GE Vernova Inc. $GEV Shares Purchased by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund grew its stake in GE Vernova Inc. (NYSE:GEV) by 31.4% during the third quarter, Holdings Channel.com reports. The fund owned 11,381 shares of the company’s stock after acquiring an additional 2,722 shares during the period. Illinois Municipal Retirement Fund’s holdings in GE Vernova were worth $6,998,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of GEV. Brighton Jones LLC lifted its position in shares of GE Vernova by 29.4% during the fourth quarter. Brighton Jones LLC now owns 3,315 shares of the company’s stock worth $1,091,000 after purchasing an additional 753 shares in the last quarter. RFG Advisory LLC acquired a new position in GE Vernova during the 2nd quarter worth $267,000. Harbour Investments Inc. increased its holdings in GE Vernova by 75.1% during the 2nd quarter. Harbour Investments Inc. now owns 5,427 shares of the company’s stock worth $2,872,000 after purchasing an additional 2,327 shares during the period. Mutual Advisors LLC increased its holdings in GE Vernova by 16.9% during the 2nd quarter. Mutual Advisors LLC now owns 3,196 shares of the company’s stock worth $1,691,000 after purchasing an additional 461 shares during the period. Finally, WealthPlan Investment Management LLC raised its position in GE Vernova by 16.6% in the 2nd quarter. WealthPlan Investment Management LLC now owns 983 shares of the company’s stock valued at $520,000 after purchasing an additional 140 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on GEV. Citigroup boosted their price objective on GE Vernova from $708.00 to $779.00 and gave the stock a “neutral” rating in a research report on Thursday, January 29th. Weiss Ratings upgraded shares of GE Vernova from a “hold (c)” rating to a “buy (b-)” rating in a report on Thursday, February 5th. Susquehanna raised their price objective on shares of GE Vernova from $800.00 to $820.00 and gave the company a “positive” rating in a report on Thursday, January 29th. Wolfe Research raised shares of GE Vernova from a “peer perform” rating to a “buy” rating in a research report on Wednesday, December 10th. Finally, Jefferies Financial Group reissued a “buy” rating and issued a $930.00 target price on shares of GE Vernova in a report on Thursday, January 29th. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $788.24.

GE Vernova Trading Down 1.8%

Shares of GE Vernova stock opened at $801.76 on Friday. The company has a fifty day simple moving average of $689.84 and a 200-day simple moving average of $635.49. The stock has a market cap of $216.10 billion, a price-to-earnings ratio of 45.04, a PEG ratio of 3.25 and a beta of 1.67. GE Vernova Inc. has a 12-month low of $252.25 and a 12-month high of $846.00.

GE Vernova (NYSE:GEV) last announced its quarterly earnings results on Wednesday, January 28th. The company reported $13.39 EPS for the quarter, topping the consensus estimate 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 last year, the business earned $1.73 EPS. GE Vernova’s revenue for the quarter was up 3.8% compared to the same quarter last year. 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 company also recently announced a quarterly dividend, which was paid on Monday, February 2nd. Stockholders of record on Monday, January 5th were issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend was Monday, January 5th. This is an increase from GE Vernova’s previous quarterly dividend of $0.25. GE Vernova’s dividend payout ratio (DPR) 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.