Ascent Wealth Partners LLC Trims Stock Position in GE Vernova Inc. $GEV

Ascent Wealth Partners LLC trimmed its holdings in GE Vernova Inc. (NYSE:GEV) by 22.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 9,691 shares of the company’s stock after selling 2,795 shares during the quarter. Ascent Wealth Partners LLC’s holdings in GE Vernova were worth $5,959,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bay Harbor Wealth Management LLC boosted its stake in shares of GE Vernova by 537.5% in the third 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. Elevation Wealth Partners LLC boosted its position in GE Vernova by 47.2% in 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 in the last quarter. WFA Asset Management Corp acquired a new stake in shares of GE Vernova during the 2nd quarter worth approximately $29,000. Howard Hughes Medical Institute purchased a new position in shares of GE Vernova during the 2nd quarter valued at approximately $31,000. Finally, Monetary Management Group Inc. purchased a new position in shares of GE Vernova during the 2nd quarter valued at approximately $32,000.

GE Vernova Trading Up 3.8%

GEV stock opened at $678.29 on Friday. GE Vernova Inc. has a 12-month low of $252.25 and a 12-month high of $731.00. The business’s 50-day moving average is $612.80 and its 200 day moving average is $601.50. The stock has a market cap of $184.03 billion, a price-to-earnings ratio of 110.47, a PEG ratio of 2.85 and a beta of 1.67.

GE Vernova (NYSE:GEV) last announced its earnings results on Wednesday, October 22nd. The company reported $1.64 EPS for the quarter, missing analysts’ consensus estimates of $1.72 by ($0.08). The firm had revenue of $9.97 billion for the quarter, compared to analyst estimates of $9.15 billion. GE Vernova had a net margin of 4.52% and a return on equity of 17.07%. GE Vernova’s revenue was up 11.8% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.35) EPS. As a group, equities analysts forecast that GE Vernova Inc. will post 6.59 EPS for the current fiscal year.

GE Vernova Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, February 2nd. Stockholders of record on Monday, January 5th will be issued a dividend of $0.50 per share. The ex-dividend date is Monday, January 5th. This represents a $2.00 annualized dividend and a dividend yield of 0.3%. This is an increase from GE Vernova’s previous quarterly dividend of $0.25. GE Vernova’s payout ratio is presently 16.29%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on GEV. Jefferies Financial Group set a $830.00 price target on shares of GE Vernova in a report on Monday, December 22nd. Morgan Stanley increased their target price on shares of GE Vernova from $710.00 to $822.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 16th. Rothschild & Co Redburn restated a “sell” rating and issued a $475.00 price target on shares of GE Vernova in a research note on Wednesday, October 15th. Redburn Partners set a $475.00 price target on GE Vernova in a research report on Wednesday, October 15th. Finally, William Blair reissued an “outperform” rating on shares of GE Vernova in a report on Wednesday, December 10th. Four analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $691.11.

GE Vernova 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.