Sumitomo Mitsui Trust Group Inc. Raises Position in GE Vernova Inc. $GEV

Sumitomo Mitsui Trust Group Inc. grew its stake in GE Vernova Inc. (NYSE:GEV) by 0.7% in the 3rd quarter, Holdings Channel.com reports. The firm owned 682,099 shares of the company’s stock after purchasing an additional 4,662 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in GE Vernova were worth $419,423,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. WFA Asset Management Corp purchased a new position in GE Vernova during the second quarter worth $29,000. Howard Hughes Medical Institute purchased a new stake in shares of GE Vernova in the second quarter valued at $31,000. 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. Monetary Management Group Inc. purchased a new position in shares of GE Vernova during the 2nd quarter worth about $32,000. Finally, Elevation Wealth Partners LLC boosted its stake in shares of GE Vernova by 47.2% during the 3rd 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 period.

GE Vernova Stock Performance

NYSE GEV opened at $622.69 on Monday. The company has a market cap of $168.95 billion, a PE ratio of 101.41, a P/E/G ratio of 2.61 and a beta of 1.67. The firm’s 50 day moving average price is $620.58 and its 200-day moving average price is $607.85. GE Vernova Inc. has a 52-week low of $252.25 and a 52-week high of $731.00.

GE Vernova (NYSE:GEV) last posted its earnings results on Wednesday, October 22nd. The company reported $1.64 earnings per share 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 company had revenue of $9.97 billion for the quarter, compared to analysts’ expectations of $9.15 billion. During the same quarter in the prior year, the company earned ($0.35) EPS. The firm’s quarterly revenue was up 11.8% on a year-over-year basis. On average, analysts forecast that GE Vernova Inc. will post 6.59 earnings per share for the current fiscal year.

GE Vernova Increases Dividend

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

Wall Street Analyst Weigh In

A number of analysts recently weighed in on GEV shares. BMO Capital Markets increased their price objective on shares of GE Vernova from $710.00 to $780.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 10th. Seaport Res Ptn lowered GE Vernova from a “strong-buy” rating to a “hold” rating in a research note on Thursday, December 11th. Wolfe Research raised GE Vernova from a “peer perform” rating to a “buy” rating in a research report on Wednesday, December 10th. Jefferies Financial Group set a $830.00 target price on GE Vernova in a research note on Monday, December 22nd. Finally, Wells Fargo & Company boosted their target price on shares of GE Vernova from $717.00 to $831.00 and gave the company an “overweight” rating in a research note on Tuesday, December 16th. Three analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, GE Vernova currently has a consensus rating of “Moderate Buy” and an average price target of $689.00.

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.