Essex Investment Management Co. LLC Has $5.83 Million Position in GE Vernova Inc. $GEV

Essex Investment Management Co. LLC cut its holdings in GE Vernova Inc. (NYSE:GEV) by 34.5% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 9,483 shares of the company’s stock after selling 5,002 shares during the period. Essex Investment Management Co. LLC’s holdings in GE Vernova were worth $5,831,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in GEV. BridgePort Financial Solutions LLC acquired a new stake in shares of GE Vernova in the third quarter worth $334,000. First National Trust Co increased its holdings in shares of GE Vernova by 5.1% during the 3rd quarter. First National Trust Co now owns 914 shares of the company’s stock worth $562,000 after purchasing an additional 44 shares during the period. Wealthfront Advisers LLC raised its position in shares of GE Vernova by 4.1% during the third quarter. Wealthfront Advisers LLC now owns 34,468 shares of the company’s stock valued at $21,194,000 after buying an additional 1,355 shares during the last quarter. Summit Asset Management LLC acquired a new position in shares of GE Vernova during the third quarter valued at about $226,000. Finally, Navellier & Associates Inc. acquired a new position in GE Vernova in the 3rd quarter valued at approximately $4,614,000.

Analysts Set New Price Targets

GEV has been the subject of a number of recent research reports. Oppenheimer restated an “outperform” rating on shares of GE Vernova in a research note on Thursday, January 29th. UBS Group reissued a “buy” rating on shares of GE Vernova in a research report on Thursday, January 29th. Evercore raised their price target on shares of GE Vernova from $860.00 to $905.00 and gave the stock an “outperform” rating in a research note on Thursday, January 29th. Guggenheim raised GE Vernova from a “neutral” rating to a “buy” rating and set a $910.00 target price for the company in a report on Friday, January 30th. Finally, Robert W. Baird set a $923.00 target price on GE Vernova and gave the stock an “outperform” rating in a research report on Wednesday, February 4th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $788.24.

GE Vernova Price Performance

Shares of GEV opened at $801.25 on Tuesday. The company has a market capitalization of $215.96 billion, a P/E ratio of 45.01, a PEG ratio of 3.10 and a beta of 1.67. GE Vernova Inc. has a one year low of $252.25 and a one year high of $814.86. The business’s 50 day simple moving average is $674.49 and its 200-day simple moving average is $630.80.

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

GE Vernova Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, February 2nd. Shareholders of record on Monday, January 5th were given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 0.2%. The ex-dividend date was Monday, January 5th. This is a boost from GE Vernova’s previous quarterly dividend of $0.25. GE Vernova’s dividend payout ratio is 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.