New York State Common Retirement Fund Has $113.57 Million Position in GE Vernova Inc. (NYSE:GEV)

New York State Common Retirement Fund boosted its stake in shares of GE Vernova Inc. (NYSE:GEV) by 2.2% during the fourth quarter, Holdings Channel.com reports. The fund owned 345,281 shares of the company’s stock after acquiring an additional 7,460 shares during the period. New York State Common Retirement Fund’s holdings in GE Vernova were worth $113,573,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in 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 worth $25,000 after acquiring an additional 39 shares during the period. Pineridge Advisors LLC increased its stake in GE Vernova by 530.8% during the 4th 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. Castleview Partners LLC bought a new position in GE Vernova during the 3rd quarter worth $28,000. Covestor Ltd increased its stake in GE Vernova by 61.3% during the 3rd quarter. Covestor Ltd now owns 121 shares of the company’s stock worth $31,000 after acquiring an additional 46 shares during the period. Finally, Darwin Wealth Management LLC bought a new position in GE Vernova during the 3rd quarter worth $31,000.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. JPMorgan Chase & Co. raised their price objective on GE Vernova from $374.00 to $436.00 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 target on the stock. in a research note on Friday, January 24th. TD Cowen began coverage on GE Vernova in a research note on Thursday, December 5th. They issued a “buy” rating and a $400.00 price target on the stock. Marathon Capitl upgraded GE Vernova to a “strong-buy” rating in a research note on Friday, January 31st. Finally, Bank of America lifted their price target on GE Vernova from $380.00 to $415.00 and gave the company a “buy” rating in a research note on Tuesday, January 14th. Eight analysts have rated the stock with a hold rating, twenty have issued a buy rating and four have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $350.13.

GE Vernova Trading Up 1.4 %

Shares of GEV opened at $372.59 on Wednesday. The company has a market capitalization of $102.70 billion and a PE ratio of 67.01. GE Vernova Inc. has a 12 month low of $115.00 and a 12 month high of $447.50. The stock’s 50-day moving average price is $363.28 and its two-hundred day moving average price is $297.19.

GE Vernova (NYSE:GEV) last announced its earnings results on Wednesday, January 22nd. The company reported $1.73 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 firm’s revenue was up 5.1% on a year-over-year basis. Equities research analysts predict that GE Vernova Inc. will post 6.59 EPS for the current fiscal year.

GE Vernova Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, January 28th. Stockholders of record on Friday, December 20th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.27%. The ex-dividend date was Friday, December 20th. GE Vernova’s dividend payout ratio is 17.99%.

GE Vernova declared that its Board of Directors has initiated a share repurchase plan on Tuesday, December 10th that allows the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization allows the company to purchase up to 6.7% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

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.