31 shares in the last quarter. Finally, WASHINGTON TRUST Co raised its holdings in GE Vernova by 1.9% in the 4th quarter. WASHINGTON TRUST Co now owns 1,702 shares of the company’s stock valued at $560,000 after acquiring an additional 31 shares during the last quarter.

GE Vernova Stock Performance

Shares of GEV stock opened at $315.74 on Tuesday. GE Vernova Inc. has a 1 year low of $115.00 and a 1 year high of $447.50. The stock has a market cap of $87.11 billion and a PE ratio of 56.79. The stock has a fifty day moving average price of $363.97 and a 200 day moving average price of $302.17.

GE Vernova (NYSE:GEV) last released its 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 net margin of 4.44% and a return on equity of 6.70%. The firm had revenue of $10.56 billion during the quarter, compared to analysts’ expectations of $10.70 billion. The business’s revenue for the quarter was up 5.1% on a year-over-year basis. As a group, equities research analysts predict that GE Vernova Inc. will post 6.59 earnings per share for the current year.

GE Vernova declared that its board has authorized a share repurchase plan on Tuesday, December 10th that permits the company to repurchase $6.00 billion in shares. This repurchase authorization permits the company to purchase up to 6.7% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its stock is undervalued.

GE Vernova Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 28th. Investors of record on Friday, December 20th were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, December 20th. This represents a $1.00 annualized dividend and a dividend yield of 0.32%. GE Vernova’s payout ratio is 17.99%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Wells Fargo & Company boosted their target price on GE Vernova from $385.00 to $411.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. JPMorgan Chase & Co. boosted their price objective on GE Vernova from $374.00 to $436.00 and gave the stock an “overweight” rating in a research note on Thursday, January 23rd. Evercore ISI raised their target price on GE Vernova from $385.00 to $390.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 11th. Citigroup boosted their price target on shares of GE Vernova from $361.00 to $437.00 and gave the company a “neutral” rating in a research report on Thursday, January 23rd. Finally, Marathon Capitl raised shares of GE Vernova to a “strong-buy” rating in a report on Friday, January 31st. Eight research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $350.13.

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.