Assetmark Inc. Increases Stake in GE Vernova Inc. (NYSE:GEV)

Assetmark Inc. grew its stake in shares of GE Vernova Inc. (NYSE:GEV) by 20.6% during the fourth quarter, HoldingsChannel.com reports. The fund owned 9,270 shares of the company’s stock after buying an additional 1,581 shares during the quarter. Assetmark Inc.’s holdings in GE Vernova were worth $3,049,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Cedar Mountain Advisors LLC lifted its stake 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 worth $25,000 after purchasing an additional 39 shares during the period. Pineridge Advisors LLC raised its position in shares of GE Vernova by 530.8% during the fourth quarter. Pineridge Advisors LLC now owns 82 shares of the company’s stock valued at $27,000 after buying an additional 69 shares during the last quarter. Covestor Ltd raised its position 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 buying an additional 46 shares during the last quarter. Darwin Wealth Management LLC bought a new stake in shares of GE Vernova during the third quarter valued at approximately $31,000. Finally, Prestige Wealth Management Group LLC raised its position in shares of GE Vernova by 175.0% during 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 during the last quarter.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on GEV shares. Truist Financial upped their target price on shares of GE Vernova from $420.00 to $470.00 and gave the company a “buy” rating in a research report on Thursday, January 23rd. The Goldman Sachs Group increased their price objective on shares of GE Vernova from $446.00 to $500.00 and gave the stock a “buy” rating in a research report on Friday, January 24th. CICC Research began coverage on shares of GE Vernova in a research report on Wednesday, February 19th. They set an “outperform” rating on the stock. Johnson Rice assumed coverage on shares of GE Vernova in a research report on Friday, February 7th. They set a “buy” rating and a $425.00 target price on the stock. Finally, Morgan Stanley increased their price objective on shares of GE Vernova from $301.00 to $367.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Seven research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $347.83.

GE Vernova Trading Down 1.5 %

Shares of GE Vernova stock opened at $288.90 on Monday. The company’s 50-day moving average price is $360.05 and its two-hundred day moving average price is $310.59. GE Vernova Inc. has a 52 week low of $115.00 and a 52 week high of $447.50. The stock has a market cap of $79.71 billion and a PE ratio of 51.96.

GE Vernova (NYSE:GEV) last posted its quarterly earnings data 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 analyst estimates 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 was up 5.1% on a year-over-year basis. On average, equities analysts predict that GE Vernova Inc. will post 6.59 EPS for the current fiscal year.

GE Vernova Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 28th. Stockholders of record on Friday, December 20th were issued a $0.25 dividend. The ex-dividend date of this dividend was Friday, December 20th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.35%. GE Vernova’s dividend payout ratio is 17.99%.

GE Vernova announced that its Board of Directors has initiated a share repurchase program on Tuesday, December 10th that authorizes the company to buyback $6.00 billion in shares. This buyback authorization authorizes the company to reacquire up to 6.7% of its shares through open market purchases. Shares buyback programs are typically a sign 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.