Lockheed Martin Investment Management Co. Cuts Stake in GE Vernova Inc. $GEV

Lockheed Martin Investment Management Co. lowered its position in shares of GE Vernova Inc. (NYSE:GEV) by 54.4% during the third quarter, HoldingsChannel reports. The firm owned 47,800 shares of the company’s stock after selling 57,000 shares during the period. GE Vernova accounts for approximately 1.1% of Lockheed Martin Investment Management Co.’s holdings, making the stock its 26th largest holding. Lockheed Martin Investment Management Co.’s holdings in GE Vernova were worth $29,392,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in GEV. WFA Asset Management Corp acquired a new stake in GE Vernova in the second quarter valued at $29,000. Howard Hughes Medical Institute bought a new stake in shares of GE Vernova in the 2nd quarter worth about $31,000. Bay Harbor Wealth Management LLC raised its stake 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 buying an additional 43 shares in the last quarter. Monetary Management Group Inc. acquired a new stake in shares of GE Vernova during the 2nd quarter valued at approximately $32,000. Finally, Elevation Wealth Partners LLC lifted its position in shares of 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 buying an additional 17 shares during the last quarter.

GE Vernova Stock Down 1.0%

NYSE:GEV opened at $661.01 on Friday. The company’s 50-day moving average price is $637.58 and its two-hundred day moving average price is $615.75. The firm has a market cap of $179.35 billion, a PE ratio of 107.66, a price-to-earnings-growth ratio of 2.82 and a beta of 1.67. GE Vernova Inc. has a 12 month low of $252.25 and a 12 month high of $731.00.

GE Vernova (NYSE:GEV) last announced its quarterly earnings data on Wednesday, October 22nd. The company reported $1.64 earnings per share for the quarter, missing the consensus estimate of $1.72 by ($0.08). GE Vernova had a return on equity of 17.07% and a net margin of 4.52%.The firm had revenue of $9.97 billion for the quarter, compared to the consensus estimate of $9.15 billion. During the same period in the prior year, the firm posted ($0.35) earnings per share. The business’s revenue for the quarter was up 11.8% compared to the same quarter last year. On average, research analysts expect that GE Vernova Inc. will post 6.59 EPS for the current fiscal year.

GE Vernova Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, February 2nd. Shareholders of record on Monday, January 5th will be issued 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 is Monday, January 5th. This represents a $2.00 dividend on an annualized basis and a yield of 0.3%. GE Vernova’s dividend payout ratio is currently 32.57%.

Wall Street Analysts Forecast Growth

GEV has been the topic of a number of analyst reports. Robert W. Baird reaffirmed a “neutral” rating and issued a $649.00 price objective (down previously from $816.00) on shares of GE Vernova in a report on Friday, January 9th. Wells Fargo & Company lifted their price objective 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 & Co Redburn reaffirmed a “sell” rating and set a $475.00 target price on shares of GE Vernova in a research report on Wednesday, October 15th. Mizuho decreased their price objective on shares of GE Vernova from $677.00 to $660.00 and set a “neutral” rating for the company in a research note on Friday, October 24th. Finally, Susquehanna upped their target price on GE Vernova from $750.00 to $775.00 and gave the company a “positive” rating in a report on Wednesday, December 10th. Three equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, GE Vernova currently has an average rating of “Moderate Buy” and an average price target of $701.62.

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.