Adell Harriman & Carpenter Inc. Invests $710,000 in GE Vernova Inc. $GEV

Adell Harriman & Carpenter Inc. purchased a new stake in GE Vernova Inc. (NYSE:GEV) during the 3rd quarter, HoldingsChannel reports. The fund purchased 1,154 shares of the company’s stock, valued at approximately $710,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in GEV. Bay Harbor Wealth Management LLC boosted its holdings in shares of GE Vernova by 537.5% in the 3rd quarter. Bay Harbor Wealth Management LLC now owns 51 shares of the company’s stock worth $31,000 after purchasing an additional 43 shares in the last quarter. Elevation Wealth Partners LLC lifted 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 valued at $33,000 after purchasing an additional 17 shares during the last quarter. Deseret Mutual Benefit Administrators raised its holdings in GE Vernova by 112.0% during the 3rd quarter. Deseret Mutual Benefit Administrators now owns 53 shares of the company’s stock valued at $33,000 after buying an additional 28 shares during the last quarter. WFA Asset Management Corp purchased a new stake in shares of GE Vernova during the second quarter worth about $29,000. Finally, Howard Hughes Medical Institute bought a new position in GE Vernova during the 2nd quarter valued at approximately $31,000.

GE Vernova Stock Up 3.2%

NYSE GEV opened at $778.76 on Wednesday. GE Vernova Inc. has a 52 week low of $252.25 and a 52 week high of $791.95. The company has a market capitalization of $209.90 billion, a P/E ratio of 43.75, a price-to-earnings-growth ratio of 3.04 and a beta of 1.67. The stock’s 50-day moving average price is $660.34 and its 200-day moving average price is $625.91.

GE Vernova (NYSE:GEV) last posted its quarterly earnings results on Wednesday, January 28th. The company reported $13.39 earnings per share for the quarter, topping analysts’ consensus estimates of $2.99 by $10.40. GE Vernova had a net margin of 12.83% and a return on equity of 46.91%. The business had revenue of $10.96 billion during the quarter, compared to analyst estimates of $10.21 billion. During the same period in the prior year, the business posted $1.73 earnings per share. The company’s revenue was up 3.8% on a year-over-year basis. Research analysts anticipate that GE Vernova Inc. will post 6.59 EPS for the current year.

GE Vernova Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, February 2nd. Investors of record on Monday, January 5th were paid a dividend of $0.50 per share. This is a boost from GE Vernova’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Monday, January 5th. This represents a $2.00 annualized dividend and a yield of 0.3%. GE Vernova’s dividend payout ratio is 11.24%.

Wall Street Analyst Weigh In

Several brokerages have commented on GEV. Glj Research upped their price objective on shares of GE Vernova from $758.00 to $1,087.00 and gave the stock a “buy” rating in a report on Monday, January 12th. Evercore ISI raised their price objective on GE Vernova from $860.00 to $905.00 and gave the company an “outperform” rating in a research report on Thursday, January 29th. Morgan Stanley restated an “overweight” rating and set a $817.00 price objective on shares of GE Vernova in a research note on Monday, January 26th. Guggenheim raised GE Vernova from a “neutral” rating to a “buy” rating and set a $910.00 target price for the company in a report on Friday, January 30th. Finally, Citigroup lifted their price target on shares of GE Vernova from $708.00 to $779.00 and gave the stock a “neutral” rating in a research note on Thursday, January 29th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $763.19.

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.