GE Vernova Inc. (NYSE:GEV) Shares Bought by Retirement Systems of Alabama

Retirement Systems of Alabama boosted its holdings in shares of GE Vernova Inc. (NYSE:GEV) by 176.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 170,957 shares of the company’s stock after purchasing an additional 109,063 shares during the period. Retirement Systems of Alabama owned about 0.06% of GE Vernova worth $56,233,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Centaurus Financial Inc. acquired a new position in shares of GE Vernova in the second quarter worth about $126,000. Czech National Bank raised its position in shares of GE Vernova by 7.2% in the third quarter. Czech National Bank now owns 55,980 shares of the company’s stock worth $14,274,000 after acquiring an additional 3,751 shares during the period. GAMMA Investing LLC raised its position in shares of GE Vernova by 28.0% in the third quarter. GAMMA Investing LLC now owns 5,792 shares of the company’s stock worth $1,477,000 after acquiring an additional 1,266 shares during the period. Diversified Trust Co raised its position in shares of GE Vernova by 473.0% in the third quarter. Diversified Trust Co now owns 9,311 shares of the company’s stock worth $2,374,000 after acquiring an additional 7,686 shares during the period. Finally, Smith Anglin Financial LLC acquired a new position in shares of GE Vernova in the third quarter worth about $236,000.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on GEV. Evercore ISI upped their price objective on shares of GE Vernova from $385.00 to $390.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 11th. Barclays upped their price objective on shares of GE Vernova from $420.00 to $487.00 and gave the stock an “overweight” rating in a research report on Thursday, January 23rd. Citigroup upped their price target on shares of GE Vernova from $361.00 to $437.00 and gave the stock a “neutral” rating in a research report on Thursday, January 23rd. William Blair restated an “outperform” rating on shares of GE Vernova in a research report on Thursday, January 23rd. Finally, Morgan Stanley upped their price target on shares of GE Vernova from $301.00 to $367.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Eight investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $342.94.

GE Vernova Stock Performance

NYSE:GEV opened at $356.62 on Wednesday. The stock has a market capitalization of $98.30 billion and a P/E ratio of 64.14. The company has a 50 day moving average price of $355.93 and a 200 day moving average price of $281.46. 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 posted its quarterly earnings data 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). The company had revenue of $10.56 billion for the quarter, compared to analysts’ expectations of $10.70 billion. GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The firm’s quarterly revenue was up 5.1% on a year-over-year basis. Research analysts forecast that GE Vernova Inc. will post 6.33 earnings per share for the current fiscal year.

GE Vernova Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 28th. Shareholders of record on Friday, December 20th were issued 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 0.28%. GE Vernova’s dividend payout ratio (DPR) is presently 17.99%.

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

GE Vernova Company 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.