GE Vernova Inc. (NYSE:GEV) Shares Sold by Hanson & Doremus Investment Management

Hanson & Doremus Investment Management trimmed its position in shares of GE Vernova Inc. (NYSE:GEV) by 10.1% during the fourth quarter, Holdings Channel reports. The firm owned 666 shares of the company’s stock after selling 75 shares during the quarter. Hanson & Doremus Investment Management’s holdings in GE Vernova were worth $219,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Ibex Wealth Advisors acquired a new stake in shares of GE Vernova in the fourth quarter valued at $1,678,000. Swedbank AB raised its stake in shares of GE Vernova by 280.2% in the fourth quarter. Swedbank AB now owns 137,687 shares of the company’s stock valued at $45,289,000 after acquiring an additional 101,473 shares in the last quarter. Field & Main Bank raised its stake in shares of GE Vernova by 43.3% in the fourth quarter. Field & Main Bank now owns 2,285 shares of the company’s stock valued at $752,000 after acquiring an additional 690 shares in the last quarter. Strategic Blueprint LLC raised its stake in shares of GE Vernova by 17.8% in the fourth quarter. Strategic Blueprint LLC now owns 1,166 shares of the company’s stock valued at $384,000 after acquiring an additional 176 shares in the last quarter. Finally, Parkwoods Wealth Partners LLC acquired a new stake in shares of GE Vernova in the fourth quarter valued at $245,000.

GE Vernova Stock Up 8.3 %

Shares of NYSE:GEV opened at $382.73 on Friday. The company has a market cap of $105.50 billion and a P/E ratio of 68.84. GE Vernova Inc. has a 52 week low of $115.00 and a 52 week high of $447.50. The company has a 50-day moving average price of $353.99 and a 200 day moving average price of $276.49.

GE Vernova (NYSE:GEV) last posted its quarterly earnings results on Wednesday, January 22nd. The company reported $1.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $10.70 billion. The company’s revenue for the quarter was up 5.1% on a year-over-year basis. Analysts expect that GE Vernova Inc. will post 6.61 EPS for the current year.

GE Vernova announced that its board has initiated a share buyback plan on Tuesday, December 10th that authorizes the company to buyback $6.00 billion in shares. This buyback authorization authorizes the company to repurchase up to 6.7% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

GE Vernova Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, January 28th. Stockholders of record on Friday, December 20th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, December 20th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.26%. GE Vernova’s payout ratio is 17.99%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on GEV. TD Cowen initiated coverage on GE Vernova in a research note on Thursday, December 5th. They issued a “buy” rating and a $400.00 price objective on the stock. Deutsche Bank Aktiengesellschaft initiated coverage on GE Vernova in a report on Monday, October 21st. They issued a “buy” rating and a $354.00 target price on the stock. Jefferies Financial Group increased their target price on GE Vernova from $348.00 to $391.00 and gave the company a “buy” rating in a report on Friday, December 13th. Wells Fargo & Company increased their target price on GE Vernova from $385.00 to $411.00 and gave the company an “overweight” rating in a report on Friday, December 13th. Finally, Truist Financial increased their target price on GE Vernova from $420.00 to $470.00 and gave the company a “buy” rating in a report on Thursday, January 23rd. Eight research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $342.94.

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.