Meyer Handelman Co. Reduces Stake in GE Vernova Inc. (NYSE:GEV)

Meyer Handelman Co. lessened its holdings in GE Vernova Inc. (NYSE:GEV) by 1.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 39,039 shares of the company’s stock after selling 648 shares during the quarter. Meyer Handelman Co.’s holdings in GE Vernova were worth $12,841,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of GEV. Mountaineer Partners Management LLC acquired a new stake in shares of GE Vernova in the third quarter worth $2,507,296,000. Newport Trust Company LLC acquired a new position in GE Vernova during the second quarter valued at $650,140,000. Marshall Wace LLP purchased a new stake in GE Vernova in the second quarter valued at $399,770,000. Legal & General Group Plc acquired a new stake in GE Vernova during the 2nd quarter worth about $293,699,000. Finally, Electron Capital Partners LLC raised its stake in shares of GE Vernova by 1,641.3% during the 2nd quarter. Electron Capital Partners LLC now owns 1,694,296 shares of the company’s stock valued at $290,589,000 after buying an additional 1,596,996 shares during the last quarter.

GE Vernova Price Performance

GEV opened at $381.73 on Wednesday. The company’s 50 day simple moving average is $341.28 and its two-hundred day simple moving average is $260.29. GE Vernova Inc. has a 1-year low of $115.00 and a 1-year high of $388.88.

GE Vernova announced that its Board of Directors has initiated a share repurchase program on Tuesday, December 10th that authorizes the company to repurchase $6.00 billion in shares. This repurchase authorization authorizes the company to repurchase up to 6.7% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

GE Vernova Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 20th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, December 20th. This represents a $1.00 dividend on an annualized basis and a yield of 0.26%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Guggenheim lowered their target price on GE Vernova from $400.00 to $380.00 and set a “buy” rating on the stock in a research note on Wednesday, December 11th. Truist Financial raised their price objective on shares of GE Vernova from $325.00 to $400.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Barclays boosted their target price on shares of GE Vernova from $320.00 to $420.00 and gave the company an “overweight” rating in a research note on Thursday, December 5th. Wells Fargo & Company raised their price target on shares of GE Vernova from $385.00 to $411.00 and gave the company an “overweight” rating in a research report on Friday, December 13th. Finally, Wolfe Research began coverage on shares of GE Vernova in a research report on Wednesday, December 4th. They issued an “outperform” rating and a $403.00 price objective for the company. Seven equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, GE Vernova has an average rating of “Moderate Buy” and an average price target of $318.60.

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.