Mechanics Bank Trust Department Makes New Investment in GE Vernova Inc. (NYSE:GEV)

Mechanics Bank Trust Department purchased a new stake in shares of GE Vernova Inc. (NYSE:GEV) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,221 shares of the company’s stock, valued at approximately $402,000.

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

Wall Street Analyst Weigh In

GEV has been the subject of several analyst reports. Wells Fargo & Company boosted their price target on shares of GE Vernova from $385.00 to $411.00 and gave the stock an “overweight” rating in a research note on Friday, December 13th. Guggenheim dropped their target price on shares of GE Vernova from $400.00 to $380.00 and set a “buy” rating for the company in a research report on Wednesday, December 11th. BMO Capital Markets raised their price target on GE Vernova from $245.00 to $288.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. Evercore ISI upped their price objective on GE Vernova from $385.00 to $390.00 and gave the company an “outperform” rating in a report on Wednesday, December 11th. Finally, JPMorgan Chase & Co. raised their target price on GE Vernova from $367.00 to $374.00 and gave the stock an “overweight” rating in a report on Tuesday, January 14th. Seven research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, GE Vernova currently has an average rating of “Moderate Buy” and an average price target of $321.35.

GE Vernova Trading Up 2.8 %

Shares of GE Vernova stock opened at $401.84 on Tuesday. GE Vernova Inc. has a 12-month low of $115.00 and a 12-month high of $404.13. The business’s 50 day moving average is $344.59 and its 200-day moving average is $265.01.

GE Vernova announced that its Board of Directors has initiated a share buyback plan on Tuesday, December 10th that permits the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization permits the company to purchase up to 6.7% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

GE Vernova Announces Dividend

The company also recently declared 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 dividend on an annualized basis and a yield of 0.25%. The ex-dividend date is Friday, December 20th.

GE Vernova Company 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.