QRG Capital Management Inc. Increases Stake in GE Vernova Inc. (NYSE:GEV)

QRG Capital Management Inc. grew its stake in GE Vernova Inc. (NYSE:GEV) by 20.1% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 42,393 shares of the company’s stock after buying an additional 7,094 shares during the quarter. QRG Capital Management Inc.’s holdings in GE Vernova were worth $13,944,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. First Command Advisory Services Inc. boosted its stake in shares of GE Vernova by 9.9% in the 4th quarter. First Command Advisory Services Inc. now owns 500 shares of the company’s stock valued at $164,000 after buying an additional 45 shares during the period. Proficio Capital Partners LLC purchased a new position in shares of GE Vernova in the 4th quarter valued at about $94,562,000. Oppenheimer & Co. Inc. boosted its stake in shares of GE Vernova by 30.1% in the 4th quarter. Oppenheimer & Co. Inc. now owns 8,398 shares of the company’s stock valued at $2,762,000 after buying an additional 1,941 shares during the period. Kovack Advisors Inc. boosted its stake in shares of GE Vernova by 1.0% in the 4th quarter. Kovack Advisors Inc. now owns 3,167 shares of the company’s stock valued at $1,042,000 after buying an additional 31 shares during the period. Finally, Central Asset Investments & Management Holdings HK Ltd purchased a new position in shares of GE Vernova in the 4th quarter valued at about $888,000.

GE Vernova Price Performance

GE Vernova stock opened at $325.64 on Friday. GE Vernova Inc. has a 1-year low of $115.00 and a 1-year high of $447.50. The company has a market cap of $89.84 billion and a PE ratio of 58.57. The stock’s 50 day moving average price is $363.98 and its 200 day moving average price is $303.53.

GE Vernova (NYSE:GEV) last posted its quarterly earnings results on Wednesday, January 22nd. The company reported $1.73 earnings per share 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 business had revenue of $10.56 billion during the quarter, compared to analysts’ expectations of $10.70 billion. The business’s revenue was up 5.1% compared to the same quarter last year. On average, equities research analysts anticipate that GE Vernova Inc. will post 6.59 EPS for the current fiscal year.

GE Vernova Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, January 28th. Shareholders 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 dividend on an annualized basis and a yield of 0.31%. GE Vernova’s payout ratio is 17.99%.

GE Vernova announced that its board has approved a share buyback program on Tuesday, December 10th that permits the company to buyback $6.00 billion in outstanding shares. This buyback authorization permits 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 board believes its shares are undervalued.

Wall Street Analyst Weigh In

GEV has been the subject of several recent research reports. Marathon Capitl upgraded GE Vernova to a “strong-buy” rating in a research note on Friday, January 31st. Truist Financial boosted their target price on GE Vernova from $420.00 to $470.00 and gave the stock a “buy” rating in a research note on Thursday, January 23rd. Citigroup boosted their target price on GE Vernova from $361.00 to $437.00 and gave the stock a “neutral” rating in a research note on Thursday, January 23rd. Bank of America boosted their target price on GE Vernova from $380.00 to $415.00 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. Finally, BMO Capital Markets boosted their target price on GE Vernova from $360.00 to $420.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 21st. Eight research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and four have given a strong buy rating to the stock. According to MarketBeat, the company currently 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.