Lord Abbett & CO. LLC Buys Shares of 98,500 GE Vernova Inc. (NYSE:GEV)

Lord Abbett & CO. LLC purchased a new position in GE Vernova Inc. (NYSE:GEV) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 98,500 shares of the company’s stock, valued at approximately $25,116,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Waverton Investment Management Ltd raised its stake in shares of GE Vernova by 10.0% during the 3rd quarter. Waverton Investment Management Ltd now owns 727,704 shares of the company’s stock worth $185,459,000 after purchasing an additional 66,455 shares in the last quarter. Hanlon Investment Management Inc. acquired a new position in GE Vernova in the third quarter worth approximately $1,101,000. Atria Investments Inc raised its position in GE Vernova by 127.0% during the third quarter. Atria Investments Inc now owns 5,088 shares of the company’s stock valued at $1,297,000 after acquiring an additional 2,847 shares in the last quarter. Fractal Investments LLC acquired a new stake in GE Vernova in the third quarter valued at approximately $1,530,000. Finally, Legal & General Group Plc bought a new stake in GE Vernova in the second quarter worth approximately $293,699,000.

Wall Street Analysts Forecast Growth

GEV has been the topic of a number of recent research reports. The Goldman Sachs Group raised their price target on shares of GE Vernova from $324.00 to $400.00 and gave the company a “buy” rating in a report on Thursday. Citigroup raised their target price on GE Vernova from $292.00 to $361.00 and gave the company a “neutral” rating in a report on Monday, December 9th. Raymond James downgraded GE Vernova from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 2nd. Bank of America raised their price objective on GE Vernova from $300.00 to $320.00 and gave the company a “buy” rating in a research note on Thursday, October 24th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on GE Vernova in a report on Monday, October 21st. They issued a “buy” rating and a $354.00 target price for the company. Seven research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $314.35.

GE Vernova Trading Up 0.6 %

GEV opened at $332.01 on Monday. The firm’s fifty day moving average price is $312.53 and its two-hundred day moving average price is $233.23. GE Vernova Inc. has a fifty-two week low of $115.00 and a fifty-two week high of $357.09.

GE Vernova declared that its Board of Directors has approved a share repurchase program on Tuesday, December 10th that allows the company to buyback $6.00 billion in shares. This buyback authorization allows the company to buy up to 6.7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

GE Vernova Dividend Announcement

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

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.