Handelsbanken Fonder AB Invests $34.71 Million in GE Vernova Inc. (NYSE:GEV)

Handelsbanken Fonder AB acquired a new stake in GE Vernova Inc. (NYSE:GEV) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 105,537 shares of the company’s stock, valued at approximately $34,714,000.

Several other institutional investors have also added to or reduced their stakes in the company. Cedar Mountain Advisors LLC boosted 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 valued at $25,000 after purchasing an additional 39 shares in the last quarter. Pineridge Advisors LLC lifted its position in shares of GE Vernova by 530.8% during the 4th quarter. Pineridge Advisors LLC now owns 82 shares of the company’s stock worth $27,000 after buying an additional 69 shares during the last quarter. Covestor Ltd boosted its stake in GE Vernova by 61.3% in the third quarter. Covestor Ltd now owns 121 shares of the company’s stock valued at $31,000 after buying an additional 46 shares in the last quarter. Darwin Wealth Management LLC bought a new position in GE Vernova in the third quarter valued at about $31,000. Finally, Prestige Wealth Management Group LLC raised its stake in GE Vernova by 175.0% during the third quarter. Prestige Wealth Management Group LLC now owns 121 shares of the company’s stock worth $31,000 after acquiring an additional 77 shares in the last quarter.

GE Vernova Price Performance

Shares of GE Vernova stock opened at $359.57 on Friday. The stock’s 50-day moving average is $364.50 and its 200 day moving average is $298.16. GE Vernova Inc. has a one year low of $115.00 and a one year high of $447.50. The firm has a market cap of $99.21 billion and a price-to-earnings ratio of 64.67.

GE Vernova (NYSE:GEV) last posted its quarterly earnings results on Wednesday, January 22nd. The company reported $1.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.57). The business had revenue of $10.56 billion for the quarter, compared to the consensus estimate of $10.70 billion. GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The business’s revenue for the quarter was up 5.1% on a year-over-year basis. On average, sell-side analysts expect that GE Vernova Inc. will post 6.59 EPS for the current fiscal year.

GE Vernova Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, January 28th. Shareholders of record on Friday, December 20th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 0.28%. The ex-dividend date was Friday, December 20th. GE Vernova’s payout ratio is 17.99%.

GE Vernova declared that its board has initiated a share buyback program on Tuesday, December 10th that authorizes the company to buyback $6.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 6.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

GEV has been the topic of a number of research analyst reports. Jefferies Financial Group raised their price target on shares of GE Vernova from $348.00 to $391.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Wolfe Research began coverage on shares of GE Vernova in a research report on Wednesday, December 4th. They issued an “outperform” rating and a $403.00 target price on the stock. 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 report on Thursday, January 23rd. CICC Research started coverage on GE Vernova in a research note on Wednesday. They issued an “outperform” rating for the company. Finally, Wells Fargo & Company boosted their price objective on GE Vernova from $385.00 to $411.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. Eight equities research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat, GE Vernova currently has an average rating of “Moderate Buy” and an average target price of $350.13.

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.