Tower Bridge Advisors Invests $214,000 in GE Vernova Inc. (NYSE:GEV)

Tower Bridge Advisors purchased a new stake in GE Vernova Inc. (NYSE:GEV) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 652 shares of the company’s stock, valued at approximately $214,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Cedar Mountain Advisors LLC increased its holdings 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 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 valued at $27,000 after buying an additional 69 shares during the period. Asset Planning Inc acquired a new position in GE Vernova in the 4th quarter valued at $35,000. Riggs Asset Managment Co. Inc. raised its position in GE Vernova by 93.4% during the 4th quarter. Riggs Asset Managment Co. Inc. now owns 118 shares of the company’s stock worth $39,000 after buying an additional 57 shares during the last quarter. Finally, Covestor Ltd lifted its stake in shares of GE Vernova by 61.3% in the 3rd quarter. Covestor Ltd now owns 121 shares of the company’s stock worth $31,000 after acquiring an additional 46 shares during the period.

GE Vernova Stock Up 2.9 %

Shares of NYSE:GEV opened at $335.80 on Friday. The company has a market capitalization of $92.65 billion and a P/E ratio of 60.40. GE Vernova Inc. has a 52-week low of $115.00 and a 52-week high of $447.50. The stock’s fifty day simple moving average is $363.85 and its 200-day simple moving average is $304.63.

GE Vernova (NYSE:GEV) last released 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 firm had revenue of $10.56 billion during the quarter, compared to analysts’ expectations of $10.70 billion. GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. The business’s revenue for the quarter was up 5.1% on a year-over-year basis. On average, sell-side analysts anticipate that GE Vernova Inc. will post 6.59 earnings per share for the current year.

GE Vernova declared that its Board of Directors has authorized a share repurchase program on Tuesday, December 10th that allows the company to buyback $6.00 billion in outstanding shares. This buyback authorization allows the company to buy up to 6.7% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

GE Vernova Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, January 28th. Shareholders of record on Friday, December 20th were paid a $0.25 dividend. The ex-dividend date of this dividend was Friday, December 20th. This represents a $1.00 annualized dividend and a yield of 0.30%. GE Vernova’s payout ratio is currently 17.99%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. CICC Research initiated coverage on shares of GE Vernova in a research report on Wednesday, February 19th. They issued an “outperform” rating for the company. Wolfe Research started coverage on GE Vernova in a report on Wednesday, December 4th. They issued an “outperform” rating and a $403.00 price target for the company. Guggenheim lowered GE Vernova from a “buy” rating to a “neutral” rating and set a $380.00 price objective on the stock. in a report on Friday, January 24th. Truist Financial raised 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. Finally, William Blair restated an “outperform” rating on shares of GE Vernova in a research report on Thursday, January 23rd. Eight equities 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 MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $350.13.

GE Vernova Company 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.