Fred Alger Management LLC Makes New Investment in GE Vernova Inc. (NYSE:GEV)

Fred Alger Management LLC purchased a new stake in shares of GE Vernova Inc. (NYSE:GEV) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 9,891 shares of the company’s stock, valued at approximately $3,256,000.

A number of other hedge funds have also recently modified their holdings of the company. Armstrong Advisory Group Inc. lifted its stake in GE Vernova by 3.5% during the fourth quarter. Armstrong Advisory Group Inc. now owns 798 shares of the company’s stock worth $262,000 after purchasing an additional 27 shares in the last quarter. Hengehold Capital Management LLC grew its stake in shares of GE Vernova by 2.4% in the fourth quarter. Hengehold Capital Management LLC now owns 1,231 shares of the company’s stock valued at $405,000 after buying an additional 29 shares in the last quarter. AdvisorNet Financial Inc lifted its stake in GE Vernova by 1.6% during the 4th quarter. AdvisorNet Financial Inc now owns 1,859 shares of the company’s stock worth $611,000 after acquiring an additional 30 shares in the last quarter. Mutual Advisors LLC lifted its stake in GE Vernova by 1.2% during the 4th quarter. Mutual Advisors LLC now owns 2,701 shares of the company’s stock worth $888,000 after acquiring an additional 31 shares in the last quarter. Finally, WASHINGTON TRUST Co grew its position in GE Vernova by 1.9% in the 4th quarter. WASHINGTON TRUST Co now owns 1,702 shares of the company’s stock valued at $560,000 after acquiring an additional 31 shares in the last quarter.

Wall Street Analyst Weigh In

GEV has been the topic of several research reports. Baird R W raised shares of GE Vernova to a “strong-buy” rating in a research report on Thursday, February 13th. Marathon Capitl upgraded shares of GE Vernova to a “strong-buy” rating in a report on Friday, January 31st. CICC Research initiated coverage on shares of GE Vernova in a research note on Wednesday, February 19th. They issued an “outperform” rating for the company. JPMorgan Chase & Co. reduced their price objective on GE Vernova from $436.00 to $425.00 and set an “overweight” rating on the stock in a research note on Thursday, April 10th. Finally, Truist Financial set a $440.00 target price on GE Vernova in a research note on Thursday, March 27th. Six investment analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and four have issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $369.22.

GE Vernova Stock Up 1.0 %

NYSE GEV opened at $398.03 on Friday. The firm has a market cap of $108.64 billion and a P/E ratio of 71.59. GE Vernova Inc. has a 52-week low of $150.01 and a 52-week high of $447.50. The business’s 50-day moving average price is $330.33 and its 200 day moving average price is $340.61.

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

GE Vernova Dividend Announcement

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

GE Vernova Profile

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.