Principal Securities Inc. Grows Stake in GE Vernova Inc. (NYSE:GEV)

Principal Securities Inc. grew its holdings in GE Vernova Inc. (NYSE:GEV) by 29.0% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 1,892 shares of the company’s stock after buying an additional 425 shares during the quarter. Principal Securities Inc.’s holdings in GE Vernova were worth $622,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of GEV. Howard Capital Management Group LLC purchased a new stake in GE Vernova in the 3rd quarter worth approximately $213,000. Whittier Trust Co. raised its position in shares of GE Vernova by 1.9% in the 3rd quarter. Whittier Trust Co. now owns 2,106 shares of the company’s stock worth $537,000 after acquiring an additional 40 shares in the last quarter. Signaturefd LLC raised its position in shares of GE Vernova by 4.8% in the 3rd quarter. Signaturefd LLC now owns 4,840 shares of the company’s stock worth $1,234,000 after acquiring an additional 222 shares in the last quarter. Eastern Bank bought a new position in shares of GE Vernova in the 3rd quarter worth approximately $612,000. Finally, Private Advisor Group LLC raised its position in shares of GE Vernova by 8.2% in the 3rd quarter. Private Advisor Group LLC now owns 20,098 shares of the company’s stock worth $5,125,000 after acquiring an additional 1,531 shares in the last quarter.

GE Vernova Stock Performance

Shares of GE Vernova stock opened at $359.57 on Friday. The company has a market capitalization of $99.21 billion and a PE ratio of 64.67. The company has a 50-day simple moving average of $364.50 and a two-hundred day simple moving average of $298.16. GE Vernova Inc. has a one year low of $115.00 and a one year high of $447.50.

GE Vernova (NYSE:GEV) last issued its quarterly earnings results on Wednesday, January 22nd. The company reported $1.73 earnings per share 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 analysts’ expectations of $10.70 billion. GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The business’s revenue for the quarter was up 5.1% compared to the same quarter last year. On average, equities analysts predict that GE Vernova Inc. will post 6.59 earnings per share for the current fiscal year.

GE Vernova Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 28th. Shareholders of record on Friday, December 20th were given a $0.25 dividend. The ex-dividend date was Friday, December 20th. This represents a $1.00 annualized dividend and a yield of 0.28%. GE Vernova’s dividend payout ratio is presently 17.99%.

GE Vernova announced that its board has approved a stock buyback program on Tuesday, December 10th that authorizes the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 6.7% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on GEV shares. Truist Financial increased their target price on GE Vernova from $420.00 to $470.00 and gave the stock a “buy” rating in a research report on Thursday, January 23rd. Guggenheim lowered GE Vernova from a “buy” rating to a “neutral” rating and set a $380.00 price objective for the company. in a research report on Friday, January 24th. Baird R W raised GE Vernova to a “strong-buy” rating in a report on Thursday, February 13th. The Goldman Sachs Group increased their price objective on shares of GE Vernova from $446.00 to $500.00 and gave the company a “buy” rating in a research report on Friday, January 24th. Finally, Wolfe Research initiated coverage on shares of GE Vernova in a research report on Wednesday, December 4th. They set an “outperform” rating and a $403.00 price objective on the stock. Eight analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and four have given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $350.13.

GE Vernova 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.