Ipswich Investment Management Co. Inc. Trims Stock Position in GE Vernova Inc. (NYSE:GEV)

Ipswich Investment Management Co. Inc. reduced its position in shares of GE Vernova Inc. (NYSE:GEV) by 5.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,150 shares of the company’s stock after selling 114 shares during the period. Ipswich Investment Management Co. Inc.’s holdings in GE Vernova were worth $707,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in GEV. Cedar Mountain Advisors LLC increased its holdings in GE Vernova by 102.6% in the fourth quarter. Cedar Mountain Advisors LLC now owns 77 shares of the company’s stock valued at $25,000 after buying an additional 39 shares during the last quarter. Pineridge Advisors LLC increased its stake in shares of 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 during the period. Covestor Ltd boosted its stake in shares of 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 acquired a new position in shares of GE Vernova during the 3rd quarter worth $31,000. Finally, Prestige Wealth Management Group LLC increased its holdings in GE Vernova by 175.0% in the third quarter. Prestige Wealth Management Group LLC now owns 121 shares of the company’s stock valued at $31,000 after buying an additional 77 shares in the last quarter.

GE Vernova Stock Down 8.9 %

Shares of GEV opened at $327.68 on Friday. The business’s fifty day moving average is $364.41 and its 200 day moving average is $299.31. The stock has a market cap of $90.41 billion and a P/E ratio of 58.93. GE Vernova Inc. has a 12-month low of $115.00 and a 12-month high of $447.50.

GE Vernova (NYSE:GEV) last issued its quarterly earnings results on Wednesday, January 22nd. The company reported $1.73 earnings per share (EPS) 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 analysts’ expectations of $10.70 billion. GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The business’s quarterly revenue was up 5.1% on a year-over-year basis. On average, analysts expect that GE Vernova Inc. will post 6.59 EPS for the current year.

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

GE Vernova Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, January 28th. Investors of record on Friday, December 20th were given a $0.25 dividend. The ex-dividend date was Friday, December 20th. This represents a $1.00 annualized dividend and a yield of 0.31%. GE Vernova’s dividend payout ratio (DPR) is presently 17.99%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on GEV. William Blair reiterated an “outperform” rating on shares of GE Vernova in a research report on Thursday, January 23rd. Barclays increased their price target on shares of GE Vernova from $420.00 to $487.00 and gave the stock an “overweight” rating in a research note on Thursday, January 23rd. Guggenheim lowered GE Vernova from a “buy” rating to a “neutral” rating and set a $380.00 price objective on the stock. in a research note on Friday, January 24th. Jefferies Financial Group increased their price target on GE Vernova from $348.00 to $391.00 and gave the company a “buy” rating in a report on Friday, December 13th. Finally, Wells Fargo & Company lifted their price objective on shares of GE Vernova from $385.00 to $411.00 and gave the company an “overweight” rating in a research note on Friday, December 13th. Eight investment analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $350.13.

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.