GE Vernova Inc. (NYSE:GEV) Shares Acquired by CIBC Asset Management Inc

CIBC Asset Management Inc increased its stake in shares of GE Vernova Inc. (NYSE:GEV) by 4.7% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 41,908 shares of the company’s stock after acquiring an additional 1,896 shares during the period. CIBC Asset Management Inc’s holdings in GE Vernova were worth $13,785,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Armstrong Advisory Group Inc. grew its stake in GE Vernova by 3.5% during the 4th quarter. Armstrong Advisory Group Inc. now owns 798 shares of the company’s stock worth $262,000 after buying an additional 27 shares during the last quarter. Hengehold Capital Management LLC grew its stake in GE Vernova by 2.4% during the 4th quarter. Hengehold Capital Management LLC now owns 1,231 shares of the company’s stock worth $405,000 after buying an additional 29 shares during the last quarter. AdvisorNet Financial Inc grew its stake in GE Vernova by 1.6% during the 4th quarter. AdvisorNet Financial Inc now owns 1,859 shares of the company’s stock worth $611,000 after buying an additional 30 shares during the last quarter. Mutual Advisors LLC grew its stake in GE Vernova by 1.2% during the 4th quarter. Mutual Advisors LLC now owns 2,701 shares of the company’s stock worth $888,000 after buying an additional 31 shares during the last quarter. Finally, WASHINGTON TRUST Co grew its stake in shares of GE Vernova by 1.9% in the fourth quarter. WASHINGTON TRUST Co now owns 1,702 shares of the company’s stock worth $560,000 after purchasing an additional 31 shares in the last quarter.

GE Vernova Trading Up 1.4 %

Shares of GE Vernova stock opened at $372.59 on Wednesday. The stock has a 50-day moving average price of $362.38 and a 200 day moving average price of $295.72. The company has a market cap of $102.70 billion and a P/E ratio of 67.01. GE Vernova Inc. has a 1 year low of $115.00 and a 1 year 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 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 during the quarter, compared to analyst estimates of $10.70 billion. The firm’s quarterly revenue was up 5.1% on a year-over-year basis. On average, equities analysts forecast that GE Vernova Inc. will post 6.59 earnings per share for the current fiscal year.

GE Vernova Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 28th. Stockholders of record on Friday, December 20th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.27%. The ex-dividend date of this dividend was Friday, December 20th. GE Vernova’s dividend payout ratio is 17.99%.

GE Vernova declared that its Board of Directors has approved a share buyback plan on Tuesday, December 10th that authorizes the company to buyback $6.00 billion in outstanding 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 an indication that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

Several research firms have recently issued reports on GEV. Bank of America increased their price target on GE Vernova from $380.00 to $415.00 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. JPMorgan Chase & Co. increased their price target on GE Vernova from $374.00 to $436.00 and gave the stock an “overweight” rating in a research note on Thursday, January 23rd. Johnson Rice began coverage on GE Vernova in a research note on Friday, February 7th. They issued a “buy” rating and a $425.00 price target for the company. Royal Bank of Canada reissued an “outperform” rating and issued a $453.00 price target on shares of GE Vernova in a research note on Tuesday, January 28th. Finally, Wells Fargo & Company increased their price target on GE Vernova from $385.00 to $411.00 and gave the stock an “overweight” rating in a research note on Friday, December 13th. Eight investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and four have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company 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.