Hoey Investments Inc. Lowers Stock Position in GE Vernova Inc. (NYSE:GEV)

Hoey Investments Inc. cut its holdings in shares of GE Vernova Inc. (NYSE:GEV) by 17.0% during the first quarter, HoldingsChannel.com reports. The fund owned 6,810 shares of the company’s stock after selling 1,394 shares during the quarter. GE Vernova makes up 0.4% of Hoey Investments Inc.’s holdings, making the stock its 20th largest position. Hoey Investments Inc.’s holdings in GE Vernova were worth $2,079,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Principal Securities Inc. grew its position in shares of GE Vernova by 29.0% during the fourth quarter. Principal Securities Inc. now owns 1,892 shares of the company’s stock worth $622,000 after acquiring an additional 425 shares during the last quarter. New York State Teachers Retirement System grew its position in shares of GE Vernova by 3.1% during the fourth quarter. New York State Teachers Retirement System now owns 242,128 shares of the company’s stock worth $79,643,000 after acquiring an additional 7,373 shares during the last quarter. Asset Management One Co. Ltd. grew its position in shares of GE Vernova by 7.8% during the fourth quarter. Asset Management One Co. Ltd. now owns 109,824 shares of the company’s stock worth $36,659,000 after acquiring an additional 7,970 shares during the last quarter. O Neil Global Advisors Inc. purchased a new position in shares of GE Vernova during the fourth quarter worth approximately $2,064,000. Finally, Axiom Investors LLC DE purchased a new position in shares of GE Vernova during the fourth quarter worth approximately $123,157,000.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on GEV. Robert W. Baird increased their price target on GE Vernova from $387.00 to $405.00 and gave the stock an “outperform” rating in a report on Thursday, April 24th. Bank of America increased their price target on GE Vernova from $520.00 to $550.00 and gave the stock a “buy” rating in a report on Wednesday. JPMorgan Chase & Co. increased their price target on GE Vernova from $430.00 to $460.00 and gave the stock an “overweight” rating in a report on Friday, May 16th. TD Cowen decreased their price target on GE Vernova from $405.00 to $390.00 and set a “buy” rating for the company in a report on Thursday, April 24th. Finally, Royal Bank of Canada decreased their price target on GE Vernova from $453.00 to $445.00 and set an “outperform” rating for the company in a report on Tuesday, March 18th. Eight research analysts have rated the stock with a hold rating, nineteen have given a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $404.56.

GE Vernova Stock Down 2.0%

NYSE:GEV opened at $477.93 on Friday. The company has a market capitalization of $130.44 billion, a PE ratio of 85.96, a price-to-earnings-growth ratio of 3.03 and a beta of 1.97. GE Vernova Inc. has a 52-week low of $150.01 and a 52-week high of $500.72. The stock has a fifty day simple moving average of $408.13 and a 200-day simple moving average of $365.41.

GE Vernova (NYSE:GEV) last released its quarterly earnings results on Wednesday, April 23rd. The company reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.54. The business had revenue of $8.03 billion during the quarter, compared to the consensus estimate of $7.56 billion. GE Vernova had a return on equity of 6.70% and a net margin of 4.44%. The business’s revenue was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.47) EPS. As a group, equities analysts anticipate that GE Vernova Inc. will post 6.59 earnings per share for the current year.

GE Vernova Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 16th. Stockholders of record on Friday, April 18th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 0.21%. The ex-dividend date of this dividend was Thursday, April 17th. GE Vernova’s dividend payout ratio (DPR) is presently 14.41%.

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.