Fortitude Advisory Group L.L.C. Sells 61 Shares of GE Vernova Inc. (NYSE:GEV)

Fortitude Advisory Group L.L.C. lessened its stake in shares of GE Vernova Inc. (NYSE:GEV) by 6.1% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 941 shares of the company’s stock after selling 61 shares during the quarter. Fortitude Advisory Group L.L.C.’s holdings in GE Vernova were worth $310,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the stock. Mountaineer Partners Management LLC bought a new position in GE Vernova in the 3rd quarter worth $2,507,296,000. International Assets Investment Management LLC grew its position in shares of GE Vernova by 35,238.2% in the third quarter. International Assets Investment Management LLC now owns 1,435,792 shares of the company’s stock valued at $366,098,000 after purchasing an additional 1,431,729 shares during the last quarter. WCM Investment Management LLC lifted its position in shares of GE Vernova by 83.1% during the 3rd quarter. WCM Investment Management LLC now owns 2,560,248 shares of the company’s stock worth $639,704,000 after purchasing an additional 1,161,901 shares during the last quarter. Point72 Asset Management L.P. boosted its stake in GE Vernova by 4,735.0% during the 2nd quarter. Point72 Asset Management L.P. now owns 725,250 shares of the company’s stock valued at $124,388,000 after purchasing an additional 710,250 shares during the period. Finally, FMR LLC grew its holdings in GE Vernova by 2.5% in the 3rd quarter. FMR LLC now owns 24,047,678 shares of the company’s stock valued at $6,131,677,000 after buying an additional 584,208 shares during the last quarter.

Analyst Ratings Changes

A number of brokerages have recently commented on GEV. Deutsche Bank Aktiengesellschaft initiated coverage on GE Vernova in a report on Monday, October 21st. They set a “buy” rating and a $354.00 price target for the company. The Goldman Sachs Group increased their price target on shares of GE Vernova from $446.00 to $500.00 and gave the company a “buy” rating in a report on Friday. William Blair reaffirmed an “outperform” rating on shares of GE Vernova in a research report on Thursday, January 23rd. JPMorgan Chase & Co. lifted their target price on GE Vernova from $374.00 to $436.00 and gave the stock an “overweight” rating in a research report on Thursday, January 23rd. Finally, Hsbc Global Res cut GE Vernova from a “strong-buy” rating to a “hold” rating in a report on Friday, October 4th. Eight analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $339.73.

GE Vernova Stock Down 21.6 %

Shares of GE Vernova stock opened at $329.63 on Tuesday. GE Vernova Inc. has a 12 month low of $115.00 and a 12 month high of $447.50. The business has a fifty day simple moving average of $353.38 and a 200 day simple moving average of $273.64. The stock has a market cap of $90.86 billion and a PE ratio of 59.29.

GE Vernova (NYSE:GEV) last announced its quarterly earnings results on Wednesday, January 22nd. The company reported $1.73 EPS for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.57). GE Vernova had a net margin of 4.44% and a return on equity of 6.70%. The company had revenue of $10.56 billion during the quarter, compared to the consensus estimate of $10.70 billion. The firm’s revenue was up 5.1% on a year-over-year basis. Analysts expect that GE Vernova Inc. will post 6.61 EPS for the current fiscal year.

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 given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.30%. The ex-dividend date is Friday, December 20th. GE Vernova’s dividend payout ratio is currently 17.99%.

GE Vernova announced that its Board of Directors has initiated a stock repurchase program on Tuesday, December 10th that allows the company to repurchase $6.00 billion in shares. This repurchase authorization allows the company to purchase up to 6.7% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors 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.