Sumitomo Mitsui DS Asset Management Company Ltd Purchases 550 Shares of GE Vernova Inc. (NYSE:GEV)

Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in shares of GE Vernova Inc. (NYSE:GEV) by 1.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 30,338 shares of the company’s stock after acquiring an additional 550 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in GE Vernova were worth $9,979,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Armstrong Advisory Group Inc. grew its stake in GE Vernova by 3.5% during the fourth 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 period. Hengehold Capital Management LLC boosted its holdings in shares of GE Vernova by 2.4% during the 4th 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 grew its position in shares of GE Vernova by 1.6% during the 4th quarter. AdvisorNet Financial Inc now owns 1,859 shares of the company’s stock worth $611,000 after buying an additional 30 shares during the period. Mutual Advisors LLC increased its stake in shares of GE Vernova by 1.2% in 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, Pittenger & Anderson Inc. lifted its position in shares of GE Vernova by 28.0% during the 3rd quarter. Pittenger & Anderson Inc. now owns 160 shares of the company’s stock valued at $41,000 after acquiring an additional 35 shares during the period.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. TD Cowen started coverage on shares of GE Vernova in a report on Thursday, December 5th. They issued a “buy” rating and a $400.00 price target for the company. Evercore ISI boosted their target price on GE Vernova from $385.00 to $390.00 and gave the company an “outperform” rating in a research report on Wednesday, December 11th. Morgan Stanley upped their price target on GE Vernova from $301.00 to $367.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Wolfe Research began coverage on GE Vernova in a research note on Wednesday, December 4th. They issued an “outperform” rating and a $403.00 price objective for the company. Finally, BMO Capital Markets upped their target price on GE Vernova from $360.00 to $420.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 21st. Eight research analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $346.22.

GE Vernova Stock Performance

Shares of NYSE:GEV opened at $377.99 on Friday. The company has a market capitalization of $104.19 billion and a P/E ratio of 67.98. The company’s 50-day moving average is $357.71 and its 200 day moving average is $284.04. GE Vernova Inc. has a fifty-two week low of $115.00 and a fifty-two week high of $447.50.

GE Vernova (NYSE:GEV) last released its 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 company had revenue of $10.56 billion for the quarter, compared to the consensus estimate of $10.70 billion. GE Vernova’s quarterly revenue was up 5.1% on a year-over-year basis. As a group, research analysts predict that GE Vernova Inc. will post 6.33 earnings per share for the current year.

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

GE Vernova Announces Dividend

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 $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 0.26%. The ex-dividend date was Friday, December 20th. GE Vernova’s dividend payout ratio is currently 17.99%.

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.