Sheets Smith Wealth Management Makes New $666,000 Investment in GE Vernova Inc. (NYSE:GEV)

Sheets Smith Wealth Management purchased a new stake in GE Vernova Inc. (NYSE:GEV) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 2,026 shares of the company’s stock, valued at approximately $666,000.

A number of other institutional investors also recently modified their holdings of GEV. Castleview Partners LLC bought a new position in GE Vernova in the third quarter valued at about $28,000. Pathway Financial Advisers LLC bought a new stake in shares of GE Vernova during the 2nd quarter valued at approximately $29,000. Covestor Ltd increased its position in GE Vernova by 61.3% during the 3rd quarter. Covestor Ltd now owns 121 shares of the company’s stock worth $31,000 after purchasing an additional 46 shares in the last quarter. Darwin Wealth Management LLC acquired a new position in GE Vernova during the 3rd quarter worth approximately $31,000. Finally, Prestige Wealth Management Group LLC lifted its stake in GE Vernova by 175.0% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 121 shares of the company’s stock valued at $31,000 after purchasing an additional 77 shares during the last quarter.

GE Vernova Trading Up 2.6 %

GE Vernova stock opened at $426.84 on Thursday. The firm’s fifty day moving average is $347.50 and its 200 day moving average is $268.31. GE Vernova Inc. has a 12-month low of $115.00 and a 12-month high of $434.10.

GE Vernova (NYSE:GEV) last announced its quarterly earnings data on Wednesday, January 22nd. The company reported $1.73 earnings per share for the quarter, missing the consensus estimate of $2.30 by ($0.57). The company had revenue of $10.56 billion for the quarter, compared to analyst estimates of $10.70 billion. GE Vernova had a net margin of 3.67% and a return on equity of 4.22%. The company’s quarterly revenue was up 5.1% compared to the same quarter last year. As a group, equities research analysts predict that GE Vernova Inc. will post 1.96 EPS for the current fiscal year.

GE Vernova declared that its Board of Directors has initiated a share repurchase program on Tuesday, December 10th that permits the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization permits the company to purchase up to 6.7% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

GE Vernova Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Shareholders of record on Friday, December 20th will be paid a $0.25 dividend. The ex-dividend date is Friday, December 20th. This represents a $1.00 dividend on an annualized basis and a yield of 0.23%.

Analysts Set New Price Targets

A number of research firms have weighed in on GEV. BMO Capital Markets boosted their target price on shares of GE Vernova from $360.00 to $420.00 in a research note on Tuesday. William Blair reaffirmed an “outperform” rating on shares of GE Vernova in a report on Wednesday, December 11th. The Goldman Sachs Group lifted their price target on GE Vernova from $400.00 to $446.00 and gave the company a “buy” rating in a research note on Thursday, January 16th. Deutsche Bank Aktiengesellschaft started coverage on GE Vernova in a research note on Monday, October 21st. They issued a “buy” rating and a $354.00 price objective for the company. Finally, Hsbc Global Res downgraded shares of GE Vernova from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 4th. Seven investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $326.85.

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.