Farmers Trust Co. Has $577,000 Stock Position in GE Vernova Inc. (NYSE:GEV)

Farmers Trust Co. cut its holdings in GE Vernova Inc. (NYSE:GEV) by 3.4% during the fourth quarter, Holdings Channel.com reports. The firm owned 1,754 shares of the company’s stock after selling 61 shares during the quarter. Farmers Trust Co.’s holdings in GE Vernova were worth $577,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in GEV. FMR LLC boosted its stake in shares of GE Vernova by 2.5% during the 3rd quarter. FMR LLC now owns 24,047,678 shares of the company’s stock worth $6,131,677,000 after buying an additional 584,208 shares during the last quarter. State Street Corp boosted its position in GE Vernova by 1.1% during the third quarter. State Street Corp now owns 10,434,917 shares of the company’s stock valued at $2,660,695,000 after purchasing an additional 118,184 shares during the last quarter. Mountaineer Partners Management LLC bought a new position in GE Vernova in the third quarter valued at approximately $2,507,296,000. Geode Capital Management LLC increased its position in shares of GE Vernova by 1.5% during the 3rd quarter. Geode Capital Management LLC now owns 5,594,223 shares of the company’s stock worth $1,420,763,000 after purchasing an additional 80,479 shares during the last quarter. Finally, Newport Trust Company LLC bought a new stake in shares of GE Vernova during the 2nd quarter worth approximately $650,140,000.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on GEV shares. Guggenheim decreased their price objective on shares of GE Vernova from $400.00 to $380.00 and set a “buy” rating for the company in a research report on Wednesday, December 11th. JPMorgan Chase & Co. increased their price objective on shares of GE Vernova from $356.00 to $367.00 and gave the company an “overweight” rating in a research report on Wednesday, December 11th. Bank of America lifted their target price on shares of GE Vernova from $300.00 to $320.00 and gave the stock a “buy” rating in a report on Thursday, October 24th. Oppenheimer assumed coverage on shares of GE Vernova in a research report on Thursday, September 26th. They set a “market perform” rating for the company. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $376.00 target price on shares of GE Vernova in a research report on Wednesday, December 11th. Seven equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $314.35.

GE Vernova Stock Down 1.1 %

Shares of NYSE:GEV traded down $4.19 during trading on Wednesday, hitting $364.33. 2,665,450 shares of the company were exchanged, compared to its average volume of 2,728,017. GE Vernova Inc. has a 1-year low of $115.00 and a 1-year high of $376.30. The business’s 50 day moving average is $334.55 and its 200-day moving average is $253.53.

GE Vernova Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 28th. Shareholders of record on Friday, December 20th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Friday, December 20th. This represents a $1.00 dividend on an annualized basis and a yield of 0.27%.

GE Vernova announced that its board has authorized a stock buyback program on Tuesday, December 10th that permits the company to buyback $6.00 billion in outstanding shares. This buyback authorization permits the company to repurchase up to 6.7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

GE Vernova 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.