Berkshire Bank grew its stake in GE Vernova Inc. (NYSE:GEV - Free Report) by 83.9% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,256 shares of the company's stock after acquiring an additional 1,029 shares during the quarter. Berkshire Bank's holdings in GE Vernova were worth $742,000 as of its most recent SEC filing.
Several other institutional investors have also modified their holdings of GEV. Thrivent Financial for Lutherans purchased a new stake in shares of GE Vernova in the second quarter valued at about $2,339,000. Public Sector Pension Investment Board acquired a new position in GE Vernova in the 2nd quarter valued at about $1,800,000. Squarepoint Ops LLC purchased a new stake in shares of GE Vernova in the 2nd quarter valued at approximately $5,927,000. AXA S.A. acquired a new stake in shares of GE Vernova during the 2nd quarter worth approximately $3,472,000. Finally, AQR Capital Management LLC purchased a new stake in shares of GE Vernova during the 2nd quarter valued at approximately $22,066,000.
Shares of NYSE:GEV opened at $329.63 on Tuesday. The company has a market cap of $90.86 billion and a PE ratio of 59.29. The company's 50 day moving average is $353.38 and its two-hundred day moving average is $273.64. GE Vernova Inc. has a 52 week low of $115.00 and a 52 week high of $447.50.
GE Vernova (NYSE:GEV - Get Free Report) last announced its quarterly 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). GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. The company had revenue of $10.56 billion during the quarter, compared to analysts' expectations of $10.70 billion. The company's quarterly revenue was up 5.1% compared to the same quarter last year. As a group, equities research analysts expect that GE Vernova Inc. will post 6.61 EPS for the current year.
GE Vernova declared that its board has approved 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 repurchase up to 6.7% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's board believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 28th. Shareholders of record on Friday, December 20th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 0.30%. The ex-dividend date is Friday, December 20th. GE Vernova's dividend payout ratio (DPR) is 17.99%.
Several equities research analysts have issued reports on the company. TD Cowen assumed coverage on GE Vernova in a research note on Thursday, December 5th. They set a "buy" rating and a $400.00 target price for the company. Morgan Stanley raised their price objective on GE Vernova from $301.00 to $367.00 and gave the stock an "overweight" rating in a research report on Friday, November 15th. Barclays upped their target price on shares of GE Vernova from $420.00 to $487.00 and gave the company an "overweight" rating in a research report on Thursday, January 23rd. Truist Financial lifted their price target 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. Finally, HSBC restated a "hold" rating and issued a $255.00 price objective (up from $240.00) on shares of GE Vernova in a report on Friday, October 4th. Eight analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, GE Vernova presently has a consensus rating of "Moderate Buy" and an average price target of $339.73.
View Our Latest Analysis on GEV
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.
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