Handelsbanken Fonder AB Invests $34.71 Million in GE Vernova Inc. (NYSE:GEV)

Handelsbanken Fonder AB bought a new position in GE Vernova Inc. (NYSE:GEV) during the fourth quarter, HoldingsChannel reports. The firm bought 105,537 shares of the company’s stock, valued at approximately $34,714,000.

Several other hedge funds have also bought and sold shares of the business. Cedar Mountain Advisors LLC lifted its stake in shares of GE Vernova by 102.6% in the fourth quarter. Cedar Mountain Advisors LLC now owns 77 shares of the company’s stock valued at $25,000 after buying an additional 39 shares in the last quarter. Pineridge Advisors LLC raised its holdings in shares of 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 acquiring an additional 69 shares during the last quarter. Asset Planning Inc bought a new position in GE Vernova in the 4th quarter valued at about $35,000. Riggs Asset Managment Co. Inc. lifted its position in GE Vernova by 93.4% in the 4th quarter. Riggs Asset Managment Co. Inc. now owns 118 shares of the company’s stock valued at $39,000 after acquiring an additional 57 shares in the last quarter. Finally, Covestor Ltd boosted its stake in GE Vernova by 61.3% during the 3rd quarter. Covestor Ltd now owns 121 shares of the company’s stock valued at $31,000 after purchasing an additional 46 shares during the last quarter.

Analysts Set New Price Targets

GEV has been the topic of a number of recent research reports. Jefferies Financial Group raised 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. Wolfe Research started coverage on GE Vernova in a research report on Wednesday, December 4th. They issued an “outperform” rating and a $403.00 price target for the company. TD Cowen started coverage on shares of GE Vernova in a report on Thursday, December 5th. They set a “buy” rating and a $400.00 price objective on the stock. The Goldman Sachs Group increased their target price on shares of GE Vernova from $446.00 to $500.00 and gave the company a “buy” rating in a report on Friday, January 24th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $453.00 price target on shares of GE Vernova in a research report on Tuesday, January 28th. Eight research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat, GE Vernova has a consensus rating of “Moderate Buy” and an average price target of $350.13.

GE Vernova Stock Down 4.2 %

NYSE GEV opened at $359.57 on Friday. The firm has a market cap of $99.21 billion and a P/E ratio of 64.67. The company’s 50 day moving average is $364.50 and its 200-day moving average is $298.16. GE Vernova Inc. has a 12-month low of $115.00 and a 12-month high of $447.50.

GE Vernova (NYSE:GEV) last issued its 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). The business had revenue of $10.56 billion for the quarter, compared to the consensus estimate of $10.70 billion. GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. GE Vernova’s revenue for the quarter was up 5.1% on a year-over-year basis. Equities analysts expect that GE Vernova Inc. will post 6.59 EPS for the current year.

GE Vernova declared that its board has authorized 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 buy up to 6.7% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

GE Vernova Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 28th. Investors of record on Friday, December 20th were paid 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 0.28%. GE Vernova’s payout ratio is 17.99%.

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.