Amalgamated Bank Sells 1,539 Shares of GE Vernova Inc. (NYSE:GEV)

Amalgamated Bank lowered its position in shares of GE Vernova Inc. (NYSE:GEV) by 2.8% during the fourth quarter, HoldingsChannel reports. The fund owned 53,667 shares of the company’s stock after selling 1,539 shares during the quarter. Amalgamated Bank’s holdings in GE Vernova were worth $17,653,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of GEV. Cedar Mountain Advisors LLC increased 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 during the period. Pineridge Advisors LLC increased its stake in shares of GE Vernova by 530.8% in the fourth quarter. Pineridge Advisors LLC now owns 82 shares of the company’s stock valued at $27,000 after buying an additional 69 shares during the period. Covestor Ltd increased its stake in shares of GE Vernova by 61.3% in 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 period. Darwin Wealth Management LLC acquired a new stake in shares of GE Vernova in the third quarter valued at about $31,000. Finally, Prestige Wealth Management Group LLC increased its stake in shares of GE Vernova by 175.0% in the third quarter. Prestige Wealth Management Group LLC now owns 121 shares of the company’s stock valued at $31,000 after buying an additional 77 shares during the period.

GE Vernova Stock Performance

Shares of NYSE GEV opened at $315.74 on Tuesday. The stock has a market cap of $87.11 billion and a PE ratio of 56.79. GE Vernova Inc. has a fifty-two week low of $115.00 and a fifty-two week high of $447.50. The stock has a fifty day moving average of $363.97 and a 200-day moving average of $302.17.

GE Vernova (NYSE:GEV) last posted its quarterly earnings data on Wednesday, January 22nd. The company reported $1.73 earnings per share (EPS) for the quarter, missing the consensus estimate 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% compared to the same quarter last year. On average, sell-side analysts predict that GE Vernova Inc. will post 6.59 EPS for the current year.

GE Vernova announced that its Board of Directors has initiated a stock buyback program on Tuesday, December 10th that permits the company to buyback $6.00 billion in shares. This buyback authorization permits the company to reacquire up to 6.7% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

GE Vernova Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, January 28th. Shareholders of record on Friday, December 20th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 0.32%. The ex-dividend date of this dividend was Friday, December 20th. GE Vernova’s dividend payout ratio (DPR) is currently 17.99%.

Analysts Set New Price Targets

Several research firms recently commented on GEV. Robert W. Baird began coverage on GE Vernova in a research note on Thursday, February 13th. They set an “outperform” rating and a $448.00 target price for the company. Barclays raised their target price on GE Vernova from $420.00 to $487.00 and gave the stock an “overweight” rating in a research note on Thursday, January 23rd. Morgan Stanley raised their target price on GE Vernova from $301.00 to $367.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Bank of America raised their target price on GE Vernova from $380.00 to $415.00 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. Finally, The Goldman Sachs Group raised their target price on GE Vernova from $446.00 to $500.00 and gave the stock a “buy” rating in a research note on Friday, January 24th. Eight investment analysts have rated the stock with a hold rating, twenty-one have given a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat.com, GE Vernova has an average rating of “Moderate Buy” and an average price target of $350.13.

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.