GRIMES & Co WEALTH MANAGEMENT LLC Buys 1,197 Shares of GE Vernova Inc. $GEV

GRIMES & Co WEALTH MANAGEMENT LLC increased its stake in GE Vernova Inc. (NYSE:GEV) by 34.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,710 shares of the company’s stock after buying an additional 1,197 shares during the quarter. GRIMES & Co WEALTH MANAGEMENT LLC’s holdings in GE Vernova were worth $2,896,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Bay Harbor Wealth Management LLC lifted its holdings in shares of GE Vernova by 537.5% in 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 last quarter. Elevation Wealth Partners LLC lifted its stake in GE Vernova by 47.2% in the third quarter. Elevation Wealth Partners LLC now owns 53 shares of the company’s stock worth $33,000 after purchasing an additional 17 shares during the last quarter. WFA Asset Management Corp purchased a new position in shares of GE Vernova during the second quarter valued at approximately $29,000. Howard Hughes Medical Institute bought a new position in shares of GE Vernova during the second quarter valued at approximately $31,000. Finally, Monetary Management Group Inc. bought a new position in shares of GE Vernova during the second quarter valued at approximately $32,000.

GE Vernova Price Performance

Shares of GEV stock opened at $651.64 on Wednesday. The stock’s 50-day moving average is $623.81 and its 200 day moving average is $609.71. GE Vernova Inc. has a 1-year low of $252.25 and a 1-year high of $731.00. The company has a market cap of $176.80 billion, a P/E ratio of 106.13, a PEG ratio of 2.68 and a beta of 1.67.

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

GE Vernova Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, February 2nd. Investors of record on Monday, January 5th will be given a dividend of $0.50 per share. 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. This represents a $2.00 dividend on an annualized basis and a yield of 0.3%. GE Vernova’s dividend payout ratio is currently 32.57%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on GEV shares. Wells Fargo & Company raised their price target on GE Vernova from $717.00 to $831.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 16th. Wolfe Research upgraded GE Vernova from a “peer perform” rating to a “buy” rating in a research note on Wednesday, December 10th. Barclays boosted their target price on shares of GE Vernova from $800.00 to $830.00 and gave the company an “overweight” rating in a research note on Wednesday, January 7th. Rothschild Redb cut shares of GE Vernova from a “hold” rating to a “strong sell” rating in a report on Wednesday, October 15th. Finally, TD Cowen decreased their price objective on shares of GE Vernova from $685.00 to $680.00 and set a “buy” rating for the company in a report on Thursday, October 23rd. Three analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $703.04.

GE Vernova Company 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.