Myriad Asset Management US LP Takes Position in GE Vernova Inc. (NYSE:GEV)

Myriad Asset Management US LP acquired a new stake in GE Vernova Inc. (NYSE:GEV) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 3,147 shares of the company’s stock, valued at approximately $1,035,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Cedar Mountain Advisors LLC lifted its stake in shares of GE Vernova by 102.6% in the 4th quarter. Cedar Mountain Advisors LLC now owns 77 shares of the company’s stock valued at $25,000 after purchasing an additional 39 shares in the last quarter. Pineridge Advisors LLC lifted its stake in shares of GE Vernova by 530.8% in the 4th quarter. Pineridge Advisors LLC now owns 82 shares of the company’s stock valued at $27,000 after purchasing an additional 69 shares in the last quarter. Asset Planning Inc purchased a new stake in shares of GE Vernova during the 4th quarter valued at about $35,000. Castleview Partners LLC purchased a new stake in shares of GE Vernova during the 3rd quarter valued at about $28,000. Finally, Riggs Asset Managment Co. Inc. raised its holdings in shares of GE Vernova by 93.4% during the 4th quarter. Riggs Asset Managment Co. Inc. now owns 118 shares of the company’s stock valued at $39,000 after buying an additional 57 shares during the period.

GE Vernova Stock Performance

Shares of GEV stock opened at $367.43 on Friday. GE Vernova Inc. has a 1 year low of $115.00 and a 1 year high of $447.50. The stock has a fifty day moving average of $361.32 and a two-hundred day moving average of $291.28. The firm has a market capitalization of $101.28 billion and a PE ratio of 66.08.

GE Vernova (NYSE:GEV) last announced its quarterly earnings results on Wednesday, January 22nd. The company reported $1.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.57). GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The business had revenue of $10.56 billion for the quarter, compared to analyst estimates of $10.70 billion. The company’s revenue was up 5.1% on a year-over-year basis. Equities research analysts predict that GE Vernova Inc. will post 6.59 earnings per share for the current fiscal year.

GE Vernova announced that its board has approved a share buyback program on Tuesday, December 10th that permits the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization permits the company to reacquire up to 6.7% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.

GE Vernova Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 28th. Stockholders of record on Friday, December 20th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.27%. The ex-dividend date was Friday, December 20th. GE Vernova’s dividend payout ratio is presently 17.99%.

Analysts Set New Price Targets

GEV has been the topic of several analyst reports. TD Cowen initiated coverage on GE Vernova in a report on Thursday, December 5th. They set a “buy” rating and a $400.00 target price on the stock. Citigroup raised their target price on GE Vernova from $361.00 to $437.00 and gave the company a “neutral” rating in a report on Thursday, January 23rd. Johnson Rice initiated coverage on GE Vernova in a report on Friday, February 7th. They set a “buy” rating and a $425.00 target price on the stock. Jefferies Financial Group raised their target price on GE Vernova from $348.00 to $391.00 and gave the company a “buy” rating in a report on Friday, December 13th. Finally, Guggenheim downgraded GE Vernova from a “buy” rating to a “neutral” rating and set a $380.00 target price on the stock. in a report on Friday, January 24th. Eight research analysts have rated the stock with a hold rating, twenty have issued a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $350.13.

About GE Vernova

GE Vernova LLC, an energy business company, generates electricity. It operates under three segments: Power, Wind, and Electrification. The Power segments generates and sells electricity through hydro, gas, nuclear, and steam power. Wind segment engages in the manufacturing and sale of wind turbine blades; and Electrification segment provides grid solutions, power conversion, solar, and storage solutions.