Fred Alger Management LLC Has $15.98 Million Stake in GE Vernova Inc. $GEV

Fred Alger Management LLC reduced its stake in GE Vernova Inc. (NYSE:GEV) by 46.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,983 shares of the company’s stock after selling 22,585 shares during the quarter. Fred Alger Management LLC’s holdings in GE Vernova were worth $15,977,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Jackson Grant Investment Advisers Inc. raised its stake in shares of GE Vernova by 344.4% in the 3rd quarter. Jackson Grant Investment Advisers Inc. now owns 40 shares of the company’s stock valued at $25,000 after purchasing an additional 31 shares during the period. Wealth Watch Advisors INC acquired a new position in shares of GE Vernova during the third quarter worth about $25,000. Bay Harbor Wealth Management LLC grew its holdings in shares of GE Vernova by 537.5% during 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 in the last quarter. Elevation Wealth Partners LLC grew its holdings in shares of GE Vernova by 47.2% during the third quarter. Elevation Wealth Partners LLC now owns 53 shares of the company’s stock worth $33,000 after buying an additional 17 shares in the last quarter. Finally, Deseret Mutual Benefit Administrators raised its position in GE Vernova by 112.0% in 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.

Analyst Upgrades and Downgrades

GEV has been the topic of several research reports. The Goldman Sachs Group boosted their target price on GE Vernova from $840.00 to $925.00 and gave the company a “buy” rating in a research note on Thursday, January 29th. Mizuho set a $714.00 price objective on shares of GE Vernova in a report on Tuesday, February 3rd. Wall Street Zen raised shares of GE Vernova from a “hold” rating to a “buy” rating in a research report on Saturday, January 31st. William Blair restated an “outperform” rating on shares of GE Vernova in a report on Wednesday, December 10th. Finally, Glj Research raised their target price on shares of GE Vernova from $758.00 to $1,087.00 and gave the company a “buy” rating in a research report on Monday, January 12th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $831.29.

GE Vernova Stock Up 2.6%

Shares of NYSE GEV opened at $825.99 on Tuesday. The business’s 50 day moving average price is $762.83 and its two-hundred day moving average price is $665.47. The company has a market cap of $222.63 billion, a PE ratio of 46.40, a price-to-earnings-growth ratio of 3.20 and a beta of 1.44. GE Vernova Inc. has a twelve month low of $252.25 and a twelve month high of $894.93.

GE Vernova (NYSE:GEV) last released its quarterly earnings data on Wednesday, January 28th. The company reported $13.39 EPS for the quarter, beating the consensus estimate of $2.99 by $10.40. GE Vernova had a net margin of 12.83% and a return on equity of 46.91%. The firm had revenue of $10.96 billion for the quarter, compared to the consensus estimate of $10.21 billion. During the same period in the previous year, the company earned $1.73 earnings per share. The company’s quarterly revenue was up 3.8% on a year-over-year basis. As a group, research analysts anticipate that GE Vernova Inc. will post 6.59 EPS for the current fiscal year.

GE Vernova Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 14th. Shareholders of record on Tuesday, March 17th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date is Tuesday, March 17th. GE Vernova’s dividend payout ratio is presently 11.24%.

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.