New York State Teachers Retirement System Sells 14,340 Shares of GE Vernova Inc. $GEV

New York State Teachers Retirement System cut its stake in GE Vernova Inc. (NYSE:GEV) by 5.9% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 230,288 shares of the company’s stock after selling 14,340 shares during the period. New York State Teachers Retirement System’s holdings in GE Vernova were worth $141,604,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in GEV. Vanguard Group Inc. boosted its position in shares of GE Vernova by 1.1% during the second quarter. Vanguard Group Inc. now owns 24,664,571 shares of the company’s stock valued at $13,051,258,000 after purchasing an additional 271,958 shares in the last quarter. State Street Corp raised its holdings in GE Vernova by 1.9% in the second quarter. State Street Corp now owns 11,097,778 shares of the company’s stock worth $5,872,389,000 after purchasing an additional 206,650 shares in the last quarter. Geode Capital Management LLC lifted its position in GE Vernova by 2.2% during the second quarter. Geode Capital Management LLC now owns 6,108,484 shares of the company’s stock valued at $3,221,404,000 after buying an additional 129,315 shares during the period. Norges Bank bought a new stake in shares of GE Vernova during the 2nd quarter valued at $1,809,220,000. Finally, Invesco Ltd. boosted its holdings in shares of GE Vernova by 26.3% during the 2nd quarter. Invesco Ltd. now owns 2,217,257 shares of the company’s stock valued at $1,173,262,000 after buying an additional 462,038 shares in the last quarter.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Seaport Res Ptn lowered shares of GE Vernova from a “strong-buy” rating to a “hold” rating in a research note on Thursday, December 11th. The Goldman Sachs Group raised their target price on shares of GE Vernova from $735.00 to $840.00 and gave the company a “buy” rating in a research note on Tuesday, December 16th. Robert W. Baird reiterated a “neutral” rating and set a $649.00 target price (down from $816.00) on shares of GE Vernova in a report on Friday. Oppenheimer upgraded GE Vernova from a “market perform” rating to an “outperform” rating and set a $855.00 price target on the stock in a research note on Wednesday, December 10th. Finally, Barclays raised their price objective on GE Vernova from $800.00 to $830.00 and gave the company an “overweight” rating in a research report on Wednesday. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $689.00.

GE Vernova Stock Down 0.9%

NYSE:GEV opened at $622.69 on Friday. The company’s 50 day moving average price is $620.58 and its 200-day moving average price is $607.11. GE Vernova Inc. has a 52 week low of $252.25 and a 52 week high of $731.00. The stock has a market cap of $168.95 billion, a price-to-earnings ratio of 101.41, a PEG ratio of 2.61 and a beta of 1.67.

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 analysts’ consensus estimates of $1.72 by ($0.08). The firm had revenue of $9.97 billion during the quarter, compared to analysts’ expectations of $9.15 billion. GE Vernova had a return on equity of 17.07% and a net margin of 4.52%.GE Vernova’s revenue was up 11.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.35) earnings per share. As a group, sell-side analysts anticipate that GE Vernova Inc. will post 6.59 earnings per share for the current year.

GE Vernova Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, February 2nd. Investors of record on Monday, January 5th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 0.3%. This is a boost from GE Vernova’s previous quarterly dividend of $0.25. The ex-dividend date is Monday, January 5th. GE Vernova’s dividend payout ratio (DPR) is currently 32.57%.

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.