GE Vernova Inc. (NYSE:GEV) Shares Bought by Legacy Bridge LLC

Legacy Bridge LLC lifted its position in shares of GE Vernova Inc. (NYSE:GEV) by 77.0% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 10,982 shares of the company’s stock after acquiring an additional 4,776 shares during the period. GE Vernova accounts for 1.9% of Legacy Bridge LLC’s portfolio, making the stock its 7th biggest holding. Legacy Bridge LLC’s holdings in GE Vernova were worth $3,612,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Cedar Mountain Advisors LLC increased its stake in GE Vernova by 102.6% during the 4th 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 period. Castleview Partners LLC bought a new position in shares of GE Vernova in the third quarter valued at approximately $28,000. Covestor Ltd increased its stake in shares of GE Vernova by 61.3% during the third quarter. Covestor Ltd now owns 121 shares of the company’s stock valued at $31,000 after acquiring an additional 46 shares during the period. Darwin Wealth Management LLC bought a new stake in GE Vernova during the third quarter worth approximately $31,000. Finally, Prestige Wealth Management Group LLC raised its holdings 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 purchasing an additional 77 shares in the last quarter.

GE Vernova Stock Down 21.6 %

Shares of GEV opened at $329.63 on Tuesday. GE Vernova Inc. has a 12 month low of $115.00 and a 12 month high of $447.50. The company’s fifty day moving average is $353.38 and its 200-day moving average is $273.64. The firm has a market cap of $90.86 billion and a price-to-earnings ratio of 59.29.

GE Vernova (NYSE:GEV) last announced its quarterly 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). The company had revenue of $10.56 billion during the quarter, compared to analyst estimates 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% compared to the same quarter last year. As a group, research analysts predict that GE Vernova Inc. will post 6.61 earnings per share for the current fiscal year.

GE Vernova Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 28th. Shareholders of record on Friday, December 20th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, December 20th. This represents a $1.00 annualized dividend and a yield of 0.30%. GE Vernova’s dividend payout ratio (DPR) is presently 17.99%.

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on GEV shares. Jefferies Financial Group lifted their price target on GE Vernova from $348.00 to $391.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Bank of America lifted their target price on GE Vernova from $380.00 to $415.00 and gave the stock a “buy” rating in a report on Tuesday, January 14th. Barclays upped their price target on shares of GE Vernova from $420.00 to $487.00 and gave the company an “overweight” rating in a report on Thursday, January 23rd. BMO Capital Markets increased their target price on shares of GE Vernova from $360.00 to $420.00 and gave the company an “outperform” rating in a research note on Tuesday, January 21st. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $376.00 price target on shares of GE Vernova in a research report on Wednesday, December 11th. Eight equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, GE Vernova currently has an average rating of “Moderate Buy” and a consensus target price of $339.73.

GE Vernova 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.