Nomura Asset Management Co. Ltd. Grows Stake in GE Vernova Inc. (NYSE:GEV)

Nomura Asset Management Co. Ltd. boosted its holdings in shares of GE Vernova Inc. (NYSE:GEV) by 4.8% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 79,432 shares of the company’s stock after buying an additional 3,632 shares during the quarter. Nomura Asset Management Co. Ltd.’s holdings in GE Vernova were worth $20,254,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. FMR LLC raised its holdings in shares of GE Vernova by 2.5% in 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 during the last quarter. State Street Corp lifted its position in GE Vernova by 1.1% during the 3rd quarter. State Street Corp now owns 10,434,917 shares of the company’s stock worth $2,660,695,000 after acquiring an additional 118,184 shares during the period. Mountaineer Partners Management LLC acquired a new position in shares of GE Vernova in the third quarter valued at about $2,507,296,000. Newport Trust Company LLC purchased a new position in shares of GE Vernova in the second quarter worth about $650,140,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of GE Vernova during the second quarter worth about $537,674,000.

GE Vernova Stock Performance

Shares of GE Vernova stock opened at $327.41 on Wednesday. GE Vernova Inc. has a 1-year low of $115.00 and a 1-year high of $357.09. The stock’s 50 day simple moving average is $306.45 and its 200-day simple moving average is $228.84.

GE Vernova declared that its board has authorized a stock repurchase plan on Tuesday, December 10th that permits the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization permits the company to purchase up to 6.7% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

GE Vernova Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Investors of record on Friday, December 20th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.31%.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. William Blair started coverage on shares of GE Vernova in a research note on Thursday, August 29th. They set an “outperform” rating for the company. The Goldman Sachs Group increased their price target on GE Vernova from $220.00 to $308.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Evercore ISI boosted their price objective on GE Vernova from $300.00 to $323.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. BMO Capital Markets raised their target price on GE Vernova from $245.00 to $288.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. Finally, Citigroup boosted their price target on GE Vernova from $292.00 to $361.00 and gave the company a “neutral” rating in a report on Monday. Seven equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $304.73.

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.