GRIMES & Co WEALTH MANAGEMENT LLC Increases Stock Position in GE Vernova Inc. $GEV

GRIMES & Co WEALTH MANAGEMENT LLC lifted its stake in GE Vernova Inc. (NYSE:GEV) by 34.1% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,710 shares of the company’s stock after acquiring an additional 1,197 shares during the quarter. GRIMES & Co WEALTH MANAGEMENT LLC’s holdings in GE Vernova were worth $2,896,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in GEV. WFA Asset Management Corp purchased a new stake in GE Vernova during the 2nd quarter valued at $29,000. Howard Hughes Medical Institute bought a new stake in shares of GE Vernova in the second quarter worth $31,000. Bay Harbor Wealth Management LLC increased its position in GE Vernova by 537.5% during the third quarter. Bay Harbor Wealth Management LLC now owns 51 shares of the company’s stock valued at $31,000 after acquiring an additional 43 shares during the last quarter. Monetary Management Group Inc. bought a new position in GE Vernova in the second quarter valued at about $32,000. Finally, Elevation Wealth Partners LLC boosted its position in GE Vernova by 47.2% in the third 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 last quarter.

Analyst Ratings Changes

GEV has been the subject of several research reports. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $761.00 price target on shares of GE Vernova in a research report on Monday, December 22nd. Seaport Res Ptn cut shares of GE Vernova from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 11th. Wells Fargo & Company lifted their price target on shares of GE Vernova from $717.00 to $831.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 16th. Rothschild Redb downgraded shares of GE Vernova from a “hold” rating to a “strong sell” rating in a research report on Wednesday, October 15th. Finally, BMO Capital Markets raised their target price on GE Vernova from $710.00 to $780.00 and gave the stock an “outperform” rating in a report on Wednesday, December 10th. Three research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, GE Vernova has a consensus rating of “Moderate Buy” and an average price target of $703.04.

GE Vernova Stock Performance

NYSE GEV opened at $651.64 on Wednesday. The stock has a 50 day moving average price of $623.81 and a 200-day moving average price of $609.71. GE Vernova Inc. has a one year low of $252.25 and a one year high of $731.00. The company has a market capitalization of $176.80 billion, a P/E ratio of 106.13, a P/E/G ratio of 2.68 and a beta of 1.67.

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

GE Vernova Increases Dividend

The business also recently declared 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 is an increase from GE Vernova’s previous quarterly dividend of $0.25. This represents a $2.00 annualized dividend and a yield of 0.3%. The ex-dividend date is Monday, January 5th. GE Vernova’s dividend payout ratio (DPR) is 32.57%.

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.