Birmingham Capital Management Co. Inc. AL Cuts Stock Position in GE Vernova Inc. (NYSE:GEV)

Birmingham Capital Management Co. Inc. AL lowered its holdings in GE Vernova Inc. (NYSE:GEV) by 14.7% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,232 shares of the company’s stock after selling 385 shares during the period. Birmingham Capital Management Co. Inc. AL’s holdings in GE Vernova were worth $569,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in GEV. FMR LLC grew its position in shares of GE Vernova by 2.5% during the third quarter. FMR LLC now owns 24,047,678 shares of the company’s stock worth $6,131,677,000 after buying an additional 584,208 shares in the last quarter. State Street Corp raised its holdings in shares of GE Vernova by 1.1% in the 3rd quarter. State Street Corp now owns 10,434,917 shares of the company’s stock valued at $2,660,695,000 after purchasing an additional 118,184 shares in the last quarter. Mountaineer Partners Management LLC purchased a new stake in shares of GE Vernova during the 3rd quarter worth $2,507,296,000. Geode Capital Management LLC grew its stake in shares of GE Vernova by 1.5% during the third quarter. Geode Capital Management LLC now owns 5,594,223 shares of the company’s stock worth $1,420,763,000 after purchasing an additional 80,479 shares in the last quarter. Finally, Newport Trust Company LLC purchased a new position in GE Vernova in the second quarter valued at $650,140,000.

Analyst Ratings Changes

Several research analysts have recently issued reports on GEV shares. Truist Financial upped their target price on shares of GE Vernova from $325.00 to $400.00 and gave the company a “buy” rating in a report on Tuesday. HSBC reissued a “hold” rating and issued a $255.00 target price (up from $240.00) on shares of GE Vernova in a research report on Friday, October 4th. Oppenheimer began coverage on GE Vernova in a report on Thursday, September 26th. They issued a “market perform” rating for the company. Jefferies Financial Group lifted their target price on shares of GE Vernova from $293.00 to $336.00 and gave the company a “buy” rating in a report on Friday, October 18th. Finally, William Blair restated an “outperform” rating on shares of GE Vernova in a research note on Wednesday. Seven equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $310.98.

GE Vernova Price Performance

Shares of GE Vernova stock traded up $3.83 on Friday, hitting $333.74. The company’s stock had a trading volume of 1,175,230 shares, compared to its average volume of 3,439,991. The firm has a fifty day moving average price of $311.20 and a 200-day moving average price of $231.38. GE Vernova Inc. has a 52-week low of $115.00 and a 52-week high of $357.09.

GE Vernova Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 28th. Stockholders of record on Friday, December 20th will be given a $0.25 dividend. The ex-dividend date is Friday, December 20th. This represents a $1.00 annualized dividend and a dividend yield of 0.30%.

GE Vernova announced that its board has initiated a share repurchase plan 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 shares through open market purchases. Shares repurchase plans are often an indication that the company’s board believes its shares are undervalued.

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.