Canandaigua National Bank & Trust Co. Increases Stake in GE Vernova Inc.

Canandaigua National Bank & Trust Co. has raised its position in shares of GE Vernova Inc. (NYSE:GEV – Free Report) by 1.7% during the fourth quarter, according to a recent report by Holdings Channel. The institutional investor now owns 2,691 shares of GE Vernova after acquiring an additional 45 shares over the period. As of the latest filing with the SEC, the valuation of Canandaigua National Bank & Trust Co.’s holdings stood at approximately $885,000.

Several other hedge funds have also adjusted their positions in GE Vernova. FMR LLC increased its stake by 2.5% in the third quarter, now holding a total of 24,047,678 shares valued at $6,131,677,000 after purchasing an additional 584,208 shares. Similarly, State Street Corp has raised its holdings by 1.1%, bringing its total shares to 10,434,917, which are worth $2,660,695,000 following a purchase of 118,184 shares. Mountaineer Partners Management LLC took up a new position in GE Vernova worth $2,507,296,000 during the third quarter. Additionally, Geode Capital Management LLC increased its stake by 1.5%, owning 5,594,223 shares valued at $1,420,763,000 after acquiring an extra 80,479 shares. Lastly, Newport Trust Company LLC has also purchased a new stake valued at $650,140,000.

Stock Performance of GE Vernova

On Tuesday, shares of GE Vernova opened at $370.00. The company has seen a 52-week low of $115.00 and a 52-week high of $376.30, indicating significant price movement over the past year. The fifty-day moving average is $333.20, while the two-hundred day moving average is $252.19.

Recent Financial Announcements

In a recent update, GE Vernova announced a quarterly dividend, which is scheduled to be paid on January 28th. Shareholders on record as of December 20th will receive a dividend payout of $0.25 per share, leading to an annualized dividend of $1.00 and a yield of 0.27%. Furthermore, the Board of Directors authorized a stock buyback program on December 10th, permitting the company to buy back $6 billion in outstanding shares. This buyback program allows the purchase of up to 6.7% of the company’s stock through open market transactions, typically a sign that the board believes the shares are undervalued.

Analyst Insights

Multiple analysts have provided commentary on GEV shares. HSBC Global Research downgraded GE Vernova from a “strong-buy” to a “hold” rating in early October. Truist Financial increased their price target from $325.00 to $400.00 and issued a “buy” rating. William Blair reaffirmed an “outperform” rating following their assessment in December. Morgan Stanley also raised their price objective for GE Vernova from $301.00 to $367.00, giving it an “overweight” rating. Lastly, Barclays boosted their target price from $320.00 to $420.00, rating the stock as “overweight.” As per MarketBeat data, the general consensus among research analysts is a “Moderate Buy” with an average price target set at $314.35.

About GE Vernova

GE Vernova LLC is an energy company engaged in electricity generation, operating under three segments: Power, Wind, and Electrification. The Power segment produces and sells electricity from various sources including hydro, gas, nuclear, and steam power. The Wind segment focuses on the manufacturing and sales of wind turbine blades, while the Electrification segment delivers solutions for grid enhancement, power conversion, solar energy, and storage.

Investment, Finance, Stocks