First Interstate Bank Acquires New Holdings in GE Vernova Inc. $GEV

First Interstate Bank bought a new position in GE Vernova Inc. (NYSE:GEV) in the 3rd quarter, HoldingsChannel reports. The fund bought 840 shares of the company’s stock, valued at approximately $517,000.

Other large investors also recently made changes to their positions in the company. Norges Bank acquired a new position in shares of GE Vernova during the second quarter worth approximately $1,809,220,000. Arrowstreet Capital Limited Partnership boosted its position in GE Vernova by 273.7% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 1,508,317 shares of the company’s stock worth $798,126,000 after acquiring an additional 1,104,747 shares during the period. Qube Research & Technologies Ltd boosted its position in GE Vernova by 771.3% during the 2nd quarter. Qube Research & Technologies Ltd now owns 763,226 shares of the company’s stock worth $403,861,000 after acquiring an additional 675,629 shares during the period. Invesco Ltd. grew its stake in shares of GE Vernova by 26.3% in the second quarter. Invesco Ltd. now owns 2,217,257 shares of the company’s stock worth $1,173,262,000 after purchasing an additional 462,038 shares in the last quarter. Finally, Raymond James Financial Inc. increased its holdings in shares of GE Vernova by 66.0% during the second quarter. Raymond James Financial Inc. now owns 944,567 shares of the company’s stock valued at $499,817,000 after purchasing an additional 375,677 shares during the period.

Analyst Ratings Changes

GEV has been the topic of a number of recent analyst reports. Evercore ISI initiated coverage on shares of GE Vernova in a research note on Monday, December 15th. They set an “outperform” rating and a $860.00 price objective on the stock. TD Cowen dropped their price target on shares of GE Vernova from $685.00 to $680.00 and set a “buy” rating on the stock in a research report on Thursday, October 23rd. Rothschild Redb lowered shares of GE Vernova from a “hold” rating to a “strong sell” rating in a research note on Wednesday, October 15th. BMO Capital Markets raised their price objective on shares of GE Vernova from $710.00 to $780.00 and gave the company an “outperform” rating in a research note on Wednesday, December 10th. Finally, Seaport Res Ptn downgraded GE Vernova from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 11th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $703.04.

GE Vernova Price Performance

NYSE GEV opened at $684.14 on Wednesday. GE Vernova Inc. has a 12 month low of $252.25 and a 12 month high of $731.00. The company has a market capitalization of $185.62 billion, a P/E ratio of 111.42, a PEG ratio of 2.85 and a beta of 1.67. The company’s 50 day simple moving average is $633.67 and its 200 day simple moving average is $615.06.

GE Vernova (NYSE:GEV) last posted its quarterly earnings results on Wednesday, October 22nd. The company reported $1.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.72 by ($0.08). The business had revenue of $9.97 billion during the quarter, compared to analyst estimates of $9.15 billion. GE Vernova had a return on equity of 17.07% and a net margin of 4.52%.The company’s quarterly revenue was up 11.8% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.35) EPS. On average, analysts anticipate that GE Vernova Inc. will post 6.59 earnings per share for the current year.

GE Vernova Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, February 2nd. Stockholders of record on Monday, January 5th will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Monday, January 5th. This represents a $2.00 annualized dividend and a dividend yield of 0.3%. This is a boost from GE Vernova’s previous quarterly dividend of $0.25. GE Vernova’s dividend payout ratio is 32.57%.

GE Vernova Profile

GE Vernova is the energy-focused company formed from the energy businesses of General Electric and operates as a publicly listed entity on the NYSE under the ticker GEV. It is organized to design, manufacture and service equipment and systems used across the power generation and energy transition value chain, bringing together legacy capabilities in conventional power, renewables and grid technologies under a single corporate platform.

The company’s offerings span large-scale power-generation equipment such as gas and steam turbines and associated generators and controls, as well as renewable energy technologies including onshore and offshore wind platforms and hydro solutions.