Resona Asset Management Co. Ltd. Decreases Stock Position in GE Vernova Inc. $GEV

Resona Asset Management Co. Ltd. trimmed its stake in shares of GE Vernova Inc. (NYSE:GEV) by 5.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 84,705 shares of the company’s stock after selling 4,534 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in GE Vernova were worth $51,911,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of GEV. Vanguard Group Inc. grew its position in shares of GE Vernova by 1.1% during the second quarter. Vanguard Group Inc. now owns 24,664,571 shares of the company’s stock worth $13,051,258,000 after buying an additional 271,958 shares in the last quarter. State Street Corp lifted its stake in GE Vernova by 1.9% in the second quarter. State Street Corp now owns 11,097,778 shares of the company’s stock worth $5,872,389,000 after acquiring an additional 206,650 shares during the last quarter. Geode Capital Management LLC grew its holdings in GE Vernova by 2.2% during the 2nd quarter. Geode Capital Management LLC now owns 6,108,484 shares of the company’s stock worth $3,221,404,000 after acquiring an additional 129,315 shares in the last quarter. Norges Bank acquired a new position in GE Vernova during the 2nd quarter worth approximately $1,809,220,000. Finally, Invesco Ltd. increased its position in shares of GE Vernova by 26.3% in the 2nd quarter. Invesco Ltd. now owns 2,217,257 shares of the company’s stock valued at $1,173,262,000 after purchasing an additional 462,038 shares during the last quarter.

GE Vernova Stock Down 0.7%

NYSE:GEV opened at $657.26 on Friday. The company has a market capitalization of $178.33 billion, a PE ratio of 107.05, a P/E/G ratio of 2.81 and a beta of 1.67. GE Vernova Inc. has a 52-week low of $252.25 and a 52-week high of $731.00. The stock’s 50 day moving average price is $639.17 and its 200 day moving average price is $616.62.

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

GE Vernova Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, February 2nd. Investors of record on Monday, January 5th will be paid a dividend of $0.50 per share. The ex-dividend date is Monday, January 5th. This represents a $2.00 dividend on an annualized basis and a yield of 0.3%. This is an increase from GE Vernova’s previous quarterly dividend of $0.25. GE Vernova’s dividend payout ratio (DPR) is currently 32.57%.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on GEV. Robert W. Baird reaffirmed a “neutral” rating and set a $649.00 price objective (down from $816.00) on shares of GE Vernova in a research report on Friday, January 9th. Citigroup raised their price target on GE Vernova from $658.00 to $708.00 and gave the company a “neutral” rating in a research note on Monday, January 12th. Jefferies Financial Group set a $830.00 price objective on GE Vernova in a research report on Monday, December 22nd. UBS Group increased their price objective on GE Vernova from $760.00 to $835.00 and gave the company a “buy” rating in a report on Wednesday, December 10th. Finally, JPMorgan Chase & Co. restated an “overweight” rating on shares of GE Vernova in a research note on Wednesday, December 10th. Three investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $701.62.

About GE Vernova

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.