Ipswich Investment Management Co. Inc. Cuts Stake in GE Vernova Inc. (NYSE:GEV)

Ipswich Investment Management Co. Inc. cut its position in GE Vernova Inc. (NYSE:GEV) by 5.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,150 shares of the company’s stock after selling 114 shares during the quarter. Ipswich Investment Management Co. Inc.’s holdings in GE Vernova were worth $707,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in GEV. Cedar Mountain Advisors LLC boosted its holdings in GE Vernova by 102.6% in the 4th quarter. Cedar Mountain Advisors LLC now owns 77 shares of the company’s stock valued at $25,000 after purchasing an additional 39 shares during the period. Pineridge Advisors LLC increased its stake in GE Vernova by 530.8% in the 4th quarter. Pineridge Advisors LLC now owns 82 shares of the company’s stock worth $27,000 after purchasing an additional 69 shares during the period. Asset Planning Inc purchased a new stake in GE Vernova during the 4th quarter valued at $35,000. Riggs Asset Managment Co. Inc. grew its stake in GE Vernova by 93.4% in the fourth quarter. Riggs Asset Managment Co. Inc. now owns 118 shares of the company’s stock worth $39,000 after purchasing an additional 57 shares during the period. Finally, Covestor Ltd raised its stake in GE Vernova by 61.3% during the third quarter. Covestor Ltd now owns 121 shares of the company’s stock valued at $31,000 after buying an additional 46 shares during the last quarter.

GE Vernova Trading Down 8.9 %

GEV opened at $327.68 on Friday. The firm has a market cap of $90.41 billion and a price-to-earnings ratio of 58.93. The stock has a fifty day moving average price of $364.41 and a 200-day moving average price of $299.31. GE Vernova Inc. has a 12 month low of $115.00 and a 12 month high of $447.50.

GE Vernova (NYSE:GEV) last posted its quarterly earnings data 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 return on equity of 6.70% and a net margin of 4.44%. The firm had revenue of $10.56 billion for the quarter, compared to the consensus estimate of $10.70 billion. The company’s revenue was up 5.1% on a year-over-year basis. On average, equities research analysts forecast that GE Vernova Inc. will post 6.59 EPS for the current year.

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

GE Vernova Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, January 28th. Investors of record on Friday, December 20th were given a $0.25 dividend. The ex-dividend date of this dividend was Friday, December 20th. This represents a $1.00 dividend on an annualized basis and a yield of 0.31%. GE Vernova’s dividend payout ratio is currently 17.99%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on GEV shares. Baird R W raised GE Vernova to a “strong-buy” rating in a research note on Thursday, February 13th. Citigroup upped their target price on shares of GE Vernova from $361.00 to $437.00 and gave the company a “neutral” rating in a research note on Thursday, January 23rd. Guggenheim cut shares of GE Vernova from a “buy” rating to a “neutral” rating and set a $380.00 price objective on the stock. in a research note on Friday, January 24th. Barclays boosted their price target on GE Vernova from $420.00 to $487.00 and gave the company an “overweight” rating in a report on Thursday, January 23rd. Finally, Truist Financial increased their price objective on shares of GE Vernova from $420.00 to $470.00 and gave the stock a “buy” rating in a research note on Thursday, January 23rd. Eight analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat.com, GE Vernova presently has a consensus rating of “Moderate Buy” and an average target price of $350.13.

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.