Congress Asset Management Co. Invests $125.27 Million in GE Vernova Inc. $GEV

Congress Asset Management Co. acquired a new position in shares of GE Vernova Inc. (NYSE:GEV) in the fourth quarter, Holdings Channel reports. The firm acquired 191,662 shares of the company’s stock, valued at approximately $125,265,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in GEV. Jackson Grant Investment Advisers Inc. raised its holdings in GE Vernova by 344.4% in the third quarter. Jackson Grant Investment Advisers Inc. now owns 40 shares of the company’s stock worth $25,000 after purchasing an additional 31 shares in the last quarter. Wealth Watch Advisors INC bought a new stake in shares of GE Vernova in the 3rd quarter valued at about $25,000. Howard Hughes Medical Institute purchased a new position in shares of GE Vernova in the 2nd quarter worth approximately $31,000. Bay Harbor Wealth Management LLC grew its position 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 buying an additional 43 shares during the last quarter. Finally, Monetary Management Group Inc. bought a new position in shares of GE Vernova during the 2nd quarter worth approximately $32,000.

Analyst Ratings Changes

Several equities research analysts have weighed in on GEV shares. Barclays restated an “overweight” rating and issued a $849.00 target price on shares of GE Vernova in a research note on Monday, February 2nd. Oppenheimer reiterated an “outperform” rating on shares of GE Vernova in a report on Thursday, January 29th. Wall Street Zen raised GE Vernova from a “hold” rating to a “buy” rating in a research report on Saturday, January 31st. Robert W. Baird set a $923.00 target price on GE Vernova and gave the stock an “outperform” rating in a research note on Wednesday, February 4th. Finally, William Blair reiterated an “outperform” rating on shares of GE Vernova in a research note on Wednesday, December 10th. One analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, GE Vernova presently has a consensus rating of “Moderate Buy” and a consensus target price of $837.25.

GE Vernova Trading Up 3.7%

NYSE GEV opened at $882.66 on Tuesday. The company has a fifty day simple moving average of $784.19 and a two-hundred day simple moving average of $674.79. The stock has a market cap of $237.90 billion, a P/E ratio of 49.59, a P/E/G ratio of 3.39 and a beta of 1.45. GE Vernova Inc. has a 12-month low of $252.25 and a 12-month high of $920.63.

GE Vernova (NYSE:GEV) last announced its quarterly earnings data on Wednesday, January 28th. The company reported $13.39 earnings per share for the quarter, beating analysts’ consensus estimates of $2.99 by $10.40. GE Vernova had a net margin of 12.83% and a return on equity of 46.91%. The firm had revenue of $10.96 billion for the quarter, compared to analyst estimates of $10.21 billion. During the same period in the previous year, the company earned $1.73 earnings per share. The business’s quarterly revenue was up 3.8% compared to the same quarter last year. As a group, sell-side analysts forecast that GE Vernova Inc. will post 6.59 earnings per share for the current year.

GE Vernova Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 14th. Shareholders of record on Tuesday, March 17th will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 0.2%. The ex-dividend date is Tuesday, March 17th. GE Vernova’s payout ratio is presently 11.24%.

About GE Vernova

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.