Elk River Wealth Management LLC Invests $3.22 Million in GE Vernova Inc. $GEV

Elk River Wealth Management LLC acquired a new stake in shares of GE Vernova Inc. (NYSE:GEV) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,233 shares of the company’s stock, valued at approximately $3,218,000.

A number of other institutional investors also recently bought and sold shares of GEV. WFA Asset Management Corp purchased a new position in shares of GE Vernova in the second quarter worth $29,000. 1248 Management LLC acquired a new position in shares of GE Vernova in the 1st quarter valued at $31,000. Howard Hughes Medical Institute purchased a new position in GE Vernova in the 2nd quarter worth $31,000. Bay Harbor Wealth Management LLC lifted its position in GE Vernova by 537.5% during the 3rd quarter. Bay Harbor Wealth Management LLC now owns 51 shares of the company’s stock worth $31,000 after acquiring an additional 43 shares during the period. Finally, Monetary Management Group Inc. acquired a new stake in GE Vernova during the 2nd quarter worth about $32,000.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on GEV shares. William Blair reissued an “outperform” rating on shares of GE Vernova in a report on Wednesday, December 10th. Citigroup dropped their target price on GE Vernova from $670.00 to $658.00 and set a “neutral” rating on the stock in a research report on Thursday, October 23rd. Rothschild Redb lowered shares of GE Vernova from a “hold” rating to a “strong sell” rating in a research report on Wednesday, October 15th. The Goldman Sachs Group upped their price objective on shares of GE Vernova from $735.00 to $840.00 and gave the company a “buy” rating in a report on Tuesday, December 16th. Finally, Seaport Res Ptn lowered shares of GE Vernova from a “strong-buy” rating to a “hold” rating in a research note on Thursday, December 11th. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, six have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $695.19.

GE Vernova Price Performance

NYSE:GEV opened at $629.26 on Friday. The company has a 50 day moving average price of $619.83 and a 200-day moving average price of $605.60. GE Vernova Inc. has a 1-year low of $252.25 and a 1-year high of $731.00. The firm has a market cap of $170.73 billion, a price-to-earnings ratio of 102.49, a price-to-earnings-growth ratio of 2.77 and a beta of 1.67.

GE Vernova (NYSE:GEV) last released its quarterly earnings results on Wednesday, October 22nd. The company reported $1.64 EPS for the quarter, missing the consensus estimate of $1.72 by ($0.08). The firm had revenue of $9.97 billion for the quarter, compared to analyst estimates of $9.15 billion. GE Vernova had a net margin of 4.52% and a return on equity of 17.07%. The firm’s quarterly revenue was up 11.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.35) EPS. On average, sell-side analysts anticipate that GE Vernova Inc. will post 6.59 earnings per share for the current fiscal year.

GE Vernova Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, February 2nd. Investors of record on Monday, January 5th will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend is Monday, January 5th. This is a positive change from GE Vernova’s previous quarterly dividend of $0.25. GE Vernova’s payout ratio is currently 32.57%.

GE Vernova Profile

GE Vernova is the energy-focused company formed from the energy businesses of General Electric and operates as a publicly listed entity on the NYSE under the ticker GEV. It is organized to design, manufacture and service equipment and systems used across the power generation and energy transition value chain, bringing together legacy capabilities in conventional power, renewables and grid technologies under a single corporate platform.

The company’s offerings span large-scale power-generation equipment such as gas and steam turbines and associated generators and controls, as well as renewable energy technologies including onshore and offshore wind platforms and hydro solutions.