Illinois Municipal Retirement Fund Makes New $789,000 Investment in GE Vernova Inc. (NYSE:GEV)

Illinois Municipal Retirement Fund acquired a new position in GE Vernova Inc. (NYSE:GEV) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 2,398 shares of the company’s stock, valued at approximately $789,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Cedar Mountain Advisors LLC raised its holdings in shares of GE Vernova by 102.6% in the 4th quarter. Cedar Mountain Advisors LLC now owns 77 shares of the company’s stock worth $25,000 after buying an additional 39 shares in the last quarter. Pineridge Advisors LLC raised its stake in GE Vernova by 530.8% during the fourth quarter. Pineridge Advisors LLC now owns 82 shares of the company’s stock worth $27,000 after acquiring an additional 69 shares in the last quarter. Asset Planning Inc acquired a new position in GE Vernova during the fourth quarter worth $35,000. Riggs Asset Managment Co. Inc. lifted its holdings in shares of GE Vernova by 93.4% during the fourth quarter. Riggs Asset Managment Co. Inc. now owns 118 shares of the company’s stock valued at $39,000 after acquiring an additional 57 shares during the period. Finally, Covestor Ltd boosted its stake in shares of GE Vernova by 61.3% in the 3rd 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.

GE Vernova Stock Down 6.0 %

Shares of GE Vernova stock opened at $315.19 on Tuesday. The business has a fifty day simple moving average of $363.25 and a 200 day simple moving average of $307.25. The stock has a market cap of $86.96 billion and a PE ratio of 56.69. GE Vernova Inc. has a 12 month low of $115.00 and a 12 month high of $447.50.

GE Vernova (NYSE:GEV) last announced its quarterly earnings results on Wednesday, January 22nd. The company reported $1.73 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 company had revenue of $10.56 billion during the quarter, compared to the consensus estimate of $10.70 billion. The firm’s revenue was up 5.1% on a year-over-year basis. Analysts expect that GE Vernova Inc. will post 6.59 EPS for the current fiscal year.

GE Vernova declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, December 10th that permits the company to repurchase $6.00 billion in shares. This repurchase authorization permits the company to buy up to 6.7% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its shares are undervalued.

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 issued a $0.25 dividend. The ex-dividend date of this dividend was Friday, December 20th. This represents a $1.00 annualized dividend and a yield of 0.32%. GE Vernova’s dividend payout ratio (DPR) is presently 17.99%.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Wolfe Research began coverage on shares of GE Vernova in a report on Wednesday, December 4th. They set an “outperform” rating and a $403.00 price target for the company. Guggenheim cut shares of GE Vernova from a “buy” rating to a “neutral” rating and set a $380.00 target price for the company. in a research note on Friday, January 24th. Barclays reduced their target price on GE Vernova from $487.00 to $427.00 and set an “overweight” rating on the stock in a report on Monday. CICC Research assumed coverage on GE Vernova in a report on Wednesday, February 19th. They set an “outperform” rating for the company. Finally, Citigroup boosted their price objective on GE Vernova from $361.00 to $437.00 and gave the stock a “neutral” rating in a research note on Thursday, January 23rd. Eight analysts have rated the stock with a hold rating, twenty-one have given a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $347.83.

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.