GE Vernova (NYSE:GEV) Hits New 1-Year High – Here’s Why

21 Jan 2025, 16:00 by Danessa Lincoln · The Markets Daily

Shares of GE Vernova Inc. (NYSE:GEV – Get Free Report) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $407.30 and last traded at $400.85, with a volume of 26442 shares trading hands. The stock had previously closed at $401.41.

Analyst Upgrades and Downgrades

Several analysts recently commented on GEV shares. Royal Bank of Canada reaffirmed an “outperform” rating and set a $376.00 price objective on shares of GE Vernova in a research note on Wednesday, December 11th. HSBC reaffirmed a “hold” rating and set a $255.00 price target (up previously from $240.00) on shares of GE Vernova in a research report on Friday, October 4th. Wells Fargo & Company increased their target price on GE Vernova from $385.00 to $411.00 and gave the stock an “overweight” rating in a research note on Friday, December 13th. Wolfe Research initiated coverage on shares of GE Vernova in a research note on Wednesday, December 4th. They issued an “outperform” rating and a $403.00 price target on the stock. Finally, Morgan Stanley upped their price target on shares of GE Vernova from $301.00 to $367.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Seven investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $321.35.

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GE Vernova Stock Down 0.2 %

The stock’s 50 day moving average is $345.63 and its 200 day moving average is $266.62.

GE Vernova Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 28th. Shareholders of record on Friday, December 20th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.25%. The ex-dividend date of this dividend is Friday, December 20th.

GE Vernova declared that its board has approved a share buyback program on Tuesday, December 10th that authorizes the company to buyback $6.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 6.7% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Institutional Trading of GE Vernova

Institutional investors have recently modified their holdings of the stock. FMR LLC increased its position in shares of GE Vernova by 2.5% in the third quarter. FMR LLC now owns 24,047,678 shares of the company’s stock worth $6,131,677,000 after purchasing an additional 584,208 shares during the period. State Street Corp raised its position in shares of GE Vernova by 1.1% in the 3rd quarter. State Street Corp now owns 10,434,917 shares of the company’s stock valued at $2,660,695,000 after buying an additional 118,184 shares in the last quarter. Mountaineer Partners Management LLC acquired a new position in shares of GE Vernova in the 3rd quarter valued at approximately $2,507,296,000. Geode Capital Management LLC raised its position in shares of GE Vernova by 1.5% in the 3rd quarter. Geode Capital Management LLC now owns 5,594,223 shares of the company’s stock valued at $1,420,763,000 after buying an additional 80,479 shares in the last quarter. Finally, WCM Investment Management LLC boosted its position in shares of GE Vernova by 83.1% during the 3rd quarter. WCM Investment Management LLC now owns 2,560,248 shares of the company’s stock worth $639,704,000 after acquiring an additional 1,161,901 shares in the last quarter.

GE Vernova Company Profile

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